Crunching Data To Save Lives
The startup which has raised $120 million till date from marquee investors now serves more than 35 customers so far, which include several institutions, governmental organizations and corporate enterprises
Data is everywhere, and generated in massive amounts. Whether it be on your workstation where millions of data is stored, or on your laptop or a smartphone. There is so much data that humans had to let go of physical data storage and rely on cloud storage for convenience.
Governments and industries are also letting go of traditional pen and paper to rely on servers to store crucial data. However, storing data is just the tip of the iceberg; the real concern is to analyse such volumes of data only to use it later. Fascinated with Big Data, a 33-year-old entrepreneur along with his two co-founders founded a startup – Innovaccer, which has brought a huge respite to the already stressed healthcare sector mostly in the US by crunching data and helping patients take better decisions.
Founded by Abhinav Shashank along with Kanav Hasija, and Sandeep Gupta, Innovaccer, is a healthcare technology company committed to making 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.
Commenting on assisting the healthcare sector, Shashank said, "We knew that an industry worth more than $3 trillion could not stay disconnected, and there was a huge opportunity to optimise care processes through the efficacious use of data. We were confident and relentless in our approach, and we took the steps we believed were necessary."
Currently the company is working with health systems, insurance companies, city administrations and state governments.
After many sleepless nights, Shashank takes pride in their FHIR-enabled Data Activation Platform which is highly customisable, thus allowing it to work with any organizations, ranging from small to large enterprises, government organizations, health plan firms, hospitals, health systems and others.
"Our Hadoop-based Big Data repository can run state-of-the-art analytics, it, essentially, collects raw data scattered everywhere, integrates it, normalises it and parses it through its algorithms to provide trends and predictions in a structured, consumable and ready-to-use manner," he explained.
Innovaccer's entire concept is driven around optimising clinical and business operations by helping various teams integrate data silos to derive actionable insights.
The startup which has raised $120 million till date from marquee investors such as Tiger Global, Mubadala, and others now serves more than 35 customers so far, which include several institutions, governmental organizations and corporate enterprises.
The year 2020, which was considered as the testing year for the healthcare sector, Innovaccer rose to the opportunity and assisted the sector through their various COVID-19 tools—telehealth products, command center for healthcare executives, and COVID-19 management system. Though the company is yet to attain a break-even point, its road to profitability looks promising in the face of their over 500 per cent year-on-year revenue growth within five years of their inception.
Abhinav Shashank made it to the list of Entrepreneur India's 35Under35 list of 2021