This morning healthcare data platform Innovaccer announced that it has raised an additional $10 million in funding, boosting its Series B funding round up to $35 million.
The additional funding was led by Microsoft’s venture fund M12, with participation from Westbridge Capital and Lightspeed. In May the company announced the first $25 million of its Series B funding, which was led by Westbridge Capital.
This new cash flow brings the company’s total funding to $51 million.
What it does
Innovaccer’s product InData is a unified health data integration platform that offer providers see a full view of a patient's data, both inside and outside of their network. Abhinav Shashank, CEO at Innovaccer, told MobiHealthNews last May that having such data readily accessible on an interoperable platform can help drive innovation.
What it’s for
The new money will be put towards growing its AI capabilities and growing its team, Shashank explained in an email.
“Innovaccer plans to use the funds to continue building on its platform and an ecosystem of clinical innovators and leaders. Innovaccer recently added globally renowned innovators to its strategic advisory council,” he wrote. “With additional funds, the company will also be doubling down on its AI-assisted decision support capabilities and adding to its already 200-plus connectors to healthcare data systems such as EHRs, [healthcare information exchanges], claims and lab systems. "
Data integration platforms are becoming more popular within healthcare IT. In August, Sansoro Health, a healthcare integration company focused on interoperability, announced an $8M Series B funding round.
On the record
“Innovaccer’s approach to data aggregation and analytics fundamentally helps healthcare organizations implement value-based care models and improve care delivery,” Rashmi Gopinath, a partner at M12, said in a statment. “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.”