Healthcare analytics startup Innovaccer on Friday said that it has raised $70 million (approximately ₹500 crore) capital in a Series C funding round from Steadview Capital, Tiger Global, Dragoneer Investment Group, WestBridge Capital, Abu Dhabi’s Mubadala Investment and Microsoft’s venture fund M12. The San Francisco-based startup has raised $120 million (approximately ₹855 crore) in funding till date.
Innovaccer plans to utilise the fund to improve its existing processes that digitise healthcare data for patients, physicians, pharmacies, hospital providers, and others.
The startup points out that a large amount of scattered data (patient healthcare records) among many stakeholders make the entire healthcare system complex and prone to wastefulness. While hospital operators are working towards streamlining data, the prevalence of legacy systems has been a barrier for new technology adoption in the healthcare industry globally.
Innovaccer claims that its data activation platform has helped its customers put in place more than 3.8 million patient records and generate savings of more than $400 million. The company has streamlined data from health plans, primary care providers, pharmacies, labs and hospitals and made it available to more than 25,000 providers. It aims to generate 100 million unified patient records accessible to five lakh care team members through its platform over the next few years.
“Healthcare still needs a lot of work to become patient-centered and connected by organising information and making it more accessible. It is really important to make patient data seamlessly available to all providers, Abhinav Shashank, co-founder and CEO, Innovaccer.
Innovaccer has five offices with over 400 employees across the U.S. and Asia including a large base in Noida.
“Despite technology growing steadily, the deep-rooted inefficiencies in healthcare make it difficult to deliver patient-centered care. The fragmented nature of the current healthcare system is the biggest challenge. Our work at Innovaccer has always been focussed on creating innovative technology that can enable personalised care while reducing operational costs,” said Kanav Hasija, co-founder, Innovaccer.
Started in 2014, Innovaccer’s proprietary platform and products today vets, aggregates, and delivers insights into healthcare data.