Elation Health, a cloud-based electronic health records platform, announced a Series C financing round of $40 million.
Generation Investment Management, a firm that invests in sustainable businesses, led the round with participation from existing investors, including Threshold Ventures and Kapor Capital.
The company plans to use the new funds to expand its cloud-based electronic health records platform, designed to help physician-led practices and groups.
Elation Health was founded in 2008, after siblings Kyna and Conan Fong struggled to help their father transition his solo primary care practice from paper charts to a digital system.
According to the company, its cloud-based platform is used by independent primary care providers, covering 14,000 independent clinicians caring for seven million patients. This year, the company delivered more than 20 million in-office and virtual visits through its provider network.
Elation has also partnered with digital primary care providers Crossover Health and Cityblock Health to provide the underlying clinical platform for technology-enabled, team-based care.
“Effective, accessible primary care is critical to creating a more sustainable U.S. healthcare system – one that drives better patient outcomes while bending the cost curve,” said Anthony Woolf, Partner at Generation Investment Management. “Elation Health stands out for its focus on delivering a clinical-first experience that providers love, enabling them to prioritize what matters most: spending quality time with patients.”
“We are investing in a future where primary care owns its powerful role in healthcare, and every patient has a doctor they trust,” said Kyna Fong, Ph.D., Co-founder and CEO of Elation Health.
“The challenges of this pandemic have shown the resilience, dedication, and necessity of our independent practices. We have also seen an explosion in innovation, enabling our providers to care for patients in new ways, whether virtually or in-person. At a time when healthcare is reawakening to the importance of primary care, we are honored to partner with innovative providers delivering the highest-quality personalized care, at the lowest cost.”
Electronic Health/Medical Records companies raised over $1.2 billion since 2010, according to Mercom’s funding data.