US-based Innovaccer, a data-driven healthcare platform devoted to improving healthcare quality and efficiency using precise data, raised USD 150 million on 15th December.
Investors: The investment round was led by Mubadala Capital, alongside existing investors B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, Tiger Global Management, and new investors Whale Rock Capital Management, Avidity Partners, and Schonfeld Strategic Advisors.
Purpose of funding: Using its new funding, the startup plans to expand its customer experience, product, and engineering talent by investing in R&D and increasing its workforce. Further, the company has plans to release a new portfolio of Innovation Accelerators in 2022 that will provide healthcare organizations with high-impact solutions. The portfolio includes traditional and technology techniques to aid in operations.
About Innovacer
Founded in 2014 by Abhinav Shashank, Kanav Hasija, Sandeep Gupta, and Sandeep K Gupta, Innovaccer is located in San Francisco, US. Innovaccer is a data-driven healthcare platform devoted to improving healthcare quality and efficiency using precise data. With the startup’s Health Cloud system, healthcare organizations can develop modern, scalable applications that enhance patient care, operational efficiencies, and financial outcomes. Innovaccer’s solutions are being used across more than 1,000 healthcare settings in the U.S., empowering 37,000 healthcare providers to transform their healthcare delivery and collaborate with payers and industry partners. The startup has assisted organizations in unifying the health records of over 24 million people and several corporate enterprises.
What the founder has to say
“We’ve reached a turning point in healthcare, where the world of fragmented, fee-for-service ‘sick care’ is giving way to a new world of integrated, value-based, preventive care,” said Abhinav Shashank co-founder, and CEO at Innovaccer.
“The electronic health record (EHR) brought healthcare into the digital world, but in many ways, it has become an impediment to digital transformation due to its rigid architecture and lack of interoperability. Providers, payers, and life sciences companies recognize the urgent need for a new, open platform that brings all healthcare data together to provide a singular view of the patient and enables friction-free care across the entire patient journey. This is the future of health everyone wants, and this is exactly what we are building with the Innovaccer Health Cloud.”
What the investors have to say
“We have been investors in Innovaccer since 2019, and believe that the company has all the necessary pillars to define the new gold standard of how the Health Cloud should be implemented by providers, payers, and life sciences companies,” said Alaa Halawa, Partner and Head of the U.S. Ventures business at Mubadala Capital.
“Hundreds of tech companies have tried to create a common data framework to connect the healthcare industry, but they all fell short due to extreme industry complexities or technology challenges. But in just a few short years, Innovaccer has built the most successful data activation platform in the healthcare industry, as proven by record rates of industry adoption. Innovaccer is likely the first and only company since the invention of the EHR that has the opportunity to unify the healthcare ecosystem.”
“Our collaboration with Innovaccer is creating a new generation of clinical decision support tools across a wide range of use cases—from antimicrobial stewardship to oncology—that will empower clinicians to deliver more precise, personalized care,” said Sukhveer Singh, Global Head of Healthcare Insights at Roche Information Solutions.
“We see huge potential to create new value for patients and clinicians. The Innovaccer Health Cloud will allow us to accelerate time-to-market and build perpetual innovation into our solution portfolio, positioning Roche to extend our legacy of clinical innovation.”
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