Automation as a service (AaaS) solutions company Element5 has closed its Series A round of funding led by global private equity and venture capital firm Insight Partners. The fundraising round also saw participation from industry leaders such as Maxwell Investment Partners, and LLC.
With the closing of the Series A funding round, Element5 has so far raised a total capital of $18.5 Mn. As part of Insight Partners’ investment, Jared Rosen is joining the board of directors at Element5.
Element5 will use the funds to accelerate growth of their product for post-acute care, while strengthening its market foothold through customer expansion and scaling of global operations.
Founded in 2019 by Joe Randesi, Eric Gordon, and Bhavani Raman, Element5 uses Artificial Intelligence (AI) and Robotic Process Automation (RPA) to deliver SaaS-based automated workflows for home-health, hospice, senior living, skilled nursing and other allied healthcare verticals. The company delivers end-to-end workflow automation that uses software robots, which log into everyday systems and perform daily administrative tasks exactly like a human would, helping teams save time on repetitive clicks.
The currently San Jose, California headquartered company has its APAC headquarters in Chennai, India. With Element5’s Automation-as-a-Service offering, organizations can rapidly deploy automated workflows across patient intake, authorizations, medical records, revenue cycle management and analytics. An integrated automation hub provides data-driven insights by delivering detailed analytics on operational outcomes, tasks status and more.
“One of the biggest challenges in post-acute care is the insane amount of manual, repetitive tasks that teams deal with to run an operation. A myriad of factors contributes to this problem, including constant regulatory and compliance challenges,” said Joe Randesi, cofounder and CEO, Element5.
India is also currently in its nascent stages of the AI revolution. According to a report by Accenture, when adopted with SaaS products, AI has the potential to add $957 Bn, or 15% of India’s current gross value to the economy, in 2035.
Throughout the course of the pandemic, AI and robotics was increasingly being adopted in various fields such as healthcare and agriculture. Various startups such as Skinkraft and Tricog, which operated at the intersection of medical and AI also emerged during this period. This has also led to the growth of the adoption of AI in the SaaS B2B space.
In a post-Covid world, if SaaS startups are able to crack the SMB market, we estimate the sector to grow exponentially over the next five years, even having the potential to grow into a $8.7 Bn market opportunity by 2025. This can further be accelerated by using automation.