Innovaccer, a healthcare AI company, has raised $275 million in a Series F funding round. The round was a combination of primary and secondary and included participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.
The funds raised will be used to expand its collaboration with existing customers, introduce new AI and cloud capabilities, and scale a developer ecosystem on the platform. The company also plans to add multiple copilots and agents to its offerings, including utilization management, prior authorization, clinical decision support, clinical documentation, care management, and a contact center.
To date, Innovaccer has raised a total of $675 million from venture capital firms and strategic investors.
“Innovaccer is dedicated to transforming healthcare through data-driven insights and cutting-edge AI technology. We are grateful for the confidence our investors have in our vision and capabilities. This funding will enable us to push the boundaries of what’s possible in healthcare AI. Our goal is to make healthcare more proactive, predictive, and personalized,” said Abhinav Shashank, Co-founder and CEO of Innovaccer.
“Innovaccer has a vision for how data and AI can power the future of healthcare that aligns with the opportunities for AI we see at Danaher. We see this investment as an opportunity to partner with Innovaccer and other industry leaders to tackle some of healthcare’s biggest challenges. We believe providing clinicians with the data and analytics to drive meaningful clinical insights, more quickly, at the point of need, we can accelerate the transition to more effective, more personalized care,” said Julie Sawyer Montgomery, Executive Vice President, at Danaher Corporation.
Founded in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer provides a comprehensive suite of software solutions to power value-based care programs, modernize the patient experience, and reduce the administrative burden on providers.
Over the past two years, the company has grown its customer base, now serving 6 of the top 10 health systems and growing its public sector partnerships with San Mateo County and Alameda County. Innovaccer’s platform now supports over 130 healthcare organizations and continues to be the market-leading platform for population health, data management, and AI, with 50% year-over-year revenue growth for the past five years.
Over the past year, Innovaccer also announced the acquisition of two companies – Cured and Pharmacy Quality Solutions.
