Innovaccer Raises $11 from Microsoft VC
Thanks to TechCrunch
Cracking the silos of digital health records promises to bring better care to patients by better informing doctors, according to Abhinav Shashank, the chief executive officer of San Francisco-based startup Innovaccer.
Shashank’s company is just wrapping up a $35 million round of financing with a new $11 million commitment from Microsoft’s investment arm M12 (formerly known as Microsoft Ventures).
The corporate investor joins Westbridge and Lightspeed Partners, which previously committed to the Series B round last year.
Founded in 2014, Innovaccer has been working to roll up data from a number of different healthcare providers, including Hartford Healthcare, University of California, Mercy ACO Iowa, UniNet Healthcare Network of Nebraska, Inmediata Health Integrated Solutions of Puerto Rico and StratiFi Health Network.
Innovaccer estimates that it has saved its customers $400 million in expenses; the company said it will use the funds to build out its software services that connect to lab systems, electronic health records, claims management software and health information exchanges.
“Innovaccer’s approach to data aggregation and analytics fundamentally helps healthcare organizations implement value-based care models and improve care delivery,” said Rashmi Gopinath, partner at M12, in a statement. “We look to invest in startups addressing huge markets with best-in-class deep technology. We are excited to support Innovaccer as they continue to scale and grow in the global healthcare market.”
In addition to providing a unified view into all of the different records that a care provider touches, the company is also looking to layer in prompts to encourage treatment options for future care, according to Shashank.
According to the company’s chief executive, care providers are already incorporating suggestions from the company’s algorithmically based predictive tools in their treatment plans to ensure that patients are getting the best possible outcomes.
“It is rare to see this type of growth in the healthcare industry. Normally, this is only seen in the fastest of enterprise SaaS companies. We think there is tremendous potential to bring the speed and innovation normally associated with enterprise software to the world of healthcare IT,” says Sumir Chadha, managing director at Westbridge Capital.