Healthtech Unicorn Innovaccer Bags $275 Mn to Enhance its AI Play

-The funding round, which began a year ago, has now officially closed, and is being recognized as one of the largest SaaS deals.

-Founded in 2012, Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer provides physician practices, hospitals, health systems, and other healthcare providers with different digital products. 

-The fresh infusion of capital will support the company’s continued growth and expansion in the healthtech sector.

Innovaccer Inc, a healthcare-focused Software-as-a-Service (SaaS) company, has secured $275 million in a funding round. The investment includes both primary and secondary funding components. 

The Series F funding round saw participation from B Capital Group, Kaiser Permanente, and M12. Banner Health, Danaher Ventures LLC and Generation Investment Management also participated in the round.

The funding round, which began a year ago, has now officially closed, and is being recognized as one of the largest SaaS deals, especially amidst a global recalibration of valuations in the sector, ET reported.

Founded in 2012 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer provides physician practices, hospitals, health systems, and other healthcare providers with different digital products. 

The fresh infusion of capital will support the company’s continued growth and expansion in the healthtech sector.

Innovaccer stated that the $275 million investment will help the company enhance its collaboration with current customers, as well as introduce new AI and cloud capabilities. 

Additionally, the funding will be used to scale the developer ecosystem on its platform. This move is part of Innovaccer's strategy to strengthen its offerings in the healthcare space, focusing on data-driven solutions and expanding its technological capabilities to better serve its clients and drive innovation in healthcare.

As part of its plans for expansion, Innovaccer aims to add multiple copilots and agents to its platform. These additions will enhance its offerings across several key areas, including utilization management, prior authorization, clinical decision support, clinical documentation, care management, and contact centers. 

By incorporating these advanced tools, Innovaccer seeks to streamline and improve various healthcare workflows, ultimately providing more efficient and effective solutions for its clients in the healthcare sector.

“This funding will enable us to push the boundaries of what’s possible in healthcare AI," cofounder and chief executive Abhinav Shashank told ET. 

“Our goal is to make healthcare more proactive, predictive, and personalised,” he added.