San Francisco-based Innovaccer Inc., which helps health systems create artificial intelligence-assisted workflows, has raised $35 million in its Series B financing.
The investment from M12, Westbridge and Lightspeed brings the total capital raised by Innovaccer to $51 million.
Founded in 2014, Innovaccer said it would use the funding to continue building on its platform and an ecosystem of clinical innovators and leaders. Innovaccer said its integration and interoperability platform helps providers with AI applications for care management, physician burnout reduction and patient engagement.
Some of its customers include Hartford Healthcare, University of California, Mercy ACO Iowa, UniNet Healthcare Network of Nebraska, Inmediata Health Integrated Solutions of Puerto Rico, and StratiFi Health Network.
Innovaccer (coined from the combination of the words innovation and acceleration) plans to use the funds to continue building on its platform and an ecosystem of clinical innovators and leaders. The company also said it would “double down” on its AI-assisted decision support capabilities and add to its more than 200 connectors to healthcare data systems such as EHRs, HIEs, claims and lab systems.
“As the importance of value-based care grows, technology needs to deliver the desired scalability and interoperability,” said Abhinav Shashank, CEO of Innovaccer, in a prepared statement. “We think that by building, and sharing, the world's leading healthcare data platform, we can lead the much-needed transformation with transparency and interoperability that has remained out of reach to date."
Innovaccer also recently added Paul Grundy, M.D., to its executive team as chief transformation officer. Dr. Grundy is the founding president of the Patient-Centered Primary Care Collaborative (PCPCC) and is affectionately referred to as the 'Godfather' of the Patient-Centered Medical Home revolution. He was bestowed with the prestigious Barbara Starfield Primary Care Leadership Award in 2016 and the 2012 National Committee for Quality Assurance (NCQA) Quality Award for his impactful contribution to redefining the primary care landscape. He has served as IBM's Global Director of Healthcare Transformation.
The company has built a powerhouse strategic advisory council. It includes David Nash, M.D., the founding Dean of the Jefferson College of Population Health; Glenn Steele, M.D., Ph.D., Vice Chair of the Health Transformation Alliance and former President and CEO of Geisinger Health System; Stephen Klasko, M.D., M.B.A., the President and CEO of Thomas Jefferson University and Jefferson Health; and Phil Fasano former CIO at both Kaiser Permanente and AIG.
