Healthcare technology company Innovaccer Inc. has raised $70 million in a Series C funding round from Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala and M12 (Microsoft’s venture fund). With this round, Innovaccer has raised $120 million till date.
Innovaccer will use the funds to improve existing processes that digitize healthcare for providers, payers and patients by strengthening its Data Activation Platform, the firm said on Friday.
The San Francisco-based company also has an office in Noida, in India. Founded in 2014, Innovaccer leverages artificial intelligence (AI) and analytics to automate routine workflows and reduce manual overhead. Its Data Activation Platform has been implemented in healthcare institutions, government organisations, and corporate enterprises, the statement added.
By further advancing its core technology, Innovaccer aims to generate 100 million unified patient records accessible to 500,000 care team members through its platform, over the next few years.
“Healthcare still needs a lot of work to become patient-centered and connected by organizing information and making it more accessible. It is really important to make patient data seamlessly available to all providers along the patient’s care journey," said Abhinav Shashank, co-founder and CEO of Innovaccer.
“Despite technology growing steadily, the deep-rooted inefficiencies in healthcare make it difficult to deliver patient-centered care. The fragmented nature of the current healthcare system is the biggest challenge we have to address in enabling healthcare to care as one and make care delivery substantially more efficient. Our work at Innovaccer has always been focused on creating innovative technology that can enable personalised care, while reducing operational costs," said Kanav Hasija, co-founder and Chief Customer Success Officer of Innovaccer.
Ravi Mehta, founder and Managing Director of Steadview Capital said, “We are excited to partner with Innovaccer which is working with top care organizations in the U.S. to transform healthcare to value-based care. By using their connected care framework coupled with their leading-edge data aggregation and analytics platform, they are unifying patient records and enabling care teams to coordinate patient care at a new level. We believe this will achieve greater efficiencies, enable better care and reduce overall healthcare spend in the years to come."