Boca Raton-based Modernizing Medicine in top 10 venture deals in nation

July 19th, 2017

Modernizing Medicine’s landing of $231 million in venture capital in May was among the top 10 deals in the country in the second quarter, according to the MoneyTree Report released this week.

The Boca Raton company’s venture capital raise swelled Florida’s numbers for the quarter to $291.1 million invested in 16 deals. That compares with $85.7 million in 25 deals in the second quarter last year, according to the report.

Modernizing Medicine previously announced the investment, which is from the New York-based private equity firm Warburg Pincus. The fast-growing company has developed an electronic medical records and data business.

The new investment “means continued growth — more hiring and increasing the innovation in specialties today,” said Dan Cane, co-founder and CEO. The company already has raised $87 million.

Modernizing Medicine, with its headquarters located in the Research Park at Florida Atlantic University, employs 550 people and recently opened a second location at Boca Innovation Campus, the former T-Rex campus in western Boca Raton.

Among other top Florida deals, Neosis in Miami Beach, snagged $15 million in venture capital during the quarter. Neosis is developing a robot-assisted platform for the dental industry.

Other South Florida companies that attracted venture capital investment during the second quarter were: Kairos, an artificial intelligence company in Miami, $5.7 million; and Dade Systems, provider of account receivable automation solutions, in Miami, $2 million.

Florida ranked 10th among states in venture capital deals during the quarter and 11th in venture capital dollars. California, New York and Massachusetts are the top three states in deals and venture dollars, according to the MoneyTree Report.

Venture firms invested $18.4 billion in U.S. companies in 1,152 deals, compared with $20.1 billion in the same quarter in 2016. The MoneyTree Report is compiled quarterly by PricewaterhouseCoopers and CB Insights.

Source: Sun-Sentinel

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