Healthcare data company Innovaccer announced last week $70 million in new Series C funding raised from Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala and Microsoft’s M12.
WHAT THEY DO
By using artificial intelligence and data analytics, Innovaccer’s products handle a slew of processes for healthcare organizations. Among offerings are InCare, which automatically unifies healthcare data for easier care management; InNote, a physician tool that organizes and presents comprehensive patient history alongside insight analysis and low-burden referrals; InGraph, a broader population analysis tool; InConnect, an automated patient communication and engagement; and other services.
Founded in 2014, this most recent round brings the company’s total capital raise to $120 million, according to the company. The company also notes that its products are available to 25,000 providers and have so far unified more than 3.8 million patient records.
WHAT IT’S FOR
The company wrote in its announcement that these funds would be used to further strengthen its data-driven platform.
"There is a lot of data in healthcare. Yet, we have everyone from doctors, patients, care managers, and frankly everyone in the care delivery system struggling with meaningful insights,” Abhinav Shashank, CEO and cofounder of Innovaccer, told MobiHealthNews in an email. “With the Innovaccer Platform, our intent is to help healthcare organizations transform the experiences for all care delivery stakeholders and help them care as one. The funding allows us to make this transformation available to more and more caregivers across the world."
MARKET SNAPSHOT
The healthcare technology company is joined in its field by other data-driven business such as HealthCatalyst and Lightbeam Health. The former made waves last summer with its fairly successful IPO, while the latter (and smaller) company has steadily worked its way up the ladder as a multi-year member of the Inc. 5,000 list of fastest growing companies.
ON THE RECORD
“We are excited to partner with Innovaccer which is working with top care organizations in the US to transform healthcare to value-based care,” Ravi Mehta, founder and managing director of Steadview Capital, said in a statement. “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.”
