Innovaccer, a Healthtech startup, announced it has raised $70 million in a Series C funding round from Steadview Capital, Tiger Global, Dragoneer, Westbridge Capital, Mubadala, and M12. Till now, the company has managed to raise a total capital of $120 million.
The company will utilise the funds to improve existing processes that digitise healthcare for providers, payers and patients by strengthening its data activation platform.
Kanav Hasija, Co-founder and Chief Customer Success Officer, Innovaccer, said, “Despite technology growing steadily, the deep-rooted inefficiencies in healthcare make it difficult to deliver patient-centered care. The fragmented nature of the current healthcare system is the biggest challenge we have to address in enabling healthcare to care as one and make care delivery substantially more efficient. Our work at Innovaccer has always been focused on creating innovative technology that can enable personalised care while reducing operational costs.”
Innovaccer’s Data Activation Platform has been implemented in healthcare institutions, government organisations, and corporate enterprises. By using the connected care framework, Innovaccer claims to have unified 3.8 million patient records and generated more than $400 million in savings, the startup stated, as per a media report.
According to a media report, Ravi Mehta, Founder and Managing Director of Steadview Capital, commented on the fundraise and said: “By using their connected care framework coupled with their leading-edge data aggregation and analytics platform, Innovaccer are unifying patient records and enabling care teams to coordinate patient care at a new level. We believe this will achieve greater efficiencies, enable better care and reduce overall healthcare spend in the years to come.”
Innovaccer was founded in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta. It leverages artificial intelligence and analytics to automate routine workflows and reduce manual overhead to facilitate more patient-centred care. Its products have been deployed across the US in over 1,000 locations, enabling more than 25,000 providers to transform care delivery and work collaboratively.