Innovaccer Expands Customer Base, Raises $150M
After recently adding a slew of new customers, including One Medical, Roche, CommonSpirit Health, Sentara Healthcare, Adventist Health, and Providence, health technology company Innovaccer has raised $150 million in series E funding.
Founded in 2014, San Francisco-based Innovaccer has built what it calls the Innovaccer Health Cloud, a software platform used by healthcare organizations such as Orlando Health and MercyOne, to unify previously siloed data.
The latest funding round brings the total capital raised by the company to over $375 million. The round was led by Mubadala Capital, with 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.
“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, in a statement. “The electronic health record 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 recognize 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.”
Innovaccer 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. The company intends to release a new portfolio of Innovation Accelerators in 2022 that it says will help healthcare organizations tackle the most common and high-impact use cases in a fraction of the time associated with traditional methods and technologies.
