Canvas Medical, an EMR (Electronic Medical Record) startup, has secured $24M funding in a Series B round led by M13 with participation from Haystack and previous investors Inspired Capital, IA Ventures, Upfront Ventures, and Irongrey.
Besides funding, the company has achieved federal certification through the Office of the National Coordinator for Health Information Technology (ONC).
Consequently, Canvas now supports a standardised patient data API and enables its customers for value-based payment models in Medicare and Medicaid programs, as well as many commercial value-based programs.
How will the funding be used?
The funding will enable Canvas to invest in bringing additional enterprise-grade capabilities to market, including security and governance features.
“The healthcare industry is at an inflection point: software developers are now de facto members of the care team at leading care delivery companies. With new entrants coming to market daily and established players investing in innovation, Canvas is a best-in-class platform partner for the full spectrum of those building new models of care,” says Andrew Hines, Founder, and CEO of Canvas Medical.
Digital infrastructure for care delivery companies
Founded in 2015 by Andrew Hines, Canvas provides the digital infrastructure for care delivery companies, including ONC-Certified EMR with intuitive care coordination and management workflows, an FHIR API and Workflow SDK, and end-to-end RCM functionality.
Currently, the company works with customers of all care models and verticals, from direct-to-consumer virtual care to at-risk complex care and everything in between.
Since launching its self-serve suite of developer tools last fall, Canvas has seen more than 300% growth in customer accounts.
“We are thrilled to lead the Series B in Canvas Medical,” says Latif Peracha of M13. “Canvas serves digital-enabled care-delivery companies and fosters developer-caregiver collaboration to design and implement better care models for patients. Canvas is building the enabling infrastructure to power the entire digital health market, and we believe they will win by driving competition among services and applications that touch the end patient. Canvas’s ONC Certification is a significant milestone that sets Canvas apart from other modern EMRs and is a testament to the maturity of their product.”
“Canvas has enabled us to get our care delivery operations up and running much faster and with far less resourcing than we possibly could have done with any other EMR,” said Chris Hogg, founder, and CEO of Marley Medical, a virtual primary care clinic. “As a provider to patients with complex chronic disease, including patients on Medicare, the Canvas team’s commitment to achieving ONC Certification was a critical part of our decision to work together.”