Medcast raises $5.4 million, led by Best Practice Software, to expand its MedLuma clinical AI platform

Medcast raises $5.4 million, led by Best Practice Software, to expand its MedLuma clinical AI platform

25 September 2026: Medcast, an Australian provider of clinical education and continuing professional development (CPD), has announced a $5.4 million capital raise led by Best Practice Software, the clinical and practice management software vendor. Medcast says Best Practice Software made the lead investment, and Startup Daily reported the round on 25 September 2026.

Not yet independently verified. Medcast's own 2 November post confirms a $5.4 million raise led by Best Practice Software, but the original announcement carries no visible date and the currency is not stated. Other investors are not named. We will update this when it can be confirmed, and remove this note.

The round

In its own post, Medcast describes the money as a capital raise of $5.4 million, with Best Practice Software as lead investor. The post does not state the currency, and it does not name other investors. Best Practice Software's chief executive, Craig Hodges, is quoted as saying the investment reflects confidence in the Medcast team, the MedLuma platform and the opportunity to build technology designed for Australian healthcare, and that the vendor can bring the tool into clinicians' existing workflows at scale.

Medcast says the investment will fund expansion of MedLuma, deeper integrations with clinical software, and growth of its technology and clinical teams.

What the company does

Medcast was founded in 2013 by Dr Stephen Barnett and Justin Lewis, according to Startup Daily, and trains healthcare professionals through online courses and CPD programmes. MedLuma is its AI-enabled clinical knowledge platform. Medcast says it gives clinicians evidence-based answers grounded in Australian guidelines and clinical sources, with citations that link back to the original material.

The company also says it works directly with copyright holders so that publishers of clinical guidance keep ownership of their material and are acknowledged inside the platform. Best Practice Software's chief executive adds that AI should complement, not replace, clinical judgement.

Why it matters for buyers

For practices and primary-care software buyers, the notable detail is the tie between an AI knowledge tool and a practice-management vendor. Medcast says integration with clinical software is a use of the funds, and the lead investor is a software supplier to clinicians. That could make MedLuma easier to reach from inside existing systems over time, but neither party has published a date, price or list of supported products in the material we read.

The post also puts weight on governed, cited answers and on licensing of source guidance. Those are points a clinical-governance lead would ask any vendor of AI answers to evidence.

What to check

• Which practice-management or clinical systems MedLuma will integrate with, and when; ask for a written roadmap rather than relying on the announcement.
• Whether MedLuma is sold on its own or bundled with Best Practice Software products, and what it costs per clinician.
• How answers are sourced and cited, which guideline publishers have licensed their content, and how updates to guidance are reflected.
• Where data is stored, and whether clinician queries or patient details are logged or used to train models.
• The terms of the relationship between Medcast and Best Practice Software, including any exclusivity that might limit use with other vendors' systems.

TrustList has treated the amount and lead investor as stated by the company. The round has not been confirmed with a regulatory filing, and the figure is Medcast's own.

Company profile on TrustList: Medcast

Company profile on TrustList: Best Practice Software

Sources

• Medcast, "Best Practice Software leads $5.4m investment in Medcast" (own blog, undated page, read 2026-10-05) - 5 October 2026
• Startup Daily - 25 September 2026
• Medcast: Best Practice Software and Medcast go live with MedLuma - 2 November 2026