Innovaccer Closes $35 Million Round With M12, Lightspeed, and Westbridge
SAN FRANCISCO, Jan. 18, 2019 /PRNewswire/ -- Innovaccer Inc., the leading San Francisco based healthcare data platform company, announced today that it has raised a total of $35 million capital in its Series B from Microsoft's venture fund M12, Westbridge, and Lightspeed. The additional investment was led by M12. This brings the total capital raised by Innovaccer to $51 million.
Founded in 2014, Innovaccer Inc. is on a mission to drive efficiency in healthcare. Built on its integration and interoperability platform, Innovaccer helps providers with artificial intelligence applications for care management, physician burnout reduction, and patient engagement.
Some of the customers include Hartford Healthcare, University of California, Mercy ACO Iowa, UniNet Healthcare Network of Nebraska, Inmediata Health Integrated Solutions of Puerto Rico, StratiFi Health Network, among others.
Applying the data frameworks and AI-assisted workflows, customers have improved outcomes and created more than $400 million in cost savings leading to more affordable care outcomes.
Innovaccer plans to use the funds to continue building on its platform and an ecosystem of clinical innovators and leaders. Innovaccer recently added globally renowned innovators to its strategic advisory council. With additional funds, the company will also be doubling down on its AI assisted decision support capabilities and adding to its already 200+ connectors to healthcare data systems such as EHRs, HIEs, claims, and lab systems.
"Innovaccer's approach to data aggregation and analytics fundamentally helps healthcare organizations implement value-based care models and improve care delivery," said Rashmi Gopinath, partner at M12. "We look to invest in startups addressing huge markets with best-in-class deep technology. We are excited to support Innovaccer as they continue to scale and grow in the global healthcare market."
"Even after decades of technological intervention in healthcare, providers and payers are faced with challenges of the 20th century. There is enough data, but the ability to transform that data into insights and action is still not there, and because of this, patients are suffering. As the importance of value-based care grows, technology needs to deliver the desired scalability and interoperability. We think that by building and sharing the world's leading healthcare data platform, we can lead the much-needed transformation with transparency and interoperability that has remained out of reach to date," says Abhinav Shashank, CEO at Innovaccer. "This latest investment from M12 and others fuels our mission to unlock the potential of data for everyone and brings us one step closer to disrupting the space with our revolutionary platform."
This investment by M12 is in addition to the initial funding led by Westbridge Capital with participation from Lightspeed Ventures in May 2018.
"It is rare to see this type of growth in the healthcare industry. Normally, this is only seen in the fastest of enterprise SaaS companies. We think there is tremendous potential to bring the speed and innovation normally associated with enterprise software to the world of healthcare IT," says Sumir Chadha, Managing Director at Westbridge Capital.
"We are excited to partner with the founders to build out a new category of enterprise software in the U.S. market," says Dev Khare, Partner at Lightspeed India Partners. "It is exciting to see an enterprise software company expand so rapidly within existing accounts, a sign of strong product-market fit."
Innovaccer Inc. is a leading healthcare data platform company focused on delivering more efficient and effective healthcare by combining pioneering analytics with transparent, and accurate data. Innovaccer's aim is to simplify complex data from all points of care, streamline the information, and help organizations realize strategic goals based on key insights and predictions from their data. Its products have been deployed across more than 500 locations with over 10,000 providers leveraging it at institutions, governmental organizations, and several corporate enterprises such as Mercy ACO, StratiFi Health, UniNet Healthcare Network, Catalyst Health Network, and Osler Health Network. Innovaccer is based in San Francisco with offices around the United States and Asia.
For more information, please visit innovaccer.com.