Innovaccer, a healthcare data analytics startup has raised its total funding to $41 Mn, with the recent $25 Mn Series B investment. The round was led by Westbridge Capital with participation from Lightspeed Ventures.
Originally started with a capital of $30,830.65 (INR 20 Lakh), the data analytics startup picked up its first institutional funding led by people like Rajan Anandan, Beenos Group CEO Teru Sato, among others. Later, in August 2016, it secured $15.6 Mn Series A led by Westbridge Capital Partners, with participation by other angel investors.
Innovaccer plans to use the latest funds to continue building on its industry-leading suite and go-to-market capabilities. This includes enhancing its data platform by doubling down on its machine learning capabilities and adding to its already industry-leading 200+ connectors to healthcare data systems.
In addition, Innovaccer will be investing in building a set of new patient engagement applications and platform capabilities for partners to access and build upon InData.
In view of Sumir Chadha, Managing Director at Westbridge Capital, it is rare to see this type of growth in the healthcare industry. Normally, this is only seen in the fastest of enterprise SaaS companies.
Dev Khare, Partner at Lightspeed India Partners further added, “It is exciting to see an enterprise software company expand so rapidly within existing accounts, a sign of strong product-market fit.”