Backers included existing and new investors.
The company intends to use the funds to accelerate the growth of its network and to make further investments in human capital.
Founded by CEO Bill Marvin and CTO Chris Seib, InstaMed is an integrated payments network InstaMed that aims to simplify healthcare clearinghouse and payment transactions for healthcare providers and payers. It currently serves 1,500+ hospitals, 70,000+ practices/clinics and 100+ billing services; connects to 3,000+ payers; and integrates with 60+ practice management systems.
The company, which also has operations in Newport Beach, CA, has 150 employees.