Recent months have seen tremendous growth in EdTech and Health Care startups funding raise. Investors showed a lot of trust in health care firms. Yesterday, Innovaccer raised $105 million of funding in its Series D round led by New York-based Tiger Global.
Innovaccer Funding Details and Future Plans
Recent funding helped Innovaccer to cross the $1 billion market cap. The startup joined the unicorn club. Right now, Innovaccer has a market valuation of $1.3 billion. It collected total funding of $225 million till now.
Other than Tiger Global, investors like B Capital Group, Steadview Capital, and M12 (Microsoft’s venture fund) helped the firm to reach a $1.3 billion valuations. San Francisco-based Innovaccer is a Big Data-oriented healthcare platform.
Innovaccer plans to save valuable time and money for patients and hospitals through a big data-oriented platform. It will extract data from different sources like insurance companies and big health firms. Over this data, it will apply Auto predict the health of users to avoid serious damage.
Innovaccer already has collaboration with Microsoft and Amazon Web Services. Health care firms are also adopting the Innovaccer model.
As per the latest information shared by the company, it has a huge record of 24 million people. With the help of its advanced platform, it has saved $600 million extra expenditure of users and health firms.
How Innovaccer will Help Healthcare Sector?
Abhinav Shashank, CEO, and co-founder of Innovaccer said:
“A lot of people think that healthcare should be disrupted by someone coming from the outside. I believe that healthcare will transform itself. We just need to provide an enabling platform to transform healthcare.”
Shashank was also featured in the Forbes list of Under 30 Achievers from Asia in 2017.
Shashank further added that he does not know the healthcare field. He is technically an outsider. He did not do any health study. His firm is data analytics based with his co-founders at Harvard University in 2014.
Initially, Innovaccer worked in other e-commerce fields to help companies to extract valuable data. Since 2017, it has dedicated all its resources to healthcare.
With the help of collected funding, it started Innovaccer Health Cloud Service yesterday. The funding helped the startup to hire some high-profile staff like IBM’s Sean Hogan who is a healthcare expert.
As per the latest data of 2019, healthcare expenditures are 18% of the total US GDP. It costs around $3.5 trillion. The startup plans to reduce these expenditures.
If the data is used efficiently, 60% of healthcare expenditures can be saved. And that is where Innovaccer will play a key role in the future.
