10 May 2018, India:
Healthcare data platform company Innovaccer has raised $25 million in Series B round of funding. The funding round was led by Westbridge Capital. Lightspeed Ventures also participated in the funding round. With this funding round, the total capital raised by Innovaccer has reached $41 million.
The fresh capital will be used by Innovaccer to continue building on its suite and go-to-market capabilities.
Abhinav Shashank, CEO at Innovaccer said, “In healthcare, data has been exploding, but it has been impossible to transform that data into insights and action. Technology solutions historically have focused only on building the newest applications without a focus on scalability and interoperability. We believe that by creating, and sharing, the world’s leading healthcare data platform, we can drive a level of transparency and interoperability that has remained out of reach to date.”
Abhinav added, “This latest investment fuels our mission to unlock the potential of data for everyone in the healthcare ecosystem to drive improved outcomes and cost savings.”
Sumir Chadha, Managing Director at Westbridge Capital said, “It is rare to see this type of growth in the healthcare industry. Normally, this is only seen in the fastest of enterprise SaaS companies. We think there is tremendous potential to bring the speed and innovation normally associated with enterprise software to the world of healthcare IT.”
Dev Khare, Partner at Lightspeed India Partners said, “We are excited to partner with the founders to build out a new category of enterprise software in the U.S. market.”
Dev Kare added, “It is exciting to see an enterprise software company expand so rapidly within existing accounts, a sign of strong product-market fit.”
Innovaccer was founded by Abhinav Shashank, Kanav Hasija and Sandeep Gupta in 2014. It provides physician practices, hospitals, health systems, and other healthcare providers with population health management and Pay-for-performance solutions.
(Image – Innovaccer)