Innovaccer California-based healthtech startup raises $70 Mn from Steadview, Mubadala & more

Innovaccer California-based healthtech startup raises $70 Mn from Steadview, Mubadala & more
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▸ Steadview Capital, Mubadala, Tiger Global, Dragoneer, Westbridge, & M12 participated in the Series C round
▸ The company has raised a total of $120 million until now

San Francisco, California-based Innovaccer Inc., one of the leading healthcare technology companies today raised $70 million in a Series C funding round from Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala, and M12 (Microsoft’s Venture Fund).

The company has raised a total of $120 million to date as per a statement by the company.

Founded in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep K Gupta, Innovaccer is a leading San Francisco-based 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 patient-centred care.

Innovaccer’s Data Activation Platform has been successfully implemented in healthcare institutions, government organizations, and corporate enterprises including Catholic Health Initiatives, MercyOne, Orlando Health, Hartford Healthcare, and Stratifi Health.

The company claims that its Data Activation Platform has helped its customers unify more than 3.8 million patient records and generate savings of more than $400M. 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. By further advancing its core technology, Innovaccer aims to generate 100 million unified patient records accessible to 500,000 care team members through its platform over the next few years.

The company plans to utilise the fresh funds to improve existing processes that digitize healthcare for providers, payers, patients by strengthening its data activation platform.

Statements enclosing Innovaccer’s Series C funding round

Kanav Hasija, Co-founder and Chief Customer Success Officer said…

“Despite technology growing steadily, the deep-rooted inefficiencies in healthcare make it difficult to deliver patient-centered care. 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,”

“We are delighted that such an esteemed group of investors has endorsed our vision of how Innovaccer will change the healthcare landscape.”

Ravi Mehta, Founder and Managing Director of Steadview Capital said…

“We are excited to partner with Innovaccer which is working with top care organizations in the U.S. to transform healthcare to value-based care. 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. We believe this will achieve greater efficiencies, enable better care and reduce overall healthcare spend in the years to come.”

“Healthcare still needs a lot of work to become patient-centered and connected by organizing information and making it more accessible. It is really important to make patient data seamlessly available to all providers along the patient’s care journey,” commented Abhinav Shashank, Co-founder and CEO at Innovaccer. “We have been fortunate to work with transformational healthcare initiatives that our amazing customers are engaged in. The vision of helping healthcare organizations care as one needs a connected