Healthcare data company Innovaccer has just announced that it landed $25 million in a Series B funding round led by Westbridge Capital with participation from Lightspeed Ventures.
Innovaccer’s product InData is a unified health data integration platform that lets providers see a full patient view inside and outside of their network. Abhinav Shashank, CEO at Innovaccer, said that having data readily accessible on an interoperable platform can drive innovation.
“Healthcare for a long period of time has not been able to innovate fast enough for the growing needs of our patients because of the fact that data has been so siloed. Although over the past ten years there have been hundreds of billions of dollars spent on data, and we’ve come to a great place where all of the data is digital, but all of that data is so siloed,” Shashank told MobiHealthNews.
Shashank went on to say that a central data platform where clinicians can have a fuller view of patients' data can be a catalyst for improving health outcomes and saving money.
The San Francisco-based company plans to use the new funding to build out its machine learning capabilities and add to its healthcare data systems. It also plans to build a new set of patient engagement applications and platform capabilities for providers to access.
“In healthcare, data has been exploding, but it has been impossible to transform that data into insights and action. Technology solutions historically have focused only on building the newest applications without a focus on scalability and interoperability. We believe that by creating, and sharing, the world’s leading healthcare data platform, we can drive a level of transparency and interoperability that has remained out of reach to date,” Shashank said in a statement. “The latest investment fuels our mission to unlock the potential of data for everyone in the healthcare ecosystem to drive improved outcomes and cost savings.”
Innovaccer was founded in 2014 and has raised a capital total of $41 million. It is currently deployed in more than 500 locations with over 10,000 providers using it in various settings.
“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,” Sumir Chadha, managing director at Westbridge Capital, said in a press release. “We think there is tremendous potential to bring the speed and innovation normally associated with enterprise software to the world of healthcare IT.”