The San Francisco-based company, which was founded in 2014, offers a solution that lets organizations integrate data from various sources (like EMR systems and claims files) into a single platform.
Healthcare data platform company Innovaccer has closed its Series B round at $35 million. The additional investment was led by M12, Microsoft’s venture capital fund. Via email, Innovaccer CEO Abhinav Shashank said that “M12’s individual investment is something which is undisclosed.” The San Francisco company initially raised $25 million of the Series B round from Westbridge Capital and Lightspeed Ventures last year.
Innovaccer will use the funds to keep improving its platform, double down on its AI-assisted decision support capabilities and add its connectors to healthcare data systems like EHRs.
When asked what an investor like M12 brings to the table, Shashank pointed to the convergence of tech companies and the healthcare sector. “These collaborations cement the belief that the consumerization of healthcare is here to stay and the coming days will strengthen the transformation of care delivery by consumer-facing companies,” he said.
In a statement, M12 partner Rashmi Gopinath also commented on the investment:
Innovaccer’s approach to data aggregation and analytics fundamentally helps healthcare organizations implement value-based care models and improve care delivery. We look to invest in startups addressing huge markets with best-in-class deep technology. We are excited to support Innovaccer as they continue to scale and grow in the global healthcare market.
Founded in 2014, Innovaccer’s data platform, dubbed InData, allows healthcare organizations and networks to better manage information. Entities can integrate their data sources (like EMR systems and claims files) into a single platform that can connect to applications.
Its clients include Mercy ACO, StratiFi Health Network, UniNet Healthcare Network of Nebraska and Hartford Healthcare.
The startup said it has raised a total of $51 million.
Moving forward, Shashank noted that his company is planning to grow its executive team and add more individuals to its strategic advisory council. A few recent additions to the Innovaccer advisory council include David Nash, founding dean of Jefferson College of Population Health, and Stephen Klasko, president and CEO of Thomas Jefferson University and Jefferson Health.
Date: January 21, 2019