San Francisco, California-based Innovaccer, a healthcare data platform company, has raised $25 million in a Series B round led by Westbridge Capital. Lightspeed Ventures also participated.
Founded in 2014, the startup has officially secured $41 million in capital thus far, according to a news release.
Innovaccer will use the money to continue developing its data platform, InData, and to build a set of patient engagement applications.
The InData platform allows healthcare organizations and networks to better manage patient records. For instance, an entity can bring data from various sources — such as EMR systems, claims files, health information exchanges and admission, discharge and transfer feeds — together to simplify it and use it to make decisions.
As Innovaccer CEO Abhinav Shashank noted in a statement:
In healthcare, data has been exploding, but it has been impossible to transform that data into insights and action. Technology solutions historically have focused only on building the newest applications without a focus on scalability and interoperability. This latest investment fuels our mission to unlock the potential of data for everyone in the healthcare ecosystem to drive improved outcomes and cost savings.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Earlier this year, UniNet Healthcare Network, an Omaha, Nebraska-based clinically integrated network, unveiled an alliance with Innovaccer. By utilizing the InData platform, UniNet can gather information from numerous places to help clinicians improve care quality and lower costs.
The startup’s other customers include Mercy Accountable Care Organization and StratiFi Health Network.
Photo: Hong Li, Getty Images
