# CareCloud

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/carecloud

- Industry: Healthcare IT
- Headquarters: Somerset, US
- Website: www.carecloud.com
- Total disclosed funding: $105M
- Latest round: Series C (Oct 31, 2016)
- Investors on record: 9

## About

CareCloud, Inc. is a US-based company that provides advanced healthcare solutions aimed at enhancing operational efficiency in medical practices through innovative technology.Founded in 2009 and headquartered in Somerset, US, CareCloud, Inc. specializes in healthcare management solutions. The company has undergone strategic pivots to focus on tech-driven services. It has completed a total of 11 deals, the most recent being a Venture Debt funding round in February 2023 where it raised USD 25.00 mn from Silicon Valley Bank. To date, CareCloud has raised a total of USD 15.82 mn.CareCloud provides innovative healthcare solutions designed to streamline operations within medical practices. Their core product offerings include cirrusAI, a suite of ambient listening and generative AI tools that automate clinical note generation and enhance electronic health records (EHR). This technology captures real-time patient-provider conversations, converting them into clinical documentation and storing the information directly in EHR systems, thereby allowing healthcare providers to focus more on patient care rather than administrative tasks. Additionally, cirrusAI Appeals facilitates the generation of customized appeal letters for claims, optimizing revenue recovery for practices. CareCloud's services cater primarily to urology and orthopedic practices, among others, and are marketed across geographical regions including North America and potentially expanding into international markets, aiming to improve operational efficiencies and patient satisfaction.CareCloud generates revenue through a subscription-based model, offering its suite of services to healthcare providers and practices. Clients typically engage with CareCloud by subscribing to their EHR solutions and medical coding services, which includes ongoing support and updates to ensure compliance and efficiency. The transactions are structured around service agreements that may encompass various tiers of service based on the needs of the client, which allows for scalable solutions tailored to different practice sizes. Key products such as cirrusAI and their medical coding services drive revenue growth, with health providers relying on accurate coding and documentation to enhance cash flow and minimize claim denials. The company’s focus on providing seamless integration and support within medical practices positions it as a valuable partner in the healthcare sector, fostering long-term relationships with its clients.In February 2023, CareCloud, Inc. raised USD 25.00 mn in Venture Debt funding from Silicon Valley Bank. The company will use the funding to support its business growth. Plans for future expansion include the development of new features within the cirrusAI suite and targeting international markets to enhance their service offerings. Specific markets for potential expansion are not detailed, but the emphasis is on reaching more healthcare providers globally. CareCloud aims to leverage this funding to drive these initiatives and enhance its technological capabilities.

## Funding rounds

- Series C, Oct 31, 2016, $16M — Adams Street Partners, Intel Capital, Norwest Venture Partners, PNC Financial Services Group, Tenaya Capital, First Data Corporation, Blue Cloud Ventures
- Series C, Apr 19, 2016, $16M — Adams Street Partners, Intel Capital, Norwest Venture Partners, PNC Financial Services Group, Tenaya Capital, Blue Cloud Ventures, First Data Ventures
- Series B, Apr 16, 2015, $15M — Adams Street Partners, Intel Capital, Norwest Venture Partners, Hercules Capital, Tenaya Capital
- Series B, Aug 15, 2013, $9M — Adams Street Partners
- Series B, Jun 13, 2013, $29M — Intel Capital, Norwest Venture Partners, Tenaya Capital
- Series A, Sep 19, 2011, $20M — Intel Capital, Norwest Venture Partners

## Investors

- Intel Capital (https://capitalatlas.ai/funds/intel-capital) — Series A, Series B, Series C
- Norwest Venture Partners (https://capitalatlas.ai/funds/norwest-venture-partners) — Series A, Series B, Series C
- Tenaya Capital (https://capitalatlas.ai/funds/tenaya-capital) — Series B, Series C
- Adams Street Partners (https://capitalatlas.ai/funds/adams-street-partners) — Series B, Series C
- Hercules Capital (https://capitalatlas.ai/funds/hercules-capital) — Series B
- PNC Financial Services Group — Series C
- Blue Cloud Ventures (https://capitalatlas.ai/funds/blue-cloud-ventures) — Series C
- First Data Ventures (https://capitalatlas.ai/funds/first-data-ventures) — Series C
- First Data Corporation — Series C