India Gets Second Unicorn Of 2021 In Healthtech Startup Innovaccer
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San Francisco-based healthtech startup Innovaccer on Wednesday announced entering the coveted Unicorn club at a valuation of $1.3 billion after raising an undisclosed amount in series D round led by Tiger Global Management. Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12 (Microsoft's Venture Fund) participated in the round along with new investor OMERS Growth Equity.
Founded by Abhinav Shashank (IIT-Kharagpur alumni) along with Kanav Hasija and Sandeep Gupta, Innovaccer is a healthcare technology company claiming to make a powerful and enduring difference in the way care is delivered. The company leverages artificial intelligence and analytics to automate routine workflows and reduce manual overhead to facilitate more person-centered care.
The platform connects analytic insights, automation and applications for use by physicians, care managers, payers, employers and patients to support an individual throughout their healthcare journey.
With the latest funding, Innovaccer is launching the Innovaccer Health Cloud, a platform-as-a-service, that combines the company’s Data Activation Platform and application suite with an extensive set of platform services and tools that allow customers and partners to easily develop interoperable applications that improve patient outcomes and lower costs.
This is the company’s first financing announcement since its Series C round, bringing the total capital raised by the company to over $225 million.
“Healthcare is at the brink of a massive transformation. Over the last ten years, we have spent billions of dollars digitizing healthcare information with great success,” said Shashank, co-founder and chief executive officer at Innovaccer.
He further added now that the company has troves of information on their health locked in electronic silos, they need to bring this information together using a cloud platform that not only unlocks the power of the data, but also provides a platform on which new digital services and solutions can be built with native interoperability.
Organizations such as Banner Health, Elevate, Physicians of Southwest Washington (PSW), and Ora Oncology are just the few working on top of Innovaccer Health Cloud.
Commenting on the investment, John Curtius, partner at Tiger Global said, “Innovaccer stands to become a meaningful beneficiary of the generational architectural shift taking place in healthcare information technology. Organizations across healthcare need a cloud-based platform that can unlock the value of the significant investments made in legacy healthcare IT. Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes.”