Innovaccer Raises Series E, Plans To Release Innovation Accelerators in 2022 The company plans to use its new funding to invest in R&D and recruit new hires
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Innovaccer, which got valued at $3.2 billion on Wednesday after raising $150 million in its Series E funding, plans to start the new year with an aim to build the future of healthcare that everyone expects. The company plans to release a new portfolio of Innovation Accelerators in 2022 that will help healthcare organizations tackle the most common and high-impact use cases in a fraction of the time required with traditional methods and technologies.
"We want to save about ten times more lives, utilize ten times more data, make ten times more customers and achieve 100 times enhanced innovation with our developer community building on top with us. We want to align our aim and build a community that truly cares as one, which is our biggest challenge at present," said Abhinav Shashank, co-founder and chief executive officer at Innovaccer.
"As part of the healthcare sector, we have reached a turning point where the world of fragmented, fee-for-service "sick care' is giving way to a new world of integrated, value-based, digitally-native care. We have seen that the electronic health record (EHR) brought healthcare into the digital world, but in many ways it has become an impediment to digital transformation due to its rigid architecture and lack of interoperability. Providers, payers and life science companies recognize the urgent need for a new, open platform that brings all healthcare data together to provide a singular view of the patient and enable friction-free care across the entire patient journey. This is the future of health that everyone expects, and this is exactly what we are building with the Innovaccer Health Cloud," Shashank added.
Innovaccer plans to use its new funding to invest in R&D and recruit new hires as it rapidly scales its customer success, product and engineering talent.
Talking about the company's challenges, he said, "Optimizing care quality and costs are two of our biggest goals and there is so much value we can uncover with an integrated approach. We know that there is one trillion dollars of healthcare waste generated every year, and with our solutions, we have reduced it by over a billion dollars. Statistically, this constitutes about 0.1 per cent of the whole lot and can be extended to a couple of per cent by our sole efforts in the near future. Our primary challenge is to increase that percentage at large and see the difference with the combined efforts of our community."
The Innovaccer Health Cloud allows to build workflows and innovation. The company doesn't want to limit the exposure only to its engineers. "We want to share it with all developers in the community and ask them to join hands and build upon the solutions with us. The challenge is to take that 2 per cent waste reduction to a 25 per cent waste reduction," he added.
