Healthtech unicorn Innovacer has raised $150 million in a Series E funding round, tripling its valuation to $3.2 billion, the San Francisco-based company said. It had entered the unicorn club earlier this year at a $1.3-billion valuation.
The funding round was led by the Mubadala Capital, and also saw participation from existing investors B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, Tiger Global Management, and new investors Whale Rock Capital Management, Avidity Partners, and Schonfeld Strategic Advisors, it said in a statement.
The Series E round took the total capital raised by the company till date to over $375 million.
Innovacer’s health cloud adoption has been one of its most popular products over the past few years when the healthcare industry has seen rapid digitisation. The company 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.
Innovacer intends to release a new portfolio of Innovation Accelerators in 2022 that will help healthcare organisations tackle the most common and high-impact use cases in a fraction of the time associated with traditional methods and technologies.
Founded in 2014, Innovaccer has built the Innovaccer Health Cloud, a complete software platform, used by leading healthcare organisations including Orlando Health, MercyOne, and CommonSpirit Health, that unifies previously siloed data and helps them achieve better care quality at lower cost.
“We’ve reached a turning point in healthcare, where the world of fragmented, fee-for-service ‘sick care’ is giving way to a new world of integrated, value-based, preventive care,” said Abhinav Shashank, co-founder and CEO of Innovaccer.
“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 recognise 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,” he added.
Ankit Maheshwari, founding member and President-Engineering and India Operations at Innovaccer, had earlier told BusinessToday.in that the company is eyeing a Nasdaq listing in couple of years and will hire 600 employees from India within a year. About 80 per cent of Innovacer’s workforce operates in India.
“We have been investors in Innovaccer since 2019, and believe that the company has all the necessary pillars to define the new gold standard of how the Health Cloud should be implemented by providers, payers, and life sciences companies,” said Alaa Halawa, Partner and Head of the U.S. Ventures business at Mubadala Capital.
Innovaccer said it has signed more than 50 customers, including recent wins with One Medical, Roche, CommonSpirit Health, Franciscan Health, Dayton Children’s Health Partners, St. Luke’s Health System, Sentara Healthcare, Adventist Health, Children’s Health Alliance, Premier Health, Atlantic Health System, Providence, Cityblock Health, Florence Health, and Zus Health, among others.
“Our collaboration with Innovaccer is creating a new generation of clinical decision support tools across a wide range of use cases -- from antimicrobial stewardship to oncology -- that will empower clinicians to deliver more precise, personalized care,” said Sukhveer Singh, Global Head of Healthcare Insights, Roche Information Solutions.
“We see huge potential to create new value for patients and clinicians. The Innovaccer Health Cloud will allow us to accelerate time-to-market and build perpetual innovation into our solution portfolio, positioning Roche to extend our legacy of clinical innovation,” Singh added.
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