Innovaccer Secures $275 Mn Series F Funding to Scale Healthcare AI Platform

Leading investors include B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.

Innovaccer Inc., a healthcare AI company, has raised $275 million in a Series F funding round, comprising both primary and secondary investments. 

Leading investors include B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.

This funding round aims to enhance Innovaccer’s Healthcare Intelligence Cloud by introducing advanced AI and cloud capabilities, supporting its existing customer base, and expanding its developer ecosystem. 

The company also plans to launch several new tools such as utilization management, prior authorization, clinical decision support, care management, and contact center functionalities.

Founded in 2014, Innovaccer provides software solutions to support value-based care initiatives, streamline administrative processes, and modernize patient experiences. 

The platform has earned multiple Best-in-KLAS recognitions, including categories like Data and Analytics, Population Health Management, and CRM.

“Innovaccer is dedicated to transforming healthcare through data-driven insights and cutting-edge AI technology. We are grateful for the confidence our investors have in our vision and capabilities. This funding will enable us to push the boundaries of what’s possible in healthcare AI. Our goal is to make healthcare more proactive, predictive, and personalized,” said Abhinav Shashank, Co-founder and CEO of Innovaccer.

Innovaccer’s Healthcare Intelligence Cloud serves 130 healthcare organizations, including six of the top ten US health systems, with public-sector partnerships in counties like San Mateo and Alameda.

Industry Support for Innovaccer’s Vision

Danaher Corporation’s Executive Vice President, Julie Sawyer Montgomery, emphasized the significance of the investment, said, “Innovaccer has a vision for how data and AI can power the future of healthcare that aligns with the opportunities for AI we see at Danaher. We see this investment as an opportunity to partner with Innovaccer and other industry leaders to tackle some of healthcare’s biggest challenges. We believe providing clinicians with the data and analytics to drive meaningful clinical insights, more quickly, at the point of need, we can accelerate the transition to more effective, more personalized care.”

The company has reported consistent growth, with a 50% year-over-year revenue increase over the past five years. Its recent acquisitions of Cured and Pharmacy Quality Solutions further strengthen its platform’s capabilities in healthcare data and quality management.

To date, Innovaccer has raised $675 million, with plans to channel these resources into scaling operations, enhancing its platform, and delivering impactful healthcare solutions across various segments.