Healthcare SaaS firm Innovaccer, domiciled in the US with operations in India, the US, and the Middle East, said it has raised $275 million in a Series F round of funding through a combination of primary and secondary transactions.
The round saw participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12 (Microsoft’s Venture Fund).
Founded in 2014 by Abhinav Shashank (Chief Executive Officer), Kanav Hasija (Chief Product Officer), and Sandeep Gupta (Chief Operations Officer), Innovaccer converts electronic medical records (EMRs), lab data, insurance claims information, pharmacy reports, and other social determinants of health into actionable insights to improve population health management and deliver better health outcomes in a cost-efficient manner.
With the newly raised funds, the company plans to expand its collaboration with existing customers, introduce new AI and cloud capabilities, and scale a developer ecosystem on the platform. The company plans to add multiple copilots and agents to its offerings, including utilisation management, prior authorisation, clinical decision support, clinical documentation, care management, and a contact centre.
To date, Innovaccer has raised a total of $675 million from venture capital firms and strategic investors. In 2021, the company entered the unicorn club after raising $105 million in a round led by Tiger Global Management. Its other investors include Steadview Capital, Dragoneer, Mubadala Capital, and OMERS Growth Equity.
Last year, the International Finance Corporation (IFC), a member of the World Bank Group, proposed an equity investment of up to $20 million in Innovaccer.
