Innovaccer Inc., a leading healthcare technology company, announced today that it has closed a new round of growth funding at a $1.3 billion post-money valuation, led by Tiger Global Management. Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, and M12 (Microsoft's Venture Fund) participated in the round, as well as new investor OMERS Growth Equity. This is the company's first financing announcement since its Series C round, bringing the total capital raised to over $225 million.
With its additional funding, Innovaccer is launching the Innovaccer Health Cloud. The platform-as-a-service offering combines the company's Data Activation Platform and application suite with an extensive set of platform services and tools that allow customers and partners to develop interoperable applications that improve patient engagement and operational performance. With the Innovaccer Health Cloud, Innovaccer is building the platform that will power the future of health.
"Healthcare is on the brink of a massive transformation. Over the last ten years, we have spent billions of dollars digitizing healthcare information with great success," said Abhinav Shashank, Co-founder and Chief Executive Officer at Innovaccer. "That was step #1 of the journey. Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data but also provides a platform on which new digital services and solutions can be built with native interoperability. This is exactly what Innovaccer is doing with the launch of Innovaccer Health Cloud."
Banner Health, Elevate Health, Physicians of Southwest Washington (PSW), and Ora Oncology are just a few of the organizations building the future of connected care on the Innovaccer Health Cloud. "The Innovaccer Health Cloud creates the connective fabric for our overall digital transformation strategy," said Julie F. Smith, Vice President of Clinical Applications at Banner Health. "We are using the Innovaccer Health Cloud to unify patient data across multiple systems, simplify workflows across teams, and support our population health management strategy for more than one million lives. With Innovaccer's solution, we are not only transforming patient care but also driving significant savings in our IT operating expenses."
"At Tiger Global, we look for large market opportunities that are in the early stages of penetration," said John Curtius, Partner, Tiger Global. "Innovaccer stands to become a meaningful beneficiary of the generational architectural shift taking place in healthcare information technology. Organizations across healthcare need a cloud-based platform that can unlock the value of the significant investments made in legacy healthcare IT. Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes."
Innovaccer has grown dramatically since its founding, forecasting a 5-year CAGR of over 100% by the end of 2021, with growth across provider, payer, and life sciences sectors all accelerating. The company was recognized as 2021 Best in KLAS for its population health solution and recognized as the #1 customer-rated vendor by Blackbook. In 2020, Innovaccer accelerated customer and user growth, adding key accounts such as Dignity Health, Cancer Treatment Centers of America, Embright, Valley Integrated Provider Network, and Lee Health, to name just a few.
"Innovaccer provides the missing link in healthcare technology," said Sandeep Gupta, Co-founder and Chief Operating Officer at Innovaccer. "More than ever before, customers need a platform that allows them to obtain a 360-degree view of their patients, drive down unnecessary IT costs, and improve care quality and cost-effectiveness. With the launch of the Innovaccer Health Cloud, we look forward to accelerating the expansion of our ecosystem with our partners to create even more value for our customers."
"One of Innovaccer's core values is 'making our customers heroes,' and we are proud of the tremendous progress we have helped our customers achieve," said Kanav Hasija, Co-founder and Chief Customer Officer at Innovaccer. "We are thrilled to have top tier investors such as Tiger Global, Steadview Capital, B Capital Group, Dragoneer, Westbridge, Mubadala Capital, M12, and OMERS Growth Equity support our vision. This is just the beginning of what we can accomplish as we work with our partners and customers to build the platform that will power the future of health."