Olive, an AI-enabled workflow automation software for hospitals, closed $225.5 million in the latest financing round.
The round, which brings the company’s valuation to $1.5 billion, was led by Tiger Global, with participation from existing investors General Catalyst, Drive Capital, and Silicon Valley Bank.
New investors GV (formerly Google Ventures), Sequoia Capital Global Equities, Dragoneer Investment Group, and Transformation Capital Partners also participated in the funding round.
The latest funding round comes three months after a $106 million funding round in September 2020, led by General Catalyst and Drive Capital.
Olive has now raised over $325 million to date.
According to the company, its software platform automates repetitive 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.
The software that uses machine learning and robotic process automation to optimize healthcare workflows and processes is adopted by over 600 U.S. hospitals, including 22 percent of the country’s top 100 health systems, the company said.
Olive plans to use the latest funds to accelerate product development and capabilities in 2021 to support the entire healthcare ecosystem.
“For every dollar Olive makes, healthcare saves five. That amounts to pretty incredible cost savings throughout the industry, and it is helped us become an indispensable part of hospitals’ recovery plan during the pandemic,” said Sean Lane, CEO of Olive. “In the year ahead, we’re setting our sights on the big picture – investing in R&D to bring more solutions to hospitals and health systems that not only disrupt the industry but also help to fix a broken system at a critical time for humanity.”
According to Merom digital health funding data, Healthcare Practice Management Software companies have raised over $2 billion since 2010. Recently, Loyal Health, an AI-powered healthcare practice management platform, raised $12.5 million in a Series A financing round led by Concord Health Partners, a healthcare-focused investment firm.