Sikka Software, Milpitas, Calif, announced that it has received $5.5 million in Series B funding from Sierra Ventures, with participation from its Series A investor, ATA Ventures. Sikka reports that this new capital will enable the company to scale sales and marketing and continue its rapid growth across key practice areas. The retail healthcare software company’s Sikka Platform Cloud is connected to over 400 combinations of practice management and financial systems covering over 96% of the audiology, dental, veterinary, and optometry markets.
“We are excited to raise our next round of financing, which will allow us to accelerate the already rapid growth we have experienced over the past 3 years,” said Vijay Sikka, CEO of Sikka Software. “Given our broad footprint in the retail healthcare space, we are well positioned to be the leader in this large underserved market. Sierra Ventures has strong domain expertise in the small retail software space, starting with their investment in Intuit.”
The goal of Sikka Software is to help healthcare providers and small offices optimize their businesses via a series of easy-to-use cloud based applications through the Sikka Platform Cloud. Sikka provides a single application programming interface that anyone can build apps on. The Sikka Hearing Care Ticker is one of several hearing care apps offered by Sikka, and is currently featured on the Home Page of The Hearing Review website.
According to Sikka’s announcement, the company’s cloud platform is currently offering 26 apps for over 13,500 practices in hearing, dental, veterinary, and vision, servicing more than 23,000 doctors. The company reportedly processes over 100 million monthly interactions with customers, and processed $4.8 billion of transactions in 2014 through its rapid growth. The company forecasts that it will add nearly 500 new healthcare practices to its list of customers each month.
“We have been very impressed with the strong progress that Sikka has made over the past few years, expanding from dental practices to veterinary, optometry, and hearing care,” said Mark Fernandes, managing director of Sierra Ventures. “The company is at the nexus of retail healthcare information, which is one of the fastest growing segments of the market.”
Mark Fernandes, will join Sikka Software’s Board of Directors, which currently consists of Vishal Sikka, CEO of Infosys; Hatch Graham, managing director of ATA Ventures; and Vijay Sikka, CEO of Sikka Software.
Source: Sikka Software, Sierra Ventures