What You Should Know:
– Innovaccer closes Series D round of growth capital bringing Innovaccer at a total valuation of $1.3 billion.
– In addition, the company has launched the Innovaccer Health Cloud, a platform as a service that combines the company’s Data Activation Platform and application suite with an extensive set of platform services and tools that allow customers and partners to easily develop interoperable applications that improve patient outcomes and lower costs.
Innovaccer Inc., a Silicon Valley-based healthcare data platform company, announced today it has closed a new round of growth funding at a $1.3 billion post-money valuation. The latest round of funding was led by Tiger Global Management. Existing investors Steadview Capital, Dragoneer, B-Capital, Mubadala and M12 (Microsoft’s Venture Fund) participated in the round as well as new investor OMERS Growth Equity.
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 and actionable insights that result in better patient outcomes and lower costs. The company’s platform improves efficiencies for providers, payers, and others across the care ecosystem and helps them deliver whole-person care.
Its solutions have been deployed across more than 1,000 locations in the U.S., enabling more than 37,000 providers to transform care delivery and work collaboratively with payers, employers, and life sciences companies. By using the connected care framework, Innovaccer has helped healthcare organizations unify records for more than 24 million people and generate more than $600M in savings for the healthcare ecosystem.
Innovaccer Health Cloud
With its additional funding, Innovaccer is launching the Innovaccer Health Cloud. The platform-as-a-service offering combines the company’s Data Activation Platform and application suite with an extensive set of platform services and tools that allow customers and partners to develop interoperable applications that improve patient engagement and operational performance. With the Innovaccer Health Cloud, Innovaccer is building the platform that will power the future of health.
“Healthcare is on the brink of a massive transformation. Over the last ten years, we have spent billions of dollars digitizing healthcare information with great success,” said Abhinav Shashank, Co-founder and Chief Executive Officer at Innovaccer. “That was step #1 of the journey. Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data but also provides a platform on which new digital services and solutions can be built with native interoperability. This is exactly what Innovaccer is doing with the launch of Innovaccer Health Cloud.”