San Francisco-based healthcare data platform company Innovaccer has raised $25 million capital in its Series B round of funding.
The investment was led by Westbridge Capital with participation from Lightspeed Ventures. The latest funding brings the total capital raised by Innovaccer to $41 million.
Innovaccer said it plans to use the funds to continue building its product suite and go-to-market capabilities. It includes enhancing its data platform by doubling down on its machine learning capabilities and adding to its 200+ connectors to healthcare data systems such as EHRs, HIEs, claims, and lab systems. In addition, Innovaccer will be investing in building a set of new patient engagement applications and platform capabilities for partners to access and build upon InData.
Founded in 2014, Innovaccer aims to drive efficiency in healthcare with the help of its healthcare data platform, InData, which manages millions of patient records for over 20 customers such as Mercy Accountable Care Organization of Iowa, UniNet Healthcare Network of Nebraska, and StratiFi Health Network.
Innovaccer's fully integrated data platform equips providers with a full patient view inside and outside of their network, which helps improve outcomes for patients while also generating over $200 million of savings for their healthcare organizations.
"In healthcare, data has been exploding, but it has been impossible to transform that data into insights and action," said Abhinav Shashank, CEO of Innovaccer. "Technology solutions historically have focused only on building the newest applications without a focus on scalability and interoperability. We believe that by creating, and sharing, the world's leading healthcare data platform, we can drive a level of transparency and interoperability that has remained out of reach to date.
"This latest investment fuels our mission to unlock the potential of data for everyone in the healthcare ecosystem to drive improved outcomes and cost savings."
According to Innovaccer, healthcare expenditure in the US has grown to almost 18 percent of GDP in the past few years. Innovaccer claims that by expanding its current customer base which amounts to over 500 locations, it could save over $1 billion of US healthcare expenditures by 2020.
Sumir Chadha, managing director at Westbridge Capital, commented: "It is rare to see this type of growth in the healthcare industry. Normally, this is only seen in the fastest of enterprise SaaS companies. We think there is tremendous potential to bring the speed and innovation normally associated with enterprise software to the world of healthcare IT."
Dev Khare, partner at Lightspeed India Partners, added: "We are excited to partner with the founders to build out a new category of enterprise software in the U.S. market. It is exciting to see an enterprise software company expand so rapidly within existing accounts, a sign of strong product-market fit."
Healthcare, Data analytics, Technology, Startup, Funding, Westbridge Capital, EHR, Claims, San Francisco, US