Modernizing Medicine announces $38 million capital raise

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Modernizing Medicine, the Boca Raton-based creator of the Electronic Medical Assistant, a specialty-specific electronic medical record system, announced Monday that it has closed a $38 million Series E financing, bringing total capital raised to about $87 million.

Investors in the latest round of financing included Pentland Group, which has been an investor since Modernizing Medicine’s first round, Summit Partners, also an existing investor, and Sands Capital Ventures, a large healthcare fund and new investor for Modernizing Medicine.  “We greatly appreciate the vote of confidence,” said Daniel Cane, co-founder and CEO of Modernizing Medicine.

Earlier this month, the fast-growing Modernizing Medicine completed its acquisition of Weston -based gMed. The gMed acquisition gives Modernizing Medicine 18 percent of the gastroenterology market, and Modernizing Medicine recently launched into urology, said Cane on Monday, speaking from a board retreat.