To expand the reach of its cutting-edge big data technologies and lower costs of healthcare solutions, Silicon Valley-based Innovaccer has today announced that it has secured $15.6 million in Series A round of funding. This round of funding has been led by Westbridge Capital Partners, with participation from a host of other angel investors.
We were truly impressed with the team’s capabilities to deploy extremely complex use cases with high quality and tremendous speed. The customer love that they have been able to generate is phenomenal,
says Sumir Chadha, Managing Director of Westbridge Capital Partners.
He will also be joining the board of the company. Prior to this round, Innovaccer had managed to raise $2.5 million from the likes of 500 Startups, Six Sigma Academy and Start Smart Labs.
Founded in the Harvard dorm rooms by Kanav Hasija, Abhinav Shashank, Sandeep Gupta, Sandeep K Gupta in 2012, Innovaccer is a big data software company that gathers large sets of data from different enterprise sources and online data sets to build a larger database that can be used by businesses to build application layers on.
Innovaccer’s first end-to-end big data solution — Datashop — offers full-stack capabilities to businesses. It offers them with a hassle free way of delivering guaranteed ROI without writing a single line of code. This technology can, thus, have multiple applications ranging from healthcare to media.
Commenting on the same, Abhinav, Co-founder and CEO of Innovaccer says,
Real time data integration, access, interoperable exchange, and advanced analytics can be a game changer in healthcare and can result in huge outcomes.
In case of healthcare(which is particularly focuses on), the company can gather data from billing systems, claims systems and other pools of information from various industries to create an overview of the patient. It has also seen businesses use its software services to create comprehensive electronic health records as well.
The freshly infused funds of the company will be used to accelerate its footprint in — yeah, you guessed it right — healthcare. The aim is to provide businesses with a central tool to apply high-level data analysis of large sets of data pulled from multiple different sources, and reduce inefficiencies in the current healthcare system.
With the fund raise, we should be able to aggressively disrupt the healthcare IT by leveraging big data, Machine learning and automation to deliver better care at reduced costs,
adds Sandeep Gupta, co-founder and Chief Revenue Officer, Innovaccer.
Innovaccer is trying to tap the hugely inefficient $3 trillion healthcare economy of the United States. It counts various large research and healthcare initiatives, including Partners Healthcare, Sonic Health systems, Harvard, Stanford, MIT as its customers. It’s solutions have been deployed across 15 countries at academic institutions, governmental organizations, and several corporate enterprises.
It is currently at nascent stages of building a complete suite of machine learning and AI-powered applications atop its Datashop platform. It also plans to open the same for the developers to build add-ons around the product in the near future.
InnovAccer operates primarily out of its offices in Berkley in California and Noida in India.