Innovaccer Raises $105 Million in Series D Funding Round

Innovaccer, a healthcare data startup, raised $105 million in a Series D round. The round values the company at $1.3 billion.

Tiger Global Management led the funding round with participation from existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, M12 (Microsoft’s Venture Fund), and new investor OMERS Growth Equity.

Including the latest round, Innovaccer has raised $225 million to date. With its additional funding, Innovaccer plans to launch the Innovaccer Health Cloud platform. According to the company, the platform allows customers and partners to develop interoperable applications that improve patient engagement and operational performance.

According to Innovaccer, its platform unifies patient records and leverages artificial intelligence and analytics to automate routine workflows and facilitate whole-person care. It also connects healthcare data across many systems and settings, delivering unified patient records and actionable insights. The company’s solutions have been deployed across more than 1,000 locations in the U.S.

“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.

“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.”

Healthcare Data Analytics companies secured $1.8 billion in venture capital funding in 2020, a 13% increase compared to $1.6 billion raised in 2019, according to the latest Mercom Digital Health Funding and M&A Report. In a big round, Sema4, a patient-centered healthcare data analytics platform, announced that funds managed by BlackRock led its Series C financing round of $121 million at a post-money valuation of over $1 billion.