Athira Sethu
Kochi, 10 January 2025
Innovaccer, a US-based healthcare artificial intelligence company operating out of San Francisco, raises $275m in Series F. The series funding round encompasses both primary and secondary funding that is led by renowned investors such as B Capital Group, Kaiser Permanente, M12, Banner Health, among others.
The company intends to invest the amount in enhancing its Healthcare Intelligence Cloud platform, which is meant to assist healthcare providers by providing them with data-driven solutions. Innovaccer would like to advance its platform through new AI tools for clinical decision support, care management, and contact center assistants.
Innovaccer was established in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta. The main focus of the company is on building digital solutions for hospitals, clinics, and patients based on healthcare data that includes patient information and types of diseases. Already, the Innovaccer Health Cloud is being utilized by organizations like Orlando Health, MercyOne, and CommonSpirit Health.
The company currently services more than 130 healthcare organizations, including six of the top ten U.S. health systems. Innovaccer’s platform revolves around value-based care, improves patient experience, and reduces administrative tasks. This company has recorded more than 50% revenue growth year after year for the past five years.
With this funding, Abhinav Shashank, Innovaccer’s CEO, mentioned that the company will push healthcare AI to its limits, making it more proactive, predictive, and personalized. Innovaccer has so far raised a total of $675 million. The company made two acquisitions last year: Cured and Pharmacy Quality Solutions. The company’s last funding round in 2021 raised $150 million and valued Innovaccer at $3.2 billion, a significant increase from $1.3 billion earlier that year.
