Innovaccer raises $150 mn; valued at $3.2 bn

Healthcare technology startup Innovaccer has garnered a fresh $150 million from a clutch of investors led by Mubadala Capital at a valuation of $3.2 billion. The series E financing was also backed by 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, the company says in a statement on Wednesday.

The investment brings Innovaccer’s total fund count to over $375 million. Earlier this year, the firm turned unicorn after investors infused over $100 million into the company at a valuation of $1.3 billion.

The San Francisco-based firm led by Indian CEO Abhinav Shashank, which caters to businesses, says the funding was driven by growing consumer appetite for its product Innovaccer Health Cloud. Innovaccer Health Cloud is a complete software platform that unifies previously siloed data, and helps businesses achieve better care quality at a lower cost. The startup claims that leading healthcare organisations including Orlando Health, MercyOne and CommonSpirit Health have signed up for the platform. The firm has an operational presence in India, and has offices in Noida and Bengaluru. The startup is also set to establish new offices in Hyderabad, Pune, Chennai and Gurgaon.

Innovaccer plans to deploy the fresh capital to invest in R&D and recruit staff across customer experience, product and engineering departments. The company claims to service more than 50 business customers including Providence, Cityblock Health, Florence Health, and Zus Health. As of now, it does not cater to Indian businesses.

“Providers, payers, and life sciences companies recognise 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,” says co-founder & CEO Abhinav Shashank.

Innovaccer says that its solutions have been deployed across more than 1,000 care settings in the U.S.—enabling more than 37,000 providers to transform care delivery, and work collaboratively with payers and life sciences companies.