Innovaccer Raises $70M, Adds Key Execs
Innovaccer Inc., which recently won a “Best in KLAS” award in the population health vendor category, has raised an additional $70 million in capital and added several key executives.
The San Francisco-based company raised a total of $70 million in capital in its Series C funding round from Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala and M12 (Microsoft's Venture Fund), bringing the total capital raised by the company to $120 million.
Founded in 2014, Innovaccer (coined from the combination of the words innovation and acceleration) will use the funding to continue building on its FHIR-enabled Data Activation Platform, which it says unifies patient records and leverages artificial intelligence and analytics to automate routine workflows and facilitate whole-person care.
The company says its solutions have been deployed across more than 1,000 locations in the U.S., enabling more than 37,000 providers to work collaboratively with payers, employers and life sciences companies. By using its connected care framework, Innovaccer has helped healthcare organizations unify records for more than 24 million people and generate more than $600 million in savings for the healthcare ecosystem, the company claims.
By further advancing its core technology, Innovaccer aims to generate 100 million unified patient records accessible to 500,000 care team members through its platform over the next few years. Some of its customers have included Hartford Healthcare, CHI Health Partners, Mercy ACO Iowa, Children’s Mercy Kansas City, Sanitas Medical Center, and American Health Network.
Among its recent hires, Innovaccer added John Pigott as managing director of its payer and life sciences sales team. He comes to the company from the payer and life sciences division (Veradigm) of Allscripts, where he led expansion strategies to broaden the company's scope and scale. In addition, Sean Hogan has joined Innovaccer as the general manager of its provider business. Most recently, he served as president of SS&C Health, which provides technology and transaction processing services to health plans, provider systems, and pharmacy benefit management companies. Prior to SS&C, he served as the general manager of Healthcare and Life Sciences at IBM, where he led the company's healthcare business globally for 15 years.
"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 we have to address in enabling healthcare to care as one and make care delivery substantially more efficient. Our work at Innovaccer has always been focused on creating innovative technology that can enable personalized care while reducing operational costs," said Kanav Hasija, co-founder and Chief Customer Success Officer, in a statement. "We are delighted that such an esteemed group of investors has endorsed our vision of how Innovaccer will change the healthcare landscape."
