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.”
Founded by Abhinav Shashank, Kanav Hasija and Sandeep Gupta in 2014, the Silicon Valley and Noida-based startup is focussed on helping healthcare organisations accelerate innovation by making powerful decisions based on key insights and data-driven predictions.
Its flagship product, Healthcare Data Platform, has been used by more than 10,000 healthcare providers, affecting the lives of over 10 Mn patients in the US, as of February 2018. The 500 Startups-incubated company, having clocked 400% YoY revenue growth within four years of its launch, is now leveraging the $9 Bn healthcare analytics market to evolve into a $100 Mn company.
Its client list counts names such as Mercy Accountable Care Organisation of Iowa, UniNet Healthcare Network of Nebraska, and StratiFi Health Network. Innovaccer claims that when combined with it’s application modules such as InCare and InGraph, care teams have been able to dramatically improve outcomes for patients while also generating over $200 Mn of savings for their healthcare organisations.
“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. We believe that we can drive a level of transparency and interoperability that has remained out of reach to date,” says Abhinav Shashank, CEO at Innovaccer.
Earlier, in March 2018, Inc42 reported that Innovaccer is currently in the process of undergoing this transformation, with a focus on bolstering product, delivery and customer success. Ultimately, the big data SaaS startup aims to transfigure into a $100 Mn organisation by 2020 and also looking forward to breaking even by 2019-end.
According to an IBEF report, the overall Indian healthcare market is estimated at $100 Bn. It is expected to touch $280 Bn by 2020, growing at a CAGR of 22.9%. Inc42 Funding Report 2017 states that healthtech startups in India cumulatively raised more than $338 Mn across 111 deals in 2017. For Innovaccer, the healthcare data analytics market thus poses an enormous opportunity.