Innovaccer, a healthcare software-as-a-service (SaaS) startup, has announced a $150 million Series E funding round at a valuation of $3.2 billion (~Rs 24,400 crore), bringing the company’s total capital raised to more than $375 million.
The Series E round which was led by Mubadala Capital featured participation from existing investors Tiger Global Management, Microsoft’s M12 fund, B Capital Group, Dragoneer, Steadview Capital, OMERS Growth Equity, alongside new investors which include Avidity Partners, Whale Rock Capital Management, and Schonfeld Strategic Advisors.
The Delhi NCR- and San Francisco-based health-tech startup seeks to leverage its fresh capital to invest in research and development (R&D) and attract new talents across customer experience, product, and engineering fields, as well as expand its Health Cloud Suite, a complete software platform that operates on the patient healthcare data repository.
Innovaccer also plans to introduce a new portfolio of Innovation Accelerators in 2022. In comparison to existing methods and technology, the startup will facilitate healthcare organizations in addressing common and high-impact use cases in a timely manner.
Abhinav Shashank, co-founder and CEO of Innovaccer in a statement said, “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.”
Innovaccer, founded in 2014 by IIT-Kharagpur graduates Abhinav Shashank and Kanav Hasija, along with IIM-Ahmedabad alum Sandeep Gupta. It monitors healthcare data and conveys actionable insights to hospitals, healthcare providers, insurance companies, and other businesses & organizations.
This platform combines patient data from multiple data sources and settings, allowing healthcare organizations to create cutting-edge applications that can improve clinical, operational, and financial outcomes. Innovaccer’s solutions have been adopted across over 1,000 care settings across the United States, enabling around 37,000 providers. Innovaccer claims to have assisted organizations in consolidating health records for over 24 million patients, resulting in almost $600 million in savings.
Innovaccer claims to have more than 50 customers so far, which include Children’s Health Alliance, CommonSpirit Health, Adventist Health, One Medical, Roche, Franciscan Health, Sentara Healthcare, Dayton Children’s Health Partners, St. Luke’s Health System, among others.
The health-tech market in India is projected to exceed $21 billion by 2025, accounting for only 3.3 percent of the overall addressable healthcare market, which is slated to touch $638 billion by 2025. Two unicorn rounds garnered the largest chunk of this year’s health-tech funding, following the post-pandemic health-tech momentum. Innovaccer raised $105 million in February of this year, while IPO-bound PharmEasy secured $350 million in April to join the prestigious unicorn club. Some report suggests the Indian health-tech startup ecosystem attracted around $2 billion across 127 rounds of funding in 2021.