Tech30 company Innovaccer closes Series B round from Microsoft's venture fund
Innovaccer, a 2015 Tech30 company, closed its Series B round after raising funds from Microsoft's venture fund, Westbridge Capital and Lightspeed Ventures.
Silicon Valley-based healthcare data platform Innovaccer announced it had closed its Series B round, raising an undisclosed amount from M12, the venture fund of Microsoft. With additional investment led by M12, the platform raised a total of $35 million in the round. The company had raised $25 million of this round from Westbridge Capital and Lightspeed Ventures in May 2018.
Founded in 2014 by Kanav Hasija, Sandeep Gupta and Abhinav Shashank, the 2015 Tech30 company has raised a total of $51 million so far.
"Innovaccer's approach to data aggregation and analytics fundamentally helps healthcare organisations implement value-based care models and improve care delivery," said Rashmi Gopinath, partner at M12.
Innovaccer looks to drive efficiency in healthcare by unleashing the power of data. The platform provides Artificial Intelligence (AI) applications for care management, physician burnout reduction and patient engagement. According to the founders, using the data frameworks and AI-assisted workflows, customers have improved outcomes and created more than $400 million cost saving.
"The latest investment from M12 and others fuel our mission to unlock the potential for everyone and brings us one step closer to disrupting the space with our revolutionary platform," said Abhinav.
Innovaccer's healthcare data platform, InData, ingests, normalises and manages millions of patient records for over 20 customers including Mercy Accountable Care Organisation of Iowa, UniNet Healthcare Network of Nebraska and StratiFi Health Network, Hartford Healthcare, University of California and Inmediata Health Integrated Solutions of Puerto Rico.
"Even after decades of technological intervention in healthcare, providers and payers are faced with challenges of the 20th century. There is enough data, but the ability to transform that data into insights and action is still not there, and because of this, patients are suffering. We think that by building, and sharing, the world’s leading healthcare data platform, we can lead the much-needed transformation with transparency and interoperability that has remained out of reach to date,” said Abhinav.