Innovaccer turns unicorn with new funding
San Francisco: Innovaccer Inc., a leading healthcare technology company, announced today 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 a myriad of 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.
“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. “The Innovaccer Health Cloud creates the connective fabric for our overall digital transformation strategy,” said Julie F. Smith, Vice President of Clinical Applications at Banner Health. “We are using the Innovaccer Health Cloud to unify patient data across multiple systems, simplify workflows across teams, and support our population health management strategy for more than one million lives. With Innovaccer’s solution, we are not only transforming patient care but also driving significant savings in our IT operating expenses.”
“Innovaccer provides the missing link in healthcare technology,” said Sandeep Gupta, Co-founder and Chief Operating Officer at Innovaccer. “More than ever before, customers need a platform that allows them to obtain a 360-degree view of their patients, drive down unnecessary IT costs, and improve care quality and cost-effectiveness. With the launch of the Innovaccer Health Cloud, we look forward to accelerating the expansion of our ecosystem with our partners to create even more value for our customers.”
“One of Innovaccer’s core values is ‘making our customers heroes,’ and we are proud of the tremendous progress we have helped our customers achieve,” said Kanav Hasija, Co-founder and Chief Customer Officer at Innovaccer. “We are thrilled to have top tier investors such as Tiger Global, Steadview Capital, B Capital Group, Dragoneer, Westbridge, Mubadala Capital, M12, and OMERS Growth Equity support our vision. This is just the beginning of what we can accomplish as we work with our partners and customers to build the platform that will power the future of health.”
