Big Data startup, Innovaccer has raised $15.6 Mn in Series A led by Westbridge Capital Partners with participation by other angel investors. With this, Sumir Chadha, Managing Director of Westbridge will join the board of the company.
The company will use this funding to accelerate its footprint in healthcare. With increased focus by providers and payers alike, to reduce inefficiencies in current healthcare systems, Innovaccer wants to bring cutting edge Big Data technologies and algorithms to help offer better outcomes at lower costs.
Innovaccer was founded in 2012 by Abhinav Shashank, Kanav Hasija and Sandeep Gupta. It is a Silicon Valley-headquartered, Big Data company, with offices in Palo Alto and New Delhi. It is focussed on helping large enterprises to make data driven decision simpler and more intuitive in the Finance, Retail and Healthcare sector.
With its platform, Datashop, the company offers end-to-end Big Data solutions to its users. While most industry products focus on siloed functions of integrating, cleansing, managing, analysing, and visualising data, Datashop’s full-stack capabilities offer guaranteed ROI without writing a single line of code.
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“Real time data integration, access, interoperable exchange, and advanced analytics can be a game changer in healthcare and can result in huge outcomes,” said Abhinav, co-founder and CEO of Innovaccer.
Innovaccer is working with large research and healthcare customers and counts Catholic Health Initiatives, Partners Healthcare, Sonic Healthsystems, Harvard, Stanford, MIT, Wolters Kluwers, Artesyn, among its customers.
“With the fund raise, we should be able to aggressively disrupt healthcare IT by leveraging Big Data, Machine Learning and automation to deliver better care at reduced costs,” said Sandeep Gupta, co-founder and Chief Revenue Officer.
The company is also in the early stages of building a suite of self serve Machine Learning and Artificial Intelligence applications on top of the platform and aims to open the platform for the developer ecosystem around the product very soon.
Last year in May 2015, Innovaccer raised an undisclosed amount of seed funding led by Google’s Vice President for South East Asia, Rajan Anandan along with Beenos Group’s CEO Teru Sato, Capillary Technologies’ founder and CEO Aneesh Reddy, and Chairman of Ingersoll Rand India, Venkatesh Valluri. The other participants included 500Startups and Phanindra Sama, founder of redBus.
In June 2016, Bangalore-based analytics solutions startup BRIDGEi2i secured an undisclosed amount of Series A funding from Edelweiss Private Equity. Also another Big data-as-a-service company, Qubole, raised $30 Mn in a Series C round of funding led by Institutional Venture Partners (IVP) along with existing investors CRV, Lightspeed Venture Partners and Norwest Venture Partners also participating.