Innovaccer Inc., a healthcare data analytics startup with offices in Noida and San Francisco, has raised $70 million (nearly Rs 500 crore) in Series C funding from a clutch of marquee investors.
The capital infusion came from investors such as Steadview Capital, Tiger Global, San Francisco-based Dragoneer and existing backer WestBridge Capital.
Abu Dhabi state fund Mubadala Investment Company and Microsoft Corp.’s venture fund, M12, also invested, multiple media reports said, citing a statement by Innovaccer.
Innovaccer will use the funds to enhance its data activation platform, with a view to facilitating improvements in processes for digitising healthcare for providers, patients and healthcare payers, the reports said.
The company was founded by Abhinav Shashank, Kanav Hasija and Sandeep Gupta in 2014. It helps enterprises access, manage, and analyse organisational data through its various service products.
Shashank said the company was committed to helping the larger healthcare sector become patient-centred and connected by organising information and making it more accessible. “The vision of helping healthcare work as one needs a connected and open technology framework,” he said, according to TechCrunch.
The startup had raised $25 million (Rs 168 crore) in its Series B round in May 2018. That round was led by WestBridge, with the US-based venture capital firm Lightspeed Ventures also participating. Before that, Innovaccer raised $15.6 million in a Series A round of funding that was also led by WestBridge.
According to its website, its data activation platform provides clients with unified patient records, population health analytics, integrated care management and artificial intelligence-based decision support.
The firm has offices in Noida and the US and works with large research and healthcare customers. US space agency NASA, Catholic Health Initiatives, Harvard University, Stanford University, MIT, Wolters Kluwers and Artesyn are some of its customers. Besides healthcare, the company caters to finance and retail sectors.
There have been quite a few startups in the larger technology-led healthcare segment that have raised funding in recent months. Startups – and established companies such as Amazon and Apple – are addressing different pain points in traditional healthcare systems.
Earlier this week, primary healthcare-focussed Iora Health raised $126 million (nearly Rs 900 crore) in its Series F funding round led by PremjiInvest, the family office of Wipro Ltd founder chairman Azim Premji. Other startups that raised funding in recent months include the AI-based Ekincare and online diagnostics services startup Healthians.
