Innovaccer, a prominent healthcare data analytics platform announced that it raised $25 million in a Series B funding round led by Westbridge Capital and the participation of Lightspeed Ventures.
The Silicon Valley-based company will use the funds to keep developing and strengthening its industry-leading tool and go-to-market capabilities by improving its data platform and enhancing its machine learning, while adding to its already 200+ connectors to healthcare data systems.
Innovaccer will also invest in developing a new array of programs destined to cater for patient engagement and platform capabilities for partners to access.
Innovaccer Inc. is a startup that aims at incorporating data analytics in the healthcare sector. Its flagship product, called InData, ingests, normalizes and manages the medical record of millions of patients for over 20 reputable medical institutions such as Mercy Accountable Care Organization of Iowa, UniNet Healthcare Network of Nebraska and StratiFi Health Network.
The fully integrated data platform enables the healthcare providers with an in-depth view of the patient which enabled them to dramatically improve their health condition while saving a lot of money. Many are astounded as to the speed that Innovaccer is able to grow so fast in a relatively slow health-tech industry.
It is exciting to see an enterprise software company expand so rapidly within existing accounts, a sign of strong product-market fit,
said Dev Khare, Partner at Lightspeed India Partners.
Abhinav Shashank, Kanav Hasijia and Sandeep Gupta founded Innovaccer in 2014 to empower healthcare organizations with tools that will accelerate innovation by making decisions according to insights provided by data predictions.
Their platform has been installed in over 10,000 healthcare providers, catering the lives of over 10 Mn patients in the US alone. The company have recorded a 400% YoY revenue growth since inception and is now evolving into a $100 Mn company.
In healthcare, data has been exploding, but it has been impossible to transform that data into insights and action. Technology solutions historically have focused only on building the newest applications without a focus on scalability and interoperability. We believe that we can drive a level of transparency and interoperability that has remained out of reach to date,
says Abhinav Shashank, CEO at Innovaccer.
The Indian healthcare market is estimated to be worth $100 Bn and is expected to be worth $280 Bn by 2020 with a CAGR growth expected at 22.9%.