Canvas Medical, ‘the Tesla of EMRs,’ raises a $24 million Series B round – TechCrunch

Canvas Medical, ‘the Tesla of EMRs,’ raises a $24 million Series B round – Nob6

Category : Startup

Author: Nob6 Team

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When Andrew Hines began Canvas Medical in 2015 he couldn’t have predicted that telehealth would go from area of interest to norm or {that a} pandemic would encourage entrepreneurs to launch a brand new fleet of digital well being startups that wanted contemporary infrastructure. He simply knew he needed to construct software program for physicians like his spouse, who wasted hours a day on knowledge documentation.

“I believed there has acquired to be a greater resolution,” Hines instructed Nob6. “I began Canvas to design the software program with the appropriate knowledge construction and proper workflow to have the ability to have a optimistic impression on affected person well being outcomes.”

Canvas, an digital medical information (EMR) startup, helps 15 kinds of stakeholders starting from physicians to insurance coverage firms to social staff preserve higher monitor of their affected person knowledge by way of a workflow system that autofills info in a doc — slightly than by way of a sequence of drop-down menus — which makes it quicker and simpler for customers.

Andrew Hines, Canvas Medical

Andrew Hines began Canvas Medical after watching his spouse waste hours on knowledge documentation.

Now, the San Francisco-based startup simply raised $24 million in Sequence B financing in a spherical led by M13, with participation from current buyers together with Impressed Capital, IA Ventures and Upfront Capital.

For Impressed Capital COO and associate Mark Batsiyan, the necessity for Canvas was clear straight away, as his spouse has additionally needed to work with dangerous EMR methods in her profession. Impressed invested within the firm’s Sequence A spherical in April 2021 earlier than doubling down for the Sequence B this yr.

“One quote that has by no means left my thoughts, is one in every of their physicians known as Canvas the ‘Tesla’ of EMR,” Batsiyan mentioned. “It’s an industry-leading product expertise that gave us the conviction to spend money on the A, and to actually rethink EMR and infrastructure for healthcare.”

Regardless of the success of Canvas thus far, Hines didn’t initially plan on being an entrepreneur.

A yr earlier than he based the corporate, he took a software program engineering position at Follow Fusion, a high-flying EMR firm that had raised greater than $100 million in enterprise capital on the time. Hines mentioned he discovered so much there, however the firm didn’t make its cash from the EMR system, however slightly by way of different channels it additionally developed, and he felt that created a misalignment on the place development was oriented.

The present iteration of Canvas’s software program took 5 years to develop, and launched within the fall of 2021. It permits customers to maintain monitor of knowledge and hyperlink to fee choices all with an open API that enables software program builders to construct on prime of it. The corporate has seen its buyer base develop by 300% since its newest product launch final yr, nevertheless it declined to share extra particular metrics.

Alongside its funding information, the startup can also be asserting that it has been federally licensed by the Workplace of the Nationwide Coordinator for Well being Info Expertise (ONC). It’s the primary EMR firm in 20 years to get the nod, resulting from its standardized healthcare API, which suggests it will probably work with federal packages like medicare and it places the corporate forward of the upcoming API enforcement by the twenty first Century Cares Act.

“What’s been inspiring is the breadth of buyer sorts that we see coming in,” Hines mentioned. “Loads of telehealth firms doing pressing care, psychological well being, behavioral well being. We have now seen an unlimited quantity of latest particular kinds of practices.”

Whereas Canvas wasn’t began to completely serve the digital well being startup group, it has been capable of faucet into the wave of firms which have began for the reason that onset of the pandemic, together with psychological well being startup Uplift and digital reminiscence clinic Isaac Well being, and assist energy the digital additions from the normal gamers.

“Software program and drugs are getting into a brand new age of collaboration and worth creation,” Hines mentioned. “How are software program engineers working with physicians and nurses? That’s our North Star.”

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