[Funding alert] Element5 raises $30M in Series B round led by Insight Partners
Chennai and San Jose based SaaS startup Element5 aims to use the funding towards accelerating the adoption and deployment of advanced automation solutions across various service lines within the $400 billion post-acute care market.
Automation-as-a-service startuphas announced the completion of its $30 million Series B funding round led by Insight Partners.
The latest funding represents the company’s second investment from Insight, which also led Element5’s $15 million Series A in August 2021.
The latest strategic investment is aimed at accelerating the adoption and deployment of advanced automation solutions across various service lines within the $400 billion post-acute care market.
“Over the last two years, we have witnessed significant growth in the adoption of our automation technology. The next phase of our growth journey is focused on enabling more health organisations to embrace and operationalise the power of automation with the help of our talented development team in India," said Joe Randesi, Co-Founder and CEO, Element5.
With the closing of the Series B funding round, Element5 has raised total capital of $48.5 million to date. The San Jose, California-headquartered startup has its APAC headquarters in Chennai, India.
Bhavani Raman, COO, and Co-founder, Element5, said,
"Element5 is building a unique product for the US healthcare markets from India and we’re working relentlessly to accelerate the adoption of our product among our customer base. Our growth trajectory demands exceptional talent and we look forward to growing our team with individuals who are agile, passionate about software and eager to join us on an industry transformative journey."
Founded in 2019, Element5 uses artificial intelligence (AI)-powered robotic process automation (RPA) to deliver pre-built workflow automation solutions for post-acute care organisations. The technology allows post-acute care organisations to automate their processes, eliminating highly repetitive, logic-driven administrative work, enabling them to focus on higher-value tasks, improve operational efficiency and combat the ongoing post-acute care staffing crisis.
“After seeing the game-changing impact that Element5’s innovative solution has had on the post-acute care market in such a short period of time, reinvesting was a no-brainer for Insight,” said Jared Rosen, Principal, Insight Partners.
Over the course of the last year, Element5 has gained a dominant position as an automation provider for post-acute care and was named by CB insights as a Digital Health 150 company. Leading home-health, hospice, SNF and senior living facilities trust Element5 to automate everyday processes across intake & admissions, revenue cycle management, clinical records, notifications and authorisations, and a broad range of other operational tasks.
Edited by Megha Reddy