Healthtech platform Innovaccer lands $70m from Steadview, Tiger Global, others

Photo: Reuters

Innovaccer Inc., a Noida- and San Francisco-based healthcare data platform, has raised $70 million in a Series C funding round led by Steadview Capital and Tiger Global.

Dragoneer, Westbridge Capital, Mubadala, and Microsoft’s venture fund M12 also participated in the round, bringing the total capital raised by the firm to $120 million to date, per a company statement.

Innovaccer said it will use the funds to improve existing processes aimed at digitising healthcare for providers, payers and patients.

“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 focused on creating innovative technology that can enable personalised care while reducing operational costs,” said Innovaccer co-founder Kanav Hasija.

Founded by Hasija, Abhinav Shashank, and Sandeep Gupta in 2014, Innovaccer aggregates and streamlines patient data from health plans, primary care providers, pharmacies, labs and hospitals, and makes it available to healthcare service providers.

The startup claims that it has helped 25,000 healthcare service providers unify more than 3.8 million patient records to date, and generate savings of more than $400 million so far. Innovaccer aims to generate 100 million unified patient records accessible to 500,000 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 along the patient’s care journey,” Shashank said.

M12 committed an investment of $11 million in Innovaccer about a year ago. In May 2018, the startup had secured $25 million led by Westbridge Capital with participation from Lightspeed Ventures.

Innovaccer has five offices with over 400 employees across the US and Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.