Silicon Valley-based healthcare company Innovaccer has made public its recent $150 million Series E round, which combined with the success of the Innovaccer Health Cloud has driven its valuation to $3.2 billion. The round, led by Mubadala Capital, featured participation from existing investors B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, and Tiger Global Management. A trio of new investors, Whale Rock Capital Management, Avidity Partners, and Schonfeld Strategic Advisors, were also on hand to contribute. The new funding means the company has now accumulated more than $375 million in total capital raised.
Innovaccer has made waves with its eponymous Health Cloud, a comprehensive software platform that consolidates previously siloed data and helps healthcare organizations such as Orlando Health, MercyOne, and CommonSpirit Health reach a higher level of care quality without having to stretch their budgets. Abhinav Shashank, Innovaccer's Co-Founder and Chief Executive Officer, said “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 recognize 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."
The company intends to leverage this new funding for R&D investment; 2022 will see the release of its new portfolio of Innovation Accelerators, all meant to give healthcare organizations the tools necessary for handling the most common and high-impact use cases at speed. Also in the cards is the expansion of Innovaccer's staff through strategic recruiting, which will cover the expeditious scaling of its product, customer experience, and engineering talent.
