Innovaccer plans to use its new funding to invest in R&D and recruit new hires
Innovaccer announced a $150 million Series E round at a $3.2 billion valuation, driven by rapid customer adoption of the Innovaccer Health Cloud. The round was led by Mubadala Capital, with 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.
Abhinav Shashank, cofounder and CEO of Innovaccer 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. 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. This is the future of health everyone wants, and this is exactly what we are building with the Innovaccer Health Cloud.”
Innovaccer plans to use its new funding to invest in R&D and recruit new hires as it rapidly scales its customer experience, product, and engineering talent. The company intends to release a new portfolio of Innovation Accelerators in 2022 that will help healthcare organisations tackle the most common and high-impact use cases in a fraction of the time associated with traditional methods and technologies.
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