Chennai, India and the U.S-based health automation platform Element5 raised USD 30 million in its Series B round of funding. The round took place on May 3, 2022. New York-based global venture capital and private equity firm Insight Partners led the funding for Element5.
With this round, Element5 has raised USD 48.5 million so far.
Purpose of Funding for Element5
The company will use the fresh capital further to boost the delivery of its post-acute healthcare solutions. Meanwhile, Element5 seeks to bring on board more people in India. The startup plans to double its engineering team strength in India.
The recent proceeds of funds will accelerate the adoption and deployment of advanced automation solutions across various service lines within the USD 400 billion post-acute care market.
This is Insight Partners’ second investment in the company. Earlier, the New York-based venture capital firm led USD 15 million Series A in August 2021 for Element5.
What the founders have to say
Joe Randesi, Co-founder and CEO of Element5, said, “We’re overwhelmed with the trust and support provided by Insight Partners, who share our common vision, which is to eliminate the need to perform manual, repetitive work for post-acute care. The post-acute care industry demands improvements in operational efficiency, and a means to overcome chronic staffing shortages. 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 to enable more health organizations to embrace and operationalize the power of automation to reduce administrative costs and enhance patient outcomes.”
In addition, Eric Gordon, Co-founder and Chief Revenue Officer of Element5, said, “We believe that it takes far too many clicks to complete even some of the simplest tasks in post-acute care workflows. Element5 is ushering in the era of automation, and post-acute care providers are witnessing tremendous value through our offerings. This round of funding is a further testament to the enthusiastic demand from customers in this market.”
What the investors have to say
“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,” “We’re thrilled to have the opportunity to double down on Element5 and look forward to partnering with Joe and the team on scaling the company to the next level,” said Jared Rosen, Principal, Insight Partners.
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