Innovaccer Secures $275 Million in Series F Funding, Continuing Its SaaS Unicorn Journey

Innovaccer Secures $275 Million in Series F Funding

Innovaccer Inc., a prominent player in healthcare AI, has successfully raised $275 million in its Series F funding round, which includes both primary and secondary investments. This funding round saw participation from reputable investors such as B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.

The Noida and San Francisco-based company has successfully raised these funds following a hiatus of over three years. In December 2021, Innovaccer secured $150 million in its Series E financing. To date, the company has accumulated a total of $675 million in funding and currently holds a valuation exceeding $3.4 billion.

Investment Objectives

This recent influx of capital is aimed at:

• Enhancing collaborations with current customers
• Introducing new AI and cloud capabilities
• Expanding the developer ecosystem on its platform

Innovaccer plans to integrate several copilots and agents into its offerings, which include:

• Utilization management
• Prior authorization
• Clinical decision support
• Clinical documentation
• Care management
• Contact centre services

Company Overview

Established in 2014, Innovaccer delivers a comprehensive suite of software solutions that enable healthcare organisations to:

• Power value-based care programmes
• Modernise the patient experience
• Reduce administrative burdens on providers

The company boasts Best-in-KLAS recognition in several categories, such as:

• Data and analytics
• Population health management
• Customer relationship management (CRM)

Innovaccer now supports six of the top ten health systems in the United States and has fortified its public sector partnerships with San Mateo County and Alameda County. The platform currently facilitates over 130 healthcare organisations and has achieved a remarkable 50% year-on-year revenue growth over the past five years.

Financial Outlook

While Innovaccer has not yet disclosed its latest financial results, it anticipates achieving profitability in the first two quarters of FY25. In India, the company reported Rs 397 crore in revenue and Rs 37 crore in profit for FY23. The annual financial reports for FY24 have not yet been filed.

Recent Acquisitions

Over the last year, the company, led by Abhinav Shashank, has expanded its capabilities through the acquisition of two firms—Cured and Pharmacy Quality Solutions.