Innovaccer raises $150 million, valuation more than doubles

The UAE’s Mubadala Capital, an present investor, led the funding spherical with participation from different present traders like B Capital Group, Microsoft’s M12 fund, OMERS Development Fairness, Dragoneer, Steadview Capital, and Tiger World Administration.

Whale Rock Capital Administration, Avidity Companions, and Schonfeld Strategic Advisors joined the spherical as new traders.

ET had first
reported in regards to the potential bump up in Innovaccer’s valuation in its December 6 version, which highlighted a flurry of offers taking place in Indian origin SaaS corporations.

In February, the San Francisco-based agency had raised $115 million and
entered the unicorn club with a valuation of $1.3 billion. Startups valued at $1 billion or extra are known as unicorns. With this, Innovaccer has now raised over $375 million in capital.

Began in 2014, Innovaccer is engaged on a cloud-based easy-to-access platform to retailer all healthcare information of particular person sufferers.

Abhinav Shashank, cofounder and CEO of Innovaccer, stated digital well being report (EHR) has introduced healthcare into the digital world, however in some ways it has develop into an obstacle to digital transformation resulting from its inflexible structure and lack of interoperability.

“Suppliers, payers (insurers) and life sciences corporations recognise the pressing want for a brand new, open platform that brings all healthcare information collectively to supply a singular view of the affected person, and allows friction-free care throughout all the affected person journey,” he stated. “That is the way forward for well being everybody needs, and that is precisely what we’re constructing with the Innovaccer Well being Cloud.”

Innovaccer Well being Cloud, an entire software program platform, is already being utilized by main US healthcare organisations comparable to Orlando Well being, MercyOne, and CommonSpirit Well being, the corporate stated.

It primarily unifies beforehand siloed information and helps them obtain higher care high quality at decrease price. Innovaccer, until date, has signed greater than 50 clients, it stated.

The corporate plans to make use of its new funding to spend money on analysis and growth (R&D) and recruit new hires to strengthen its buyer expertise, product, and engineering expertise.

Innovaccer stated it’s aiming to launch a brand new portfolio of Innovation Accelerators subsequent 12 months that may assist healthcare organisations sort out the most typical and high-impact use instances in a fraction of the time related to conventional strategies and applied sciences.

“Tons of of tech corporations have tried to create a standard information framework to attach the healthcare trade, however all of them fell quick resulting from excessive trade complexities or know-how challenges,” stated Alaa Halawa, accomplice and head of the US ventures enterprise at Mubadala Capital. “However in just some quick years, Innovaccer has constructed essentially the most profitable information activation platform within the healthcare trade as confirmed by report charges of trade adoption. Innovaccer is probably going the primary and solely firm because the invention of the EHR that has the chance to unify the healthcare ecosystem,” he stated.

In response to Innovaccer, its options have been utilized by greater than 1,000 care settings within the US, enabling greater than 37,000 suppliers to rework care supply and work with payers and life sciences corporations.

Innovaccer, the corporate claimed, has helped organisations unify well being data for greater than 24 million individuals and generate greater than $600 million in financial savings.