Healthtech startup Innovaccer has raised $70 million in a Series C funding round from Steadview Capital, Tiger Global, Dragoneer, Westbridge Capital, Mubadala, and M12 (Microsoft’s venture fund) bringing the total capital raised by the firm so far to $120 million.
Innovaccer will use the funds to improve existing processes that digitise healthcare for providers, payers and patients by strengthening its data activation platform.
“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, Innovaccer.
A statement from the startup said that Innovaccer’s Data Activation platform has helped its customers unify more than 3.8 million patient records to date, and generate savings of more than $400 million.
Through 200-plus pre-built connectors, Innovaccer has streamlined data from health plans, primary care providers, pharmacies, labs and hospitals, and made it available to more than 25,000 providers. 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, it stated.
Commenting on the fundraise, Ravi Mehta, Founder and Managing Director of Steadview Capital, said:
“By using their connected care framework coupled with their leading-edge data aggregation and analytics platform, Innovaccer 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.”
Founded in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer leverages artificial intelligence and analytics to automate routine workflows and reduce manual overhead to facilitate more patient-centred care. Its products have been deployed across the US in over 1,000 locations, enabling more than 25,000 providers to transform care delivery and work collaboratively.
“Healthcare still needs a lot of work to become patient-centered and connected by organising 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.
Innovaccer's Data Activation Platform has been implemented in healthcare institutions, government organisations, and corporate enterprises. By using the connected care framework, Innovaccer claims to have unified 3.8 million patient records and generated more than $400 million in savings, the startup stated.
(Edited by Evelyn Ratnakumar)