USA – Innovaccer Inc. a Silicon Valley-based healthcare data platform company, has announced US$150 million Series E round at US$3.2 billion valuation led by Mubadala Capital.
Other existing investors included 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. Innovaccer’s Series E round brings the company’s total capital raised to more than US$375 million.
Innovaccer, which was founded in 2014, has created the Innovaccer Health Cloud, a platform-as-a-service offering that combines the company’s Data Activation Platform and application suite with a comprehensive set of platform services and tools that enable customers and partners to develop interoperable applications that improve patient engagement and operational performance.
Today, leading healthcare organizations such as Orlando Health, MercyOne, and CommonSpirit Health rely on Innovacer Health Cloud to unify previously siloed data and assist them in achieving higher care quality at a lower cost.
Innovaccer has embarked on a mission to connect and curate the world’s healthcare information in order to make it accessible and useful at a time when healthcare organizations around the world are rapidly digitizing and transforming the way they deliver patient care.
The startup, which began in India, has created a cloud software layer that works on top of the existing systems used by healthcare facilities, allowing patients’ data to be retrieved and analyzed.
“There is no need for healthcare facilities to replace their existing systems as the cloud layer integrates with several of their existing electronic health record systems.
Better access enables patients to supply and use even more data on themselves, such as insurance or medical data generated by fitness trackers, which gives a complete picture of the patient.
Furthermore, this enables doctors to gain a more comprehensive and real-time understanding of the patient’s health status.
In the United States, the B2B startup has over 50 customers, including Banner Health and Roche. One Medical, CommonSpirit, Sentara, Adventist Health, Children’s Health Alliance, Zus Health, and Florence Health are among its recent customers.
The ability of Innovaccer to assist its customers in accelerating their transformation and innovation goals is at the heart of its value proposition.
Innovaccer intends to invest in R&D and hire new employees as it rapidly scales its customer experience, product, and engineering talent.
In 2022, the company plans to launch a new portfolio of Innovation Accelerators to assist healthcare organizations in addressing the most common and high-impact use cases in a fraction of the time associated with traditional methods and technologies.