In a move to boost AI and cloud capabilities in the healthcare industry, Innovaccer Inc., a leading healthcare AI company, has raised $275 million in a Series F funding round.
The investment round, which included both primary and secondary funding, saw participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and Microsoft’s venture fund, M12.
The funding comes at a crucial time for Innovaccer, which plans to channel this capital into introducing new AI and cloud advancements. These efforts will help to expand collaboration with existing customers and scale its developer ecosystem.
The company further intends to enhance its offerings with multiple copilots and agents designed to streamline clinical decision support, documentation, care management, and contact center operations.
Abhinav Shashank, co-founder and CEO of Innovaccer, said, “Our goal is to make healthcare more proactive, predictive, and personalised. This funding will enable us to push the boundaries of what’s possible in healthcare AI.”
As of today, Innovaccer has raised $675 million from leading venture capital firms and strategic investors. To further its capabilities, Innovaccer also acquired two companies, Cured and Pharmacy Quality Solutions over the past year.
Sandeep Gupta, Co-founder and COO of Innovaccer, said, “This investment propels us into the next chapter of transforming healthcare with AI.”
Founded in 2014, Innovaccer, a healthcare technology company empowers organisations to modernise patient experiences, implement value-based care programs, and reduce administrative burdens.
Innovaccer has expanded its customer base significantly over the past two years. In the US, it serves six of the top 10 health systems and has strengthened public sector partnerships with San Mateo County and Alameda County.
Further, the platform supports over 130 healthcare organisations and continues to lead in population health, data management, and AI, achieving 50 per cent year-on-year revenue growth for the past five years.
