Innovaccer Inc., a leading player in healthcare AI, has successfully raised $275 million through its Series F funding round, combining primary and secondary investments.
Prominent investors like B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and Microsoft’s venture fund, M12, participated in this round.
Based in Noida and San Francisco, Innovaccer has made its mark after a funding hiatus of over three years. The company last raised $150 million in Series E funding in December 2021. With this latest influx of capital, its total funding now stands at $675 million, propelling its valuation beyond $3.4 billion.
This substantial investment will enable Innovaccer to enhance its AI-driven healthcare solutions. The funds are earmarked for expanding collaborations with existing partners, introducing advanced AI and cloud capabilities, and scaling its developer ecosystem. The company also plans to roll out several AI copilots and agents, which will optimize processes such as utilization management, prior authorization, clinical decision-making, care management, and contact center operations.
Founded in 2014 by Abhinav Shashank, Innovaccer has consistently pushed boundaries in healthcare technology. Its comprehensive software suite empowers healthcare providers to streamline operations, enhance patient care, and minimize administrative complexities. The company has earned prestigious accolades, including Best-in-KLAS recognition across key categories such as data and analytics, population health management, and CRM.
Innovaccer serves six of the top 10 US health systems and has forged strong partnerships with public sector organizations, including San Mateo and Alameda counties. The platform supports over 130 healthcare organizations and boasts a remarkable 50% year-on-year revenue growth for five consecutive years.
To bolster its offerings, Innovaccer has strategically acquired two companies—Cured and Pharmacy Quality Solutions—over the past year. These acquisitions aim to enhance its capabilities in patient engagement and pharmacy management.
While the company’s recent financials remain undisclosed, Innovaccer projects profitability within the first half of FY25. In India, it reported revenue of ₹397 crore and a profit of ₹37 crore for FY23, though the FY24 reports are yet to be filed.
Innovaccer’s innovative approach, coupled with this latest funding, positions it to lead the charge in revolutionizing healthcare through AI and data-driven solutions. With a decade of expertise and a steadfast commitment to improving care outcomes, the company is well on its way to transforming the global healthcare landscape.
