Innovaccer Inc., a Silicon Valley-based healthcare data platform company, announced today 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. Innovaccer plans to use the funds to continue building on its industry-leading suite and go-to-market capabilities.
This includes enhancing its data platform by doubling down on its machine learning capabilities and adding to its already industry-leading 200+ connectors to healthcare data systems such as EHRs, HIEs, claims, and lab systems. In addition, Innovaccer will be investing in building a set of new patient engagement applications and platform capabilities for partners to access and build upon InData.
Founded in 2014, Innovaccer Inc. is on a mission to drive efficiency in healthcare by unleashing the power of data. Its leading healthcare data platform, InData, already ingests, normalizes, and manages millions of patient records for over 20 customers such as Mercy Accountable Care Organization of Iowa, UniNet Healthcare Network of Nebraska, and StratiFi Health Network. The fully integrated healthcare data platform consists of:
– InData: puts you in control of data integration by leveraging our proprietary visual extraction, transfer, and load pipelines.
– InCare: manage your day-to-day administrative tasks with a smart platform, saving time and energy and focusing on your primary objective of providing quality health care.
– InNote: pulls information from multiple clinical and financial systems so that physicians can easily access a comprehensive view of the patient without having to leave the EMR.
– InGraph: switch from pre-made dashboards. InGraph brings you customizable features to meet your specific needs and give you a competitive edge.
Having a fully integrated data platform has equipped these providers with a full patient view inside and outside of their network. When combined with Innovaccer’s application modules such as InCare and InGraph, care teams have been able to dramatically improve outcomes for patients while also generating over $200 million of savings for their healthcare organizations.
By expanding upon its current customer base which already amounts to over 500 locations, Innovaccer is well on its way to save over $1 billion of US healthcare expenditures by 2020.
“In healthcare, data has been exploding, but it has been impossible to transform that data into insights and action. Technology solutions historically have focused only on building the newest applications without a focus on scalability and interoperability. 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. ”