Grand Rounds CEO Owen Tripp. Photo credit: Stuart Isett/Fortune, under Creative Commons license

Grand Rounds, a San Francisco-based employer healthcare upstart, has announced that it’s raised $175 million in a new financing round led by investment firm The Carlyle Group. The new financing brings the total amount of funding that Grand Rounds has since its inception to over $270 million and is said to value the company at $1.3 billion. Grand Rounds says it’ll use the new capital to accelerate its healthcare services.

Grand Rounds provides software that matches enterprises with healthcare providers for their employees. Among the company’s current customers include notable names such as Salesforce, Walmart, Travelers, and The Home Depot. Grand Rounds was founded in 2011. An investment in the company marks another sizeable healthcare investment for The Carlyle Group, a prominent private equity firm that’s in the past backed other well-known healthcare companies including One Medical, MedRisk, and MultiPlan. In total, Carlyle has poured more than $15 billion into healthcare companies since its inception.

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