Innovaccer Inc., a leading healthcare technology company, announced today that it has closed a new round of growth funding at a $1.3 billion post-money valuation, led by Tiger Global Management. Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, and M12 (Microsoft’s Venture Fund) participated in the round, as well as new investor OMERS Growth Equity. This is the company’s first financing announcement since its Series C round, bringing the total capital raised to over $225 million.
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Founded in 2014, Innovaccer is on a mission to help healthcare organizations care as one. With its Data Activation Platform, Innovaccer connects healthcare data across a myriad of systems and settings, delivering unified patient records and actionable insights that result in better patient outcomes and lower costs. The company’s platform improves efficiencies for providers, payers, and others across the care ecosystem and helps them deliver whole-person care.
With its additional funding, Innovaccer is launching the Innovaccer Health Cloud. The platform-as-a-service offering combines the company’s Data Activation Platform and application suite with an extensive set of platform services and tools that allow customers and partners to develop interoperable applications that improve patient engagement and operational performance. With the Innovaccer Health Cloud, Innovaccer is building the platform that will power the future of health.
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“Healthcare is on the brink of a massive transformation. Over the last ten years, we have spent billions of dollars digitizing healthcare information with great success,” said Abhinav Shashank, Co-founder and Chief Executive Officer at Innovaccer. “That was step #1 of the journey. Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data but also provides a platform on which new digital services and solutions can be built with native interoperability. This is exactly what Innovaccer is doing with the launch of Innovaccer Health Cloud.”
Banner Health, Elevate Health, Physicians of Southwest Washington (PSW), and Ora Oncology are just a few of the organizations building the future of connected care on the Innovaccer Health Cloud. “The Innovaccer Health Cloud creates the connective fabric for our overall digital transformation strategy,” said Julie F. Smith, Vice President of Clinical Applications at Banner Health. “We are using the Innovaccer Health Cloud to unify patient data across multiple systems, simplify workflows across teams, and support our population health management strategy for more than one million lives. With Innovaccer’s solution, we are not only transforming patient care but also driving significant savings in our IT operating expenses.”
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