Innovaccer Inc., a healthcare AI startup, has raised USD 275 million through primary and secondary investments in a Series-F funding round. Kaiser Permanente, M12, B Capital Group, Banner Health, Danaher Ventures LLC, and Generation Investment Management participated in the financing.
After more than three years, the San Francisco and Noida-based business has raised money. It obtained USD 150 million in Series E funding in December 2021. It is now worth more than $3.4 billion and has raised USD 675 million so far. According to the company, this new investment will support Innovaccer's initiatives to increase cooperation with current clients, roll out new cloud and AI features, and grow a developer community on the platform.
Utilization management, prior authorization, clinical decision support, clinical documentation, care management, and contact center services are among the other copilots and agents that Innovaccer intends to add to its portfolio. Innovaccer, which was founded in 2014, assists healthcare businesses by offering a full range of software solutions that support value-based care initiatives, update patient experiences, and lessen the administrative load on providers.
The business claims that it has won Best-in-KLAS awards in a number of areas, such as CRM, population health management, and data and analytics. It has improved public-sector collaborations with San Mateo County and Alameda County and currently serves six of the top ten health systems in the United States. Over 130 healthcare organizations are supported by the platform, which has had 50% annual revenue growth over the last five years.
Despite not releasing its most recent financial results, Innovaccer anticipated turning a profit in the first two quarters of FY25. In FY23, it made Rs 37 crore in profit and Rs 397 crore in revenue in India. It has not yet submitted its FY24 annual financial reports. In order to expand its capabilities, the Abhinav Shashank-led company additionally purchased two businesses in the last 12 months: Pharmacy Quality Solutions and Cure.
