San Francisco -headquartered healthcare technology firm Innovaccer has raised $150 million in a Series E funding round led by Mubadala Capital, more than doubling the valuation to $3.2 billion, the company said in a statement on Wednesday.
The round also saw participation from existing investors B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, Tiger Global Management, and new investors Whale Rock Capital Management, Avidity Partners, and Schonfeld Strategic Advisors.
Innovaccer’s Series E round brings the total capital raised by the company to over $375 million, it said.
Early this year, Innovaccer raised $105 million growth funding round led by Tiger Global Management, valuing the company at $1.3 billion.
The company said it will use the capital to invest in research and development (R&D), and recruit talent in customer experience, product, and engineering.
Founded in 2014 by Abhinav Shashank, Kanav Hasija and Sandeep Gupta, and operated by Innovaccer Inc, the software-as-a-solution (SaaS) platform helps connect healthcare data across multiple systems and settings, providing unified patient records through the data-activation platform. This is deployed across 1,000 locations in the US, it said.
“We’ve reached a turning point in healthcare, where the world of fragmented, fee-for-service ‘sick care’ is giving way to a new world of integrated, value-based, preventive care,” Abhinav Shashank, co-founder and CEO of Innovaccer said.
He added, “The electronic health record (EHR) brought healthcare into the digital world, but in many ways, it has become an impediment to digital transformation due to its rigid architecture and lack of interoperability. Providers, payers, and life sciences companies recognise the urgent need for a new, open platform that brings all healthcare data together to provide a singular view of the patient, and enables friction-free care across the entire patient journey.”
Innovaccer has over 50 customers including Banner Health, Roche, and MercyOn in the U.S. and some in Europe. Some of its recently-signed customers include One Medical; Roche; CommonSpirit; Franciscan Health; Dayton Children’s Health Partners; St. Luke’s Health System; Sentara, Adventist Health; Premier Health; Children’s Health Alliance; Premier Health; Atlantic Health System; Providence St. Joseph; Cityblock; Florence Health and Zus Health, it said in a statement.
“Hundreds of tech companies have tried to create a common data framework to connect the healthcare industry, but they all fell short due to extreme industry complexities or technology challenges. But in just a few short years, Innovaccer has built the most successful data activation platform in the healthcare industry as proven by record rates of industry adoption. Innovaccer is likely the first and only company since the invention of the EHR that has the opportunity to unify the healthcare ecosystem,” Alaa Halawa, Partner & Head of the US. Ventures business at Mubadala Capital said.