Healthcare AI company Innovaccer Inc. has raised $275 million in a Series F funding round, comprising both primary and secondary investments. The round included participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.
The Noida and San Francisco-based company has raised funds after a gap of more than three years. In December 2021, it secured $150 million in Series E financing. To date, it has raised $675 million and is currently valued at over $3.4 billion.
This fresh 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 said in a press release. Innovaccer also plans to add multiple copilots and agents to its offerings, including utilization management, prior authorization, clinical decision support, clinical documentation, care management, and contact center services.
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.
According to the company, it has achieved Best-in-KLAS recognition across multiple categories, including data and analytics, population health management, and CRM.
It now serves six of the top 10 health systems in the US and has strengthened public sector partnerships with San Mateo County and Alameda County. The platform supports over 130 healthcare organizations and has achieved 50% year-on-year revenue growth for the past five years.
While Innovaccer did not disclose its latest financials, the firm was expecting to turn profitable in the first two quarters of FY25. In India, it recorded Rs 397 crore in revenue and Rs 37 crore in profit in FY23. It has yet to file annual financial reports for FY24.
Over the past year, the Abhinav Shashank-led firm also acquired two companies—Cured and Pharmacy Quality Solutions—to enhance its capabilities.
