Healthtech platform Innovaccer raises $150 mn at $3.2-bn valuation

Company announces new Innovation Accelerators to help customers tackle the most common and high-impact clinical, operational, and financial use cases

Healthcare SaaS start-up Innovaccer has raised a $150 million Series E round at a $3.2 billion valuation which brings the total capital raised by the company to over $375 million.

The San Francisco-based company plans to use its new funding to invest in R&D and recruit new hires as it rapidly scales its customer experience, product, and engineering talent.

The round was led by Mubadala Capital, with participation from existing investors B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, Tiger Global Management, and new investors Whale Rock Capital Management, Avidity Partners, and Schonfeld Strategic Advisors. 

Founded in 2014, Innovaccer has built a software platform that is used by leading healthcare organisations—including Orlando Health, MercyOne, and CommonSpirit Health—that unifies previously siloed data and helps them achieve better care quality at lower cost. It currently has more than 50 customers.

“We’ve reached a turning point in healthcare, where the world of fragmented, fee-for-service ‘sick care’ is giving way to a new world of integrated, value-based, preventive care,” said Abhinav Shashank, cofounder and CEO of Innovaccer. “The electronic health record (EHR) brought healthcare into the digital world, but in many ways it has become an impediment to digital transformation due to its rigid architecture and lack of interoperability.

The company intends to release a new portfolio of Innovation Accelerators programme in 2022 that is aimed at aiding healthcare organisations tackle the most common and high-impact clinical, operational, and financial use cases on its platform.