Olive, an AI-powered healthcare process automation company, empowering organizations to improve efficiency and patient care, raises $400 million. Vista Equity Partners led the round, with additional investment from the Base10 Partners Advancement Initiative. As per the company, Olive has now secured $832 million in financing since March 2020 and $902 million since the company’s inception in 2012.
This latest round of funding will allow Olive to further scale product development, reaching more healthcare providers who can use Olive’s technology. To enable these new product developments, funding will also be used to recruit new talent across the country for product, data, and engineering talent, among other roles.
The company’s AI-enabled solution connects patients, providers, and payers to automate burdensome workflows and support human workforces. The company said its solutions are now in place at more than 900 hospitals in over 40 U.S. states, including more than 20 of the top 100 U.S. health systems.
“Olive is the leading force for rapid product development to better empower the humans in healthcare. She is being hired at health systems and insurance companies across the country at lightning speed,” said Sean Lane, CEO of Olive. “Olive’s widespread adoption as mission-critical tech makes it clear that now is the time for the healthcare industry to pull into the lead position for enterprise AI adoption.”
“At Vista, we believe in the transformative power of technology and see incredible potential in Olive’s ability to connect healthcare providers in new ways,” said Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director. “We believe the company’s AI capabilities are poised to deliver true disruption to the healthcare industry through automating and optimizing workflows, improving interoperability, and turning critical data into actionable insights. We look forward to working closely with Olive’s management team as they continue to execute on their vision.”
According to Mercom digital health funding data, Healthcare Practice Management Software companies have raised over $2 billion since 2010.