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.
