Canvas Medical, ‘Tesla Among EMP’ Raises $24M Series B Round

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When Andrew Hines started Canvas Medical in 2015, he couldn’t have predicted that telemedicine would go from niche to normal, or that the pandemic would inspire entrepreneurs to launch a new fleet of digital health startups that needed new infrastructure. He just knew that he wanted to create software for doctors like his wife who spent hours a day documenting data.

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“I thought there must be a better solution,” Hines told TechCrunch. “I started with Canvas to develop software with the right data structure and workflow to be able to positively impact patient outcomes.”

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Canvas, an electronic health record (EMR) startup, is helping 15 types of stakeholders, from doctors to insurance companies to social workers, better track their patients’ data with a workflow system that automatically fills in information in a document rather than through a series of gaps. -down menu – which makes it faster and easier for users.

Andrew Hines, Canvas Medical

Andrew Hynes founded Canvas Medical after seeing his wife spend hours documenting data.

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Now, the San Francisco startup just raised $24 million in a Series B funding round led by M13, with existing investors including Inspired Capital, IA Ventures and Upfront Capital.

For Inspired Capital COO and partner Mark Batzian, the need for Canvas was immediately apparent, as his wife also had to deal with poor EMR systems in her career. Inspired invested in the company’s Series A round in April 2021 and then doubled its Series B investment this year.

“One quote that never left me is that one of their doctors called Holst “Tesla” EMP,” Batsiyan said. “This is an industry-leading product that convinced us to invest in A and really rethink EMR and healthcare infrastructure.”

Despite the success of Canvas, Hines did not initially plan to become an entrepreneur.

The year before he founded the company, he took a position as a software engineer at Practice Fusion, a high-profile EMR company that had raised over $100 million in venture capital to that point. Hines said he learned a lot there, but the company wasn’t making money from the EMR system, but rather from other channels it also developed, and he felt it created a misalignment about the direction of growth.

The current version of the Canvas software took five years to develop and was launched in fall 2021. It allows users to track data and communicate with payment options using an open API that allows software developers to use it. The company has seen its customer base grow 300% since the launch of its latest product last year, but declined to share more specific numbers.

Along with the funding news, the startup is also announcing that it has been federally certified by the Office of the National Health Information Technology Coordinator (ONC). It is the first EMR company in two decades to be approved with a standardized healthcare API, which means it can work with federal programs such as medical care and puts the company ahead of the upcoming API. law enforcement 21st century care law.

“The variety of types of clients we see was inspiring,” Hines said. “Lots of telemedicine companies provide emergency care, mental health, behavioral health. We saw a huge number of new specific types of practices.”

While Canvas wasn’t launched solely to serve the digital health startup community, it was able to tap into a wave of companies that have jumped in since the start of the pandemic, including mental health startup Uplift and Isaac Health’s virtual memory clinic, as well as help leverage digital additions from traditional players.

“Software and medicine are entering a new era of collaboration and value creation,” Hines said. “How do software engineers work with doctors and nurses? This is our North Star.

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