Innovaccer Inc.’s Series D funding round has propelled it to unicorn status.
The healthcare technology company gained $105 million in its latest funding round, which pushed its valuation to $1.3 billion. The total investment in the company jumped to $225 million, up from $120 million at the end of its Series C round last February.
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Tiger Global Management led the new financing round, which also included existing investors Steadview Capital, Dragoneer and M12 — Microsoft’s Venture Fund — and new investor OMERS Growth Equity.
The company offers a proprietary Data Activation Platform that connects healthcare data across systems and settings. With the new funds, it plans to add to its product suite.
The company will launch the Innovaccer Health Cloud, a platform that is designed to help healthcare organizations gain a unified view of the patient, said Abhinav Shashank, co-founder and CEO of Innovaccer, in an email.
The cloud platform aggregates and normalizes data from disparate healthcare systems, including EHR, lab, claims and pharmacy systems.
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“Without a complete patient picture, gaps in care, gaps in communication, medication use, referrals for additional services and follow-up appointments can fall to the wayside, which in turn can lead to poor clinical outcomes and negative patient experiences,” said Shashank.
Further, the platform includes an application suite with services and tools that enable healthcare organizations and third-party developers to create interoperable apps that leverage patient records.
“Innovaccer stands to become a meaningful beneficiary of the generational architectural shift taking place in healthcare information technology,” said John Curtius, a partner at Tiger Global, in a news release. “Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes.”
Competition in the healthcare data analytics market is fierce — especially given the popularity of the market, which drew $1.8 billion in funding in 2020, according to a report from Mercom Capital Group.
But Innovaccer’s solutions often complement, rather than compete with, the other systems a provider, payer or life sciences company may already be using, said Shashank.
For example, the Innovaccer Health Cloud “provides a unified data fabric that sits on top of other systems of record,” he said. It is also complementary to horizontal clouds like Amazon Web Services and Microsoft Azure.
Innovaccer joins the approximately 30 other healthcare technology unicorns in the United States, including insurtech startup Sidecar Health, which became a part of the unicorn club in January.
Picture: Feodora Chiosea, Getty Images
