drchrono Raises $2.69M Led by Runa Capital From AngelList Profile
Mountain View, Calif., April 10, 2014 – drchrono Inc ., the creator of a free Electronic Health Record (EHR) platform on the iPad, iPhone and cloud, today announced the company has raised an additional $2.69M in convertible debt funding. Some of the investors include Runa Capital, Maxfield Capital, FundersClub, Bruno Bowden, Silicon Valley Bank and Box, Inc among others. In addition to the $4.13M the company has previously raised, this brings the company’s total funding to $6.77M.
drchrono's goal is to allow doctors and patients to easily connect with one another, share critical data, and push the limits of the medical industry. With drchrono's web apps, iOS and Android apps, and now its underlying API, doctors are able to leverage its EHR platform to move healthcare data between the platform and other important sources like medical devices and hospitals.
The company put up an AngelList profile to keep in touch with existing investors, with the company inviting these investors to AngelList. Daniel Kivatinos, cofounder and COO mentioned, “It is a great way to keep our existing investors in the loop with press and traction, showing updates about what is happening within the company. We use it as an information distribution tool. In doing that, something interesting happened, additional investors from around the world started to contact us. We didn’t expect AngelList to be such a powerful place to find investors. The investors come to you."
The unique way that the money was raised validates what AngelList is doing, letting investors from every corner of the world see what is happening, picking winning companies without having to move to Silicon Valley or other worlds startup hubs. Investors can pick an investment and do research right from AngelList.
Naval Ravikant, CEO at AngelList mentions "One of the advantages of putting your company online is that investors with relevant domain expertise from all over the world can reach you. In this case, a European firm can find and lead an investment in a US company."
“drchrono is a very exciting company to watch in the mobile healthcare space,” said Andre Bliznyuk Partner at Runa Capital. “The company’s passion toward fixing healthcare and improving the doctor-patient experience, and its use of innovative technology has made us a firm supporter in the company. We are excited to watch drchrono evolve and build an important infrastructure for doctors that will help improve efficiencies in their office and ultimately improve patient care.”
Dr. James Rieger, an active physician on the drchrono platform, is also an investor in this recent round. “I have been using drchrono, it is simply amazing, I wanted to jump into this investment round since I use the platform day to day in my practice.”
The funding will be used to invest in the healthcare API so drchrono partners can leverage the powerful medical records, practice management and the medical billing platform. The company has 2.6 million patients and 60,000 physicians that developers can leverage. More than 480 million dollars per year in medical billing is being processed through the healthcare platform, and drchrono founders say the platform is at critical mass and accelerating.
“After five years it’s time to bring drchrono into the infrastructure space, good medical infrastructure is lacking. We are now laying some of the new foundation to build out a new healthcare infrastructure,” Daniel Kivatinos, COO mentions. "We are creating a new experience for doctors and for patients that just doesn’t exists today."
“Our goal has always been to fix the existing healthcare system,” said Michael Nusimow, Co-Founder and CEO. “With 2.6 million patients and over 60,000 physicians signed up on the drchrono platform, we have realized that drchrono is more than just ‘an app’, and we are committed to ensuring that doctors have an all-inclusive platform to start a practice on, from using point of care tools with patients to processing medical claims.”
drchrono focuses on Apple's iPad, iPhone and cloud computing to build a better healthcare experience. They offer a free EHR platform built on the iPad that is Meaningful Use certified. drchrono is also the first iPad EHR to implement real time clinical speech-to-text, patient eligibility checks and iPad based medical billing. drchrono handles everything a doctor needs to run their practice, including medical records, electronic prescribing, medical billing, and patient management. For more information, visit https://drchrono.com
The drchrono iPad EHR is 2011/2012 compliant and has been certified by InfoGard Laboratories, an ONC-ATCB, as a complete EHR in accordance with the applicable certification criteria adopted by the Secretary of Health and Human Services. This certification does not represent an endorsement by the U.S. Department of Health and Human Services or guarantee the receipt of incentive payments. drchrono version 9.0 was Stage 1 certified on June 3, 2011. The ONC certification ID number is IG-2492-11-0083
About Runa Capital
Runa Capital is a $135M venture capital firm established to seek growth opportunities in the rapidly growing areas of the tech sector, with specific focus on cloud computing and other hosted services, virtualization and mobile applications. Runa Capital is run by a team of successful tech entrepreneurs, most of whom have worked together for over 15 years. Runa Capital’s investments are interational and include: Nginx, Jelastic, Ecwid, Zopa, Mambu, BigTime® Software, Capptain, Infratel, BackupAgent, Wallarm, Dnevnik.ru and others.