Innovaccer Inc.’s Sequence D funding spherical has propelled it to unicorn standing.
The healthcare expertise firm gained $105 million in its newest funding spherical, which pushed its valuation to $1.3 billion. The full funding within the firm jumped to $225 million, up from $120 million on the finish of its Sequence C spherical final February.
Tiger World Administration led the brand new financing spherical, which additionally included present traders Steadview Capital, Dragoneer and M12 — Microsoft’s Enterprise Fund — and new investor OMERS Development Fairness.
The corporate presents a proprietary Knowledge Activation Platform that connects healthcare knowledge throughout techniques and settings. With the brand new funds, it plans so as to add to its product suite.
The corporate will launch the Innovaccer Well being Cloud, a platform that’s designed to assist healthcare organizations acquire a unified view of the affected person, stated Abhinav Shashank, co-founder and CEO of Innovaccer, in an electronic mail.
The cloud platform aggregates and normalizes knowledge from disparate healthcare techniques, together with EHR, lab, claims and pharmacy techniques.
“With out a full affected person image, gaps in care, gaps in communication, remedy use, referrals for extra companies and follow-up appointments can fall to the wayside, which in flip can result in poor medical outcomes and unfavorable affected person experiences,” stated Shashank.
Additional, the platform consists of an software suite with companies and instruments that allow healthcare organizations and third-party builders to create interoperable apps that leverage affected person data.
“Innovaccer stands to develop into a significant beneficiary of the generational architectural shift happening in healthcare info expertise,” stated John Curtius, a companion at Tiger World, in a information launch. “Innovaccer is poised to seize a disproportionate share of spending as clients leverage its platform to unify the affected person expertise, transfer extra of their IT to the cloud, and give attention to orchestrating improved medical and enterprise processes.”
Competitors within the healthcare knowledge analytics market is fierce — particularly given the recognition of the market, which drew $1.8 billion in funding in 2020, based on a report from Mercom Capital Group.
However Innovaccer’s options typically complement, moderately than compete with, the opposite techniques a supplier, payer or life sciences firm could already be utilizing, stated Shashank.
For instance, the Innovaccer Well being Cloud “offers a unified knowledge material that sits on high of different techniques of report,” he stated. Additionally it is complementary to horizontal clouds like Amazon Internet Companies and Microsoft Azure.
Innovaccer joins the roughly 30 different healthcare expertise unicorns in the US, together with insurtech startup Sidecar Well being, which grew to become part of the unicorn membership in January.
Image: Feodora Chiosea, Getty Photos