Healthtech start-up Innovaccer has raised a $150 million Series E funding round led by Mubadala Capital, at a valuation of $3.2 billion.
Other investors including B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, Tiger Global Management, Whale Rock Capital Management, Avidity Partners, and Schonfeld Strategic Advisors also participated in this round. With this investment, Innovacer has raised a total of over $375 million in funding.
“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.” said Abhinav Shashank, cofounder and CEO of Innovaccer.
Innovaccer Health Cloud
Founded in 2014, Innovaccer has built the Innovaccer Health Cloud, a software platform for healthcare organizations. This platform unifies patient data across systems and settings, and enable healthcare organizations to develop modern applications that could improve their clinical, operational, and financial outcomes. Innovaccer’s solutions have been deployed across more than 1,000 care settings in the US, enabling more than 37,000 providers. Innovaccer claims to have helped organisations unify health records for more than 24 million people and generate more than $600 million in savings.
Innovaccer plans to use its new funding to invest in R&D and recruit new hires as it rapidly scales its customer experience, product, and engineering talent. The company intends to release a new portfolio of Innovation Accelerators in 2022 with the vision to help healthcare organisations tackle the most common and high-impact use cases in a fraction of the time associated with traditional methods and technologies.
Till date, Innovaccer claims to have signed over 50 customers, including One Medical, Roche, CommonSpirit Health, Franciscan Health, Dayton Children’s Health Partners, St. Luke’s Health System, Sentara Healthcare, Adventist Health, and Children’s Health Alliance.
Commenting on the investment, Alaa Halawa, Partner and Head of the US Ventures business at Mubadala Capital said “Hundreds of tech companies have tried to create a common data framework to connect the healthcare industry, but they all fell short due to extreme industry complexities or technology challenges. But in just a few short years, Innovaccer has built the most successful data activation platform in the healthcare industry as proven by record rates of industry adoption.”