Olive, an artificial intelligence startup aiming to lessen the burden of healthcare administration tasks, announced today that investors have added another $225.5 million to its coffers, bringing its nine-month and lifetime fundraising totals to $385 million and $448 million, respectively.
Tiger Global led the latest investment, which also saw participation from returning backers General Catalyst, Drive Capital and Silicon Valley Bank. Newcomers GV, Sequoia Capital Global Equities, Dragoneer Investment Group and Transformation Capital Partners also took part.
With this round, the company said that it's now valued at $1.5 billion.
WHAT IT DOES
Founded in 2012 as CrossChx, Olive offers its customers an "AI Workforce" that's designed to automate a selection of tedious, high-volume administrative tasks for healthcare organizations. It can be deployed across a number of departments within an organization, including IT, supply chain, human resources, clinical administration and revenue cycle.
Olive's offering uses machine learning to identify opportunities for workflow or process optimization. It's also system agnostic, and built to meet the healthcare industry's security needs.
“This year, Olive became a critical infrastructure piece for hospitals and health systems across the country," CEO Sean Lane told MobiHealthNews in an email statement. "Olive is helping to fix a broken system at a critical time for humanity and has expanded to 600 hospitals – including 22% of the top 100 U.S. health systems. Healthcare saves five dollars for every dollar that Olive makes, and that’s what’s made Olive's AI workforce indispensable, especially as hospitals bear more load than ever."
Within the last few months alone, the company has released a new administrative healthcare-worker-facing platform called Olive Helps and fleshed out its team with the launch of a so-called "cybernetics division." Today, it also added two new names to its list of recent executive hires: Ali Byrd, who will serve as CFO, and Shoshana Deutschkron, who will join as chief marketing officer.
WHAT IT'S FOR
Olive said in the announcement that these funds will speed up product development as it plans to unveil additional platform capabilities in the new year.
"In 2021, we’ll be delivering even more mission-critical solutions to our nation’s healthcare system,” Lane said.
Prior to 2020, Olive had raised $15 million in 2016 and another 32.8 million in 2018. The company's fundraising recently shifted into overdrive, yielding $51 million in March, $106 million in September and today's $225.5 million.
But Olive also isn't alone in providing intelligent, data-driven technologies to healthcare organizations. Others on that list include Lumeon, which recently raised $70 million for its EHR-integrated care management automation platform, and a $70 million raise at the top of the year for healthcare data analytics firm Innovaccer.