Practice Fusion Announces $34 Million in Financing Led by Artis Ventures

SAN FRANCISCO, June 28, 2012 /PRNewswire/ -- Practice Fusion, America's largest physician-patient community, announced today securing a $34 million Series C round of financing led by Artis Ventures, with participation from long-time investors Felicis Ventures and Band of Angels, as well as Glynn Capital, Ali and Hadi Partovi, Founders Fund, Morgenthaler Ventures, Scott Banister, SV Angel, Ghost Angel, Barton Asset Management, and a number of other institutional and individual investors.

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Launched in 2007, the Electronic Medical Record (EMR) platform now serves more than 150,000 medical providers and 40 million patients. Practice Fusion's free, web-based EMR is available anytime, anywhere. Medical professionals using Practice Fusion have already received over $30M in federal stimulus incentives. EMR technology improves the overall efficiency of medical practices across the US by eliminating paper charts and digitalizing the entire workflow of patient healthcare including charting, scheduling, e-prescribing, referral letters and lab integrations - while also giving patients access to their personal health records.

"One out of four doctors choosing an EMR today chooses Practice Fusion. As a result we have become the largest physician-patient platform in the US," said Ryan Howard CEO and Founder of Practice Fusion. "This investment will accelerate the launch of our patient strategy as well as the company's API platform and allow us to continue to dominate the market."

Key Facts:

  • Practice Fusion's $34 million Series C financing is led by Artis Ventures
  • Additional participants include returning Band of Angels and Felicis Ventures, as well as Glynn Capital, Ali and Hadi Partovi, Founders Fund, Morgenthaler Ventures, Scott Banister, SV Angel, Ghost Angel, and Barton Asset Management
  • To date, the company has raised $64 million
  • Launched in 2007, Practice Fusion is the first free, web-based EMR system and is now the largest physician-patient community in the US
  • More than 150,000 medical providers serve 40 million patients through Practice Fusion's network, approximately ten percent of the US population and more than double the Kaiser and VA populations combined

"Not since YouTube have we seen a company with such spectacular growth, capable of having such a profound and lasting positive impact on our daily lives," said Mike Harden, Partner at Artis Ventures. "By empowering doctors and patients with easy-to-use health management tools, Practice Fusion stands out as an establishment of genuine progress."

"Practice Fusion continues to be a leader in addressing the inefficiencies in healthcare—providing a single, free platform through which every doctor and patient can manage health," said Aydin Senkut, Managing Director of Felicis Ventures. "Millions of Americans will benefit as a result of Practice Fusion's focus on saving patient lives." 

About Practice Fusion

Practice Fusion provides a free, web-based EMR system to physicians. With patient charting, scheduling, e-prescribing (eRx), lab integrations, referral letters, Meaningful Use certification, unlimited support and a Personal Health Record for patients, Practice Fusion's EMR addresses the complex needs of today's healthcare providers and disrupts the health IT status quo. Practice Fusion is America's largest physician-patient community with more than 150,000 medical providers serving 40 million patients. In June 2012, the company closed a $34 million Series C round of financing led by Artis Ventures. To date, the company has raised more than $60 million. For more information about Practice Fusion, please visit http://www.practicefusion.com.

About Artis Ventures

Artis Ventures supports and partners with entrepreneurs who are driven to positively impact their world through disruptive technological innovation. Companies the firm has backed include YouTube, StemCentrx, Nimble Storage, Aruba Networks, and KiOR.    

Media Contact:
Stephanie Schlegel
+1-415-692-7186
sschlegel@practicefusion.com

SOURCE Practice Fusion



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