Home Artificial Intelligence Olive secures US$ 225.5 million funding at US$ 1.5 billion valuation

Olive secures US$ 225.5 million funding at US$ 1.5 billion valuation

Olive secures US$ 225.5 million funding at US$ 1.5 billion valuation
Olive secures US$ 225.5 million funding at US$ 1.5 billion valuation

Columbus based provider of Artificial Intelligence based workforce platform for healthcare systems, Olive closed US$ 225.5 million financing on 1st December 2020. This funding round brings the company’s total valuation to US$ 1.5 billion. 

The funding round was led by Tiger Global, Silicon Valley Bank, and General Catalyst. A few of new investors GV, Dragoneer Investment Group, Transformation Capital Partners and Sequoia Capital Global Entities also participated in the round. In the last 9 months the company brought in US$ 385 million funds and a total of US$ 448 million investment since its foundation year 2012. They are planning to use this investment for accelerating their product development. They also intend to announce more features in 2021 for supporting their whole healthcare ecosystem. The newly raised capital will also be used for hiring new employees. 

The company provides an AI workforce platform that fixes broken healthcare systems by addressing some of the most burdensome issues of healthcare. Presently the software of the company is in use by more than 600 hospitals across the US for analyzing their data for supply chains and insurance claims. The startup is also a part of the growing technology ecosystem of Ohio. 

The Chief Executive Officer of Olive, Sean Lane said, “The customers of Olive are using its platform for saving money in a year in which the healthcare business has struggled due to the covid-19 pandemic. From the cost saving perspective, we are a part of their recovery plan.”

Olive deploys the AI workforce specifically developed for healthcare that delivers hospitals and healthcare systems reduced costs, increased capacity and revenue. It automates the workflows and high volume tasks, monitors their performance and identifies improvements and finds opportunities for new work. 

About Olive 

Olive was founded in 2012 by Sean Lane and Bradley Mascho and is headquartered in Columbus, United States. It was built to make the domain of healthcare more affordable, efficient and more human that works coordinately with healthcare employees for automating and optimizing workflows. It works with leading healthcare systems across the country to solve the most complex problem that healthcare faces. It is partnered with 40 plus healthcare organizations in more than 41 States across the US. It is the only company AI solution developed particularly for healthcare. By using AI-as-a-service, it aims at providing healthcare, a scalable and proven AI to it that features implementation and support. 

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