By using the connected care framework, Innovaccer has helped healthcare organizations unify records for more than 24 million people and generate more than $600 million in savings for the healthcare ecosystem.
Fremont, CA: Innovaccer, a leading healthcare technology company, announced that it has closed a new round of growth funding at a $1.3 billion post-money valuation, led by Tiger Global Management. Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, and M12 (Microsoft's Venture Fund) participated in the round, as well as new investor OMERS Growth Equity. This is the company's first financing announcement since its Series C round, bringing the total capital raised to over $225 million.
Founded in 2014, Innovaccer is on a mission to help healthcare organizations care as one. With its Data Activation Platform, Innovaccer connects healthcare data across multiple systems and settings, delivering unified patient records and actionable insights that result in better patient outcomes and lower costs. The company's platform improves efficiencies for providers, payers, and others across the care ecosystem and helps them deliver whole-person care.
With its additional funding, Innovaccer is launching the Innovaccer Health Cloud. The platform-as-a-service offering combines the company's Data Activation Platform and application suite with an extensive set of platform services and tools that allow customers and partners to develop interoperable applications that improve patient engagement and operational performance. With the Innovaccer Health Cloud, Innovaccer is building the platform that will power the future of health.
"Healthcare is on the brink of a massive transformation. Over the last ten years, we have spent billions of dollars digitizing healthcare information with great success," said Abhinav Shashank, Co-founder and Chief Executive Officer at Innovaccer. "That was step #1 of the journey. Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data but also provides a platform on which new digital services and solutions can be built with native interoperability. This is exactly what Innovaccer is doing with the launch of Innovaccer Health Cloud."
Banner Health, Elevate Health, Physicians of Southwest Washington (PSW), and Ora Oncology are just a few of the organizations building the future of connected care on the Innovaccer Health Cloud.
"At Tiger Global, we look for large market opportunities that are in the early stages of penetration," said John Curtius, Partner, Tiger Global. "Innovaccer stands to become a meaningful beneficiary of the generational architectural shift taking place in healthcare information technology. Organizations across healthcare need a cloud-based platform that can unlock the value of the significant investments made in legacy healthcare IT. Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes."