Olive is a start-up company that develops automated software for hospital management tasks. After raising the most recent round of financing, its valuation has recently doubled. The Cleveland-based company recently passed a $4 billion valuation after raising $400 million in funding.
Olive, headquartered in Cleveland, Ohio, was founded in 2012. The company touts its eponymous AI assistant, which handles repetitive tasks, such as managing pre-authorization or inventory. Recently, it has added some features to retrieve insurance and contact information of patients when they register for an appointment.
In April, it acquired Empiric Health, which purchased new surgical supply chain and clinical analysis capabilities for it.
The startup claims that it has more than 900 hospital clients, including 20 of the top 100 health systems in the United States. Its scale also expanded rapidly, with more than 800 employees.
Since the pandemic began, Olive has quickly raised funds. Since March last year, it has raised a total of US$832 million.
Olive is The final valuation in December of last year was 1.5 billion U.S. dollars, After completing a round of financing led by Tiger Global Management. The latest round of financing was led by Vista Equity Partners, which invests in data and technology-supported start-ups.
“At Vista, we believe in the transformative power of technology and see the incredible potential of Olive’s ability to connect healthcare providers in new ways,” Monti Saroya, co-director of Vista’s flagship fund, said in a press conference. “We believe that the company’s artificial intelligence capabilities are expected to bring real disruption to the healthcare industry by automating and optimizing workflows, improving interoperability, and turning critical data into actionable insights.”
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