Olive, an AI-enabled workflow automation software for hospitals, secured $106 million in funding. The round was led by General Catalyst and Drive Capital, along with Ascension Ventures, Oak HC/FT, and SVB Capital.
The latest funding round comes six months after a $51 million funding round in May 2020, led by General Catalyst. Olive has raised over $220 million to date.
The Olive software automates repetitive, high-volume tasks and workflows, monitoring their performance, identifying improvements, and finding opportunities for new work across departments such as revenue cycle, supply chain management, clinical administration, and human resources. Its software uses machine learning and robotic process automation to optimize healthcare workflows and processes.
According to the company, the AI workforce has been adopted by over 600 hospitals, including 22% of the top 100 health systems in the country.
“The AI workforce is the biggest impact to health systems in our lifetime,” said Sean Lane, CEO of Olive. “Olive has become a piece of critical infrastructure for hospitals and a trusted, reliable product that expands human capacity at a time when resources are more precious than ever. The AI workforce has become the ‘new normal.’ And while we are excited about this latest investment, we’re just getting started.”
Nearly two-thirds of healthcare leaders plan to adopt automation technologies in the next two years, a significant uptick from the report issued less than 12 months ago, according to the company survey.
Healthcare Practice Management Software companies raised almost $2 billion since 2010, according to Merom data. Recently, PatientPop, a workflow automation software platform for healthcare providers, raised $50 million in a Series C funding round led by HLM Venture Partners with participation from Commonfund, Vivo Capital, Toba Capital, Transformation Capital, and Silicon Valley Bank.
Image Credit: Olive