Silicon Valley-based Innovaccer Inc., a healthcare data platform company, on Thursday announced that it has raised $25 million capital in its Series B round of funding.
The investment was led by Westbridge Capital with participation from Lightspeed Ventures. This brings the total capital raised by Innovaccer to $41 million.
Founded in 2014, Innovaccer Inc. is on a mission to drive efficiency in healthcare by unleashing the power of data. Its leading healthcare data platform, InData, already ingests, normalises, and manages millions of patient records for over 20 customers such as Mercy Accountable Care Organisation of Iowa, UniNet Healthcare Network of Nebraska, and StratiFi Health Network.
Having a fully integrated data platform has equipped these providers with a full patient view inside and outside of their network. When combined with Innovaccer’s application modules such as InCare and InGraph, care teams have been able to dramatically improve outcomes for patients while also generating over $200 million of savings for their healthcare organisations.
Innovaccer was listed in the top 30 startups in the sixth edition of TechSparks 2015.
Innovaccer plans to use the funds to continue building on its industry-leading suite and go-to-market capabilities. This includes enhancing its data platform by doubling down on its machine learning capabilities and adding to its already industry-leading 200+ connectors to healthcare data systems such as EHRs, HIEs, claims, and lab systems. In addition, Innovaccer will be investing in building a set of new patient engagement applications and platform capabilities for partners to access and build upon InData.
Abhinav Shashank, CEO at Innovaccer said, “In healthcare, data has been exploding, but it has been impossible to transform that data into insights and action. Technology solutions historically have focused only on building the newest applications without a focus on scalability and interoperability. We believe that by creating, and sharing, the world’s leading healthcare data platform, we can drive a level of transparency and interoperability that has remained out of reach to date,” says.
He added, “This latest investment fuels our mission to unlock the potential of data for everyone in the healthcare ecosystem to drive improved outcomes and cost savings. ”
Sumir Chadha, Managing Director at Westbridge Capital said, “It is rare to see this type of growth in the healthcare industry. Normally, this is only seen in the fastest of enterprise SaaS companies. We think there is tremendous potential to bring the speed and innovation normally associated with enterprise software to the world of healthcare IT.”
Dev Khare, Partner at Lightspeed India Partners said, “We are excited to partner with the founders to build out a new category of enterprise software in the US market. It is exciting to see an enterprise software company expand so rapidly within existing accounts, a sign of strong product-market fit.”
The investment comes at a key time of growth for Innovaccer and for the US healthcare market as a whole. In the past few years, healthcare expenditure in the US has grown to almost 18 percent of GDP and few initiatives have had substantial success in bending the overall cost curve. By expanding upon its current customer base which already amounts to over 500 locations, Innovaccer is well on its way to save over $1 billion of US healthcare expenditures by 2020.