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Innovaccer to raise $150M funding from Tiger Global, becoming Unicorn

Innovaccer

Source: Amazon AWS

Innovaccer is a San Francisco, California-based healthcare data activation company that has recently announced to have been in advanced talks to raise USD 100 to USD 150 million in funding from Tiger Global Management.

This funding will be crucial for the start-up as it will take the company’s valuation to USD 1 billion which means that the company is all set to become the next Unicorn in the ecosystem. As mentioned in several reports and according to reliable sources, it has been reported that Innovaccer has recorded a Year-on-Year growth of 100% which makes it the next big unicorn in the Indian start-up ecosystem.

Founded back in 2014 by Sandeep K Gupta, Abhinav Shashank and Kanav Hasija, Innovaccer is a healthcare data activation company that is known to be committed to making an enduring and powerful difference in the way healthcare is delivered in India and the US. The company leverages Artificial Intelligence in its data activation products across 500 locations in the United States enabling more than 10,000 providers to transform their healthcare delivery services and operate as one.

According to the company profile on CrunchBase, it is mentioned that Innovaccer’s DAP or Data Activation Platform is a company trademark that has been successfully implemented for several institutions, government organisations and enterprises.

Having said that, the company intends on leveraging millions of data points that are available in the healthcare industry as mentioned in a report by Analytics India Mag. The company says that the healthcare industry in India is available for innovation in digital solutions for clinics, hospitals and patients. The report also mentions that Innovaccer is currently focused on other health parameters such as bundled payments, remote patient monitoring among several others.

COVID-19 has been the thorn in the bush for the past year and it would be misleading to not note that the pandemic has been a major driving force behind India going digital and with this respect, the healthcare industry in India going digital. Innovaccer has recorded accelerated growth in the past year because of the COVID-19 pandemic and during that time, the company has contributed massively to society with its staff planning for COVID-19 demand, medication inventory tracking service, telehealth platform for patients and real-time updates on critical metrics technology, according to a report by Analytics India Mag.

Innovaccer is currently valued at around USD 400 million valuation and with its last funding worth USD 70 million from Tiger Global, Dragoneer, Steadview Capital and others, the next funding round will take the company’s valuation to over USD 1 billion, making it a successful unicorn.

 

 

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