San Francisco-based Innovaccer will use the latest funding to launch Innovaccer Health Cloud.
Healthtech startup Innovaccer has entered India’s coveted unicorn club at a valuation of US$1.3 billion after its Series D round led by Tiger Global Management, the company said in a press release on Wednesday, February 24.
Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, and M12 (Microsoft’s Venture Fund) participated in the round, along with new investor OMERS Growth Equity, the company added.
While Innovaccer did not disclose the amount, several reports estimate that the company raised US$105 million in the new round. With this, the company has raised total capital of over US$225 million.
Last February, the San Francisco-based startup had raised US$70 million in its Series C round from Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala, and M12.
Founded in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer uses its SaaS product called Data Activation Platform to unify patient records, and leverages artificial intelligence and analytics to automate routine workflows and facilitate person-centric care.
Its solutions have been deployed across over 1,000 locations in the U.S, enabling more than 37,000 healthcare providers to transform care delivery. The company claims to have helped healthcare organizations unify the medical records of over 24 million people, generating over US$600M in savings for the healthcare ecosystem.
Having witnessed tremendous growth since its founding, Innovaccer is expecting to reach a compound annual growth rate (CAGR) of 100% by the end of 2021, amid the growth of healthcare service providers, payers, and life sciences sectors.
“Innovaccer provides the missing link in healthcare technology,” said Sandeep Gupta, who is also Innovaccer’s COO. “More than ever before, customers need a platform that allows them to obtain a 360-degree view of their patients, drive down unnecessary IT costs, and improve care quality and cost-effectiveness.”
Innovaccer to launch cloud systems
Innovaccer stated that it plans to use the latest funding to launch Innovaccer Health Cloud, a platform that will combine the company’s existing Data Activation Platform and application suite with an extensive set of platform services and tools. The Health Cloud will allow customers and partners to develop interoperable applications to improve patient engagement and operational performance.
“Healthcare is on the brink of a massive transformation. Over the last ten years, we have spent billions of dollars digitizing healthcare information with great success,” Abhinav Shashank, Co-founder and Chief Executive Officer at Innovaccer, said in the statement.
“That was step #1 of the journey. Now, we have troves of information on our health locked in electronic silos,” he added. “We need to bring this information together using a cloud platform that not only unlocks the power of the data but also provides a platform on which new digital services and solutions can be built with native interoperability. This is exactly what Innovaccer is doing with the launch of Innovaccer Health Cloud.”
Innovaccer is the second startup in India to enter the unicorn club this year. Last month, insurtech firm Bengaluru-based Digit Insurance had raised US$18.5 million to reach a valuation of US$1.9 billion.
Header image courtesy of Innovaccer