Innovaccer raises $275 million in Series F to Scale its healthcare intelligence cloud

Innovaccer Inc., a healthcare AI company, has raised $275 million in a mix of primary and secondary round.

The Series F funding round includes participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.

Purpose of fundraising

This investment will fuel Innovaccer’s efforts to expand its collaboration with existing customers, introduce new AI and cloud capabilities, and scale a developer ecosystem on the platform.

The company plans to add multiple copilots and agents to its offerings, including utilization management, prior authorization, clinical decision support, clinical documentation, care management, and a contact centre.

What does Innovaccer do?

Founded in 2014, Innovaccer helps healthcare organizations by providing a comprehensive suite of software solutions to power value-based care programs, modernize the patient experience, and reduce the administrative burden on providers.

It stands out as a technology platform that achieved Best-in-KLAS recognition across multiple categories, including Data and Analytics, Population Health Management, and CRM. 

Leadership comments

“Innovaccer is dedicated to transforming healthcare through data-driven insights and cutting-edge AI technology. We are grateful for the confidence our investors have in our vision and capabilities. This funding will enable us to push the boundaries of what’s possible in healthcare AI,” said Abhinav Shashank, Co-founder and CEO of Innovaccer. “Our goal is to make healthcare more proactive, predictive, and personalized.”

Innovaccer's market presence

Over the past two years, the company has significantly grown its customer base, now serving 6 of the top 10 health systems and growing its public sector partnerships with San Mateo County and Alameda County.

Innovaccer claims that its online platform supports over 130 leading healthcare organizations and continues to be the market-leading platform for population health, data management, and AI, with 50% year-over-year revenue growth for the past five years.

To date, Innovaccer has raised a total of $675M from leading venture capital firms and strategic investors. The company’s momentum is reflected in its growing customer base and the successful deployment of its AI platform across leading healthcare organizations. Over the past year, Innovaccer also announced the acquisition of two companies–Cured and Pharmacy Quality Solutions.