Innovaccer, a healthcare technology company with a new data-sharing framework, has raised $70 million in capital in its Series C funding round, with investments by Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala and M12 — Microsoft’s venture fund.
Founded in 2014, Innovaccer’s platform seeks to organize healthcare information across clinical, payment and governmental organizations. The company said it plans to use the latest funds to improve processes that digitize healthcare for providers, payers and patients by strengthening its Data Activation Platform.
Innovaccer leverages artificial intelligence and analytics to automate routine workflows and reduce manual overhead to facilitate more patient-centered care. Its KLAS-recognized products have been deployed all over the U.S. across more than 1,000 locations, enabling more than 25,000 providers to transform care delivery and work collaboratively.
“Despite technology growing steadily, the deep-rooted inefficiencies in healthcare make it difficult to deliver patient-centered care,” said Kanav Hasija, co-founder and chief customer success Officer. “The fragmented nature of the current healthcare system is the biggest challenge we have to address in enabling healthcare to care as one and make care delivery substantially more efficient. Our work at Innovaccer has always been focused on creating innovative technology that can enable personalized care while reducing operational costs.”
Innovaccer claims its Data Activation Platform has already helped customers unify more than 3.8 million patient records and generate savings of more than $400 million. 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. The company aims to generate 100 million unified patient records accessible to 500,000 care team members through its platform over the next few years.
“By using their connected care framework coupled with their leading-edge data aggregation and analytics platform, they are unifying patient records and enabling care teams to coordinate patient care at a new level,” said Ravi Mehta, founder and managing director of Steadview Capital. “We believe this will achieve greater efficiencies, enable better care and reduce overall healthcare spend in the years to come.”
