Innovaccer turns unicorn, valuation trebles with fresh funding

Innovaccer, which was valued at $350 million last year after it closed its Series C funding round, has raised just $105 million in the new round, during a time when SaaS startups globally are raising capital at historic highs and gaining investor attention.

Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12 (Microsoft's Venture Fund) participated in the round along with new investor OMERS Growth Equity.

With this, the company has raised over $225 million so far.

Headquartered in Silicon Valley, the seven-year-old startup was founded by Abhinav Shashank, Kanav Hasija and Sandeep Gupta, alumni of IIT and IIM, and like some other SaaS startups, operates a majority of its engineering, product management and business functions like marketing, finance and others out of India.

“We have over has over 500 employees in India, which is about 85% of our employee count. Our mission is to connect and curate the world’s healthcare information to make it accessible and useful. So, we are focusing on healthcare globally, including India as well," Shashank, co-founder and CEO, Innovaccer, told Mint.

In March 2020, the startup worked with the governments of Goa and Puducherry on an application that helped citizens to assess themselves of covid-19 infection. The application "TestYourself" helped people to screen themselves by filling out a survey that lists the symptoms of the disease and also help them decide whether they are at risk without a visit to a healthcare unit.

With the new funding, Innovaccer said it is launching ‘Innovaccer Health Cloud’, a platform as a service that combines its own data activation platform and application suite with an extensive set platform services and tools that allow customers and partners to develop interoperable applications that improve patient outcomes and lower costs.

“At Tiger Global, we look for large market opportunities that are in the early stages of penetration," said John Curtius, partner, Tiger Global. “Organizations across healthcare need a cloud-based platform that can unlock the value of the significant investments made in legacy healthcare IT. Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes."

Innovaccer connects healthcare data across systems and settings, delivering unified patient records and insights that result in better patient outcomes and lower costs.

The company’s data activation platform improves efficiencies for providers, payers and others across the care ecosystem, and helps them deliver whole-person care.

Sandeep Gupta, co-founder and chief operating officer, Innovaccer said, “More than ever before, customers need a platform that allows them to obtain a 360-degree view of their patients, drive down unnecessary IT costs, and improve care quality and cost-effectiveness. With the launch of the Innovaccer Health Cloud, we look forward to accelerating the expansion of our ecosystem with our partners to create even more value for our customers."