Innovaccer Inc., a leading healthcare data platform company recently announced that it has raised $25 million capital in its Series B round of funding, led by Westbridge Capital with participation from Lightspeed Ventures. This brings the total capital raised by Innovaccer to $41 million.
Since its inception in 2014, Innovaccer has been working towards driving efficiency in healthcare by unleashing the power of data. Its leading healthcare data platform, InData, ingests, normalises, and manages millions of patient records for over 20 customers, including Mercy Accountable Care Organisation of Iowa, UniNet Healthcare Network of Nebraska, and StratiFi Health Network.
With a fully integrated data platform, their customer base can have a full patient view of their network. When combined with Innovaccer’s application modules such as InCare and InGraph, care teams, they could dramatically improve outcomes for patients while also generating over $200 million of savings for their healthcare organisations.
The company plans to use the funds to improve its industry-leading suite and go-to-market capabilities, including enhancing its data platform by doubling down on its ML capabilities and adding to their 200 industry-leading connectors to healthcare data systems such as EHRs, HIEs, claims, and lab systems.
It also aims to invest in building a set of new patient engagement applications and platform capabilities for partners to access and build upon InData.
“In healthcare, data has been exploding, but it has been impossible to transform that data into insights and action. 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,” says Abhinav Shashank, CEO at Innovaccer.
“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,” he added.
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.”
The investment comes at a key time of growth for Innovaccer, when the healthcare expenditure in the US has grown to almost 18 percent of GDP. By expanding upon its already spectacular customer base, the company is well on its way to save over $1 billion of US healthcare expenditures by 2020.