Silicon Valley-based healthcare data platform company Innovaccer, announced that is has closed $35 million in Series B funding, led by Microsoft’s investment arm M12 (formerly known as Microsoft Ventures), Westbridge Capital with participation from Lightspeed Ventures. The latest round brings the total capital raised by Innovaccer to $51 million.
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.
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.
Innovaccer recently added globally renowned innovators to its strategic advisory council. Applying the data frameworks and AI-assisted workflows, customers have improved outcomes and created more than $400 million in cost savings leading to more affordable care outcomes.
“Even after decades of technological intervention in healthcare, providers and payers are faced with challenges of the 20th century. There is enough data, but the ability to transform that data into insights and action is still not there, and because of this, patients are suffering. As the importance of value-based care grows, technology needs to deliver the desired scalability and interoperability. We think that by building, and sharing, the world’s leading healthcare data platform, we can lead the much-needed transformation with transparency and interoperability that has remained out of reach to date,” says Abhinav Shashank, CEO at Innovaccer. “This latest investment from M12 and others fuels our mission to unlock the potential of data for everyone and brings us one step closer to disrupting the space with our revolutionary platform.”