Healthcare AI Innovator Innovaccer Raises USD 275 Mn Series F Funding to Fuel AI and Cloud Expansion This round, a mix of primary and secondary investments, drew participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.

By Entrepreneur Staff

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[L-R] Sandeep Gupta, Abhinav Shashank, & Kanav Hasija, Co-founders of Innovaccer|ET

Innovaccer Inc, a healthcare AI company headquartered in Noida and San Francisco, has secured USD 275 million in a Series F funding round.

This round, a mix of primary and secondary investments, drew participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.

This latest funding comes after a three-year gap, with Innovaccer's last raise being a USD 150 million Series E round in December 2021. The company's total fundraising now stands at USD 675 million, placing its valuation at over USD 3.4 billion.

The company plans to leverage the fresh funds to expand collaborations with existing clients, enhance its AI and cloud offerings, and scale its developer ecosystem. Innovaccer aims to integrate new AI copilots and agents for various healthcare functionalities, including clinical decision support, care management, and contact center services.

"This investment propels us into the next chapter of transforming healthcare with AI. By harnessing artificial intelligence, we empower our customers to redefine care delivery and achieve meaningful outcomes," said Sandeep Gupta, Co-founder and COO of Innovaccer.

Founded in 2014, Innovaccer specialises in streamlining healthcare operations through its Innovaccer Health Cloud. Its software suite modernises patient experiences and alleviates administrative burdens for providers.

The company claims to have been recognised as a Best-in-KLAS solution in data analytics, population health management, and CRM categories.

Innovaccer claims that it now serves six of the top ten US health systems and supports over 130 healthcare organisations, including public sector partnerships with San Mateo and Alameda Counties. Its client roster features prominent names like Orlando Health, MercyOne, and CommonSpirit Health. The company has achieved 50% year-on-year revenue growth over the past five years.

In the past year, Innovaccer has also expanded its portfolio through the acquisitions of Cured and Pharmacy Quality Solutions, reinforcing its position as a leader in AI-driven healthcare solutions.
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