Modernizing Medicine Secures $38 Million in Series E Funding to Expand Specialty-Focused EMA Platform

According to U.S. Securities and Exchange Commission filings, Modernizing Medicine, based in Boca Raton, Florida, has secured $38 million in Series E financing. Investors include Pentland Group, funds affiliated with Summit Partners, and Sands Capital Ventures. This injection of capital brings the company’s total funding to $87 million.

Modernizing Medicine has developed a mobile electronic medical record (EMR) system, EMA (Electronic Medical Assistant), tailored for specialist physicians. Through this iPad application platform, doctors can perform electronic administrative tasks, clinical documentation, and diagnostic workflows.

The system serves specialties including dermatology, ophthalmology, orthopedics, otolaryngology, gastroenterology, urology, and plastic surgery. According to the company, more than 9,000 healthcare providers across the United States are currently using it.

The co-founder and CEO of Modernizing Medicine stated, “We are confident in the future growth of Modernizing Medicine. While we have achieved modest success in the specialty market, improving patient-provider outcomes remains a vast market.”

By the way, the company also received $5 million in Watson seed innovation funding from IBM.

At the time, the company stated that it was developing an app called schEMA, which could serve as part of the IBM Watson ecosystem. By aggregating electronic medical record data and building upon the EMA framework, while incorporating Watson’s capabilities to analyze unstructured data, the system aims to provide optimal data to support medical experts in selecting treatment plans for patients.