Innovaccer, a startup that offers platform for managing healthcare data, has announced that raising of $70 million in a new funding round which saw participation from Tiger Global Management, Steadview Capital, Dragoneer Investment Group, and Mubadala.
Along with them, existing investors Westbridge Capital and Microsoft’s M12 also participated in this round. With this new funding round, the total amount of capital raised by the enterprise software startup stands at $120 million.
This deal is another example to showcase that software technology startups continue to remain a hot favourite among investors. The newly infused capital will help the company focus on its vision to help healthcare organizations care as one and scale the unified patient record.
Innovaccer was founded the year 2014 with an aim to drive efficiency in healthcare by using the power of data. One of company’s more mature product offerings, healthcare data platform InData, already 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.
It has a fully integrated healthcare data platform that consists of InData, InCare, InNote, and InGraph. The company claims to have helped its customers unify more than 3.8 million patient records and generate savings of more than $400 million.
Through 200+ pre-built connectors, Innovaccer has streamlined data from health plans, primary care providers, pharmacies, labs and hospitals, and made it available to more than 25,000 providers. The company now aims to generate 100 million unified patient records accessible to 500,000 care team members through its platform over the next few years.