Healthcare data analytics startup, Innovaccer Inc., has raised $70 million (nearly Rs 500 crore) in Series C funding.
Noida and San Francisco-based healthcare data analytics startup, Innovaccer Inc., has raised $70 million (nearly Rs 500 crore) in Series C funding from a clutch of marquee investors.
The capital infusion came from investors such as Steadview Capital, Tiger Global, San Francisco-based Dragoneer and existing backer WestBridge Capital. Abu Dhabi state fund Mubadala Investment Company and Microsoft Corp.’s venture fund, M12, also invested.
Innovaccer plans to use the latest funds to strengthen its Data Activation Platform. The company believes that this will facilitate improvement in the processes that digitise healthcare for providers, payers and patients. The platform is currently being used to maintain medical records of over 3.8 Mn patients and generate savings of more than $400 Mn for institutions and providers. Innovaccer is targeting 100 Mn patients in its healthcare database, providing access to 500K care team members through the platform.
Founded in 2014 by IIT Kharagpur graduates Abhinav Shashank, Kanav Hasija and IIM- Ahmedabad alumnus Sandeep Gupta, Innovaccer is focussed on providing actionable insights based on healthcare data to healthcare providers, hospitals, insurance companies and other organisations and businesses.
Its flagship SaaS product is the Healthcare Data Activation Platform, which is being used by healthcare institutions, government organisations and corporate enterprises including US-based Catholic Health Initiatives, MercyOne, Orlando Health, Hartford Healthcare, and Stratifi Health. Innovaccer started off as a SaaS solution that worked for business schools and then across enterprise verticals but narrowed down to the healthcare domain. While it began operations in India, most of its clients are based in the US.
Besides healthcare, the company caters to finance and retail sectors.
According to its website, its data activation platform provides clients with unified patient records, population health analytics, integrated care management and artificial intelligence-based decision support.
Through 200+ 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
-Inovaccer (Press Release)
Before this round, Innovaccer had raised $25 Mn in Series B funding round led by Westbridge Capital with participation from Lightspeed Ventures in 2018. The company raised its Series A round of $15.6 Mn, which was again led by Westbridge, in August 2016. The company has raised a total of $120 Mn across several rounds.