Noida and San Francisco-based healthcare data analytics startup, Innovaccer, has raised $70 Mn in Series C funding round from Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala and Microsoft’s venture fund M12.
Innovaccer plans to use the latest funds to strengthen its Data Activation Platform. The company believes that this will facilitate improvement in the processes that digitise healthcare for providers, payers and patients. The platform is currently being used to maintain medical records of over 3.8 Mn patients and generate savings of more than $400 Mn for institutions and providers. Innovaccer is targetting 100 Mn patients in its healthcare database, providing access to 500K care team members through the platform.
Founded in 2014 by IIT Kharagpur graduates Abhinav Shashank, Kanav Hasija and IIM- Ahmedabad alumnus Sandeep Gupta, Innovaccer is focussed on providing actionable insights based on healthcare data to healthcare providers, hospitals, insurance companies and other organisations and businesses.
Innovaccer’s Healthcare SaaS Play
Its flagship SaaS product is the Healthcare Data Activation Platform, which is being used by healthcare institutions, government organisations and corporate enterprises including US-based Catholic Health Initiatives, MercyOne, Orlando Health, Hartford Healthcare, and Stratifi Health. Innovaccer started off as a SaaS solution that worked for business schools and then across enterprise verticals but narrowed down to the healthcare domain. While it began operations in India, most of its clientele is based in the US.
Speaking to Inc42 earlier, cofounder Hasija had said that since the US has already solved the problem of access to healthcare, it’s the right market fit for a healthcare SaaS product. “I think Indian healthcare will go through two different routes. The first route is there will be more institution build-up to provide access to care, which is when costs will start to rise and healthcare spending will also rise. And that’s when India will be able to tap into the power of what data can do.” Hasija told us last year.
Before this round, Innovaccer had raised $25 Mn in Series B funding round led by Westbridge Capital with participation from Lightspeed Ventures in 2018. The company raised its Series A round of $15.6 Mn, which was again led by Westbridge, in August 2016. The company has raised a total of $120 Mn across several rounds.
“Through 200+ pre-built connectors, Innovaccer has streamlined data from health plans, primary care providers, pharmacies, labs and hospitals, and made it available to more than 25,000 providers,” Inovaccer said, in its press release.