After raising a round of financing earlier this year, the valuation of health IT company Innovaccer more than doubled. The company’s current value is $3.2 billion, From 1.3 billion US dollars In February.
The company recently completed a US$150 million Series E financing led by Abu Dhabi’s sovereign investor Mubadala Capital. To date, it has raised a total of US$375 million in funding.
Innovaccer was founded in 2014. The San Francisco-based company is building a cloud platform to help the health system aggregate and standardize health records. It also supports the development of interoperable applications. Its goal is to unlock the information stored in the electronic record system, which has historically been difficult to use.
Innovaccer co-founder and CEO Abhinav Shashank said in the news: “Electronic Health Record (EHR) brings healthcare into the digital world, but due to its rigid architecture and lack of interoperability, it has become digital in many ways. Obstacles to transformation.” released. “Suppliers, payers, and life science companies recognize the urgent need for a new open platform that integrates all healthcare data to provide a single view of patients and enable frictionless care throughout the patient journey.”
Mubadala Capital has been an investor in the company since 2019. Alaa Halawa, the company’s partner and head of the US venture capital business, pointed to the challenges other technology companies face in establishing a common data framework for healthcare.
Innovaccer claims that it has at least 50 contracted customers. Some of them include CommonSpirit Health, Adventist Health, Providence, One Medical and Roche. For example, Roche is using the company’s technology to build a series of clinical decision support tools, such as tools for antibacterial drug management and oncology.
The company plans to invest part of its funds into new employees in research and development, customer experience, products, and engineering.
Photo: invincible_bullldog, Getty Images
