Steadview Capital and Tiger Global lead $70 Mn round in Innovaccer

Healthcare data platform Innovaccer has secured $70 million in a Series C funding round led by Steadview Capital and Tiger Global.

Dragoneer, Westbridge Capital, Mubadala and Microsoft’s venture fund M12 also participated in the round.

Innovaccer would be deploying the new capital towards improving their existing healthcare digitization processes by strengthening its data activation platform, said the company in a press statement.

The latest investment for Innovaccer, which has brought the total capital secured by the company so far to $120 million, has come after a year.

The company had bagged $10 million as part of a Series B funding round in January last year. It had received the first tranche of the round worth $25 million from M12, Westbridge, and Lightspeed in May 2018.

Founded in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer provides a platform to simplify complex data from all points of care, streamline the information and allow organizations to realize strategic goals based on key insights and predictions.

At present, the company claims to have its applications running on iPads, tablets, laptops, and the desktops of doctors, RNs and administrators at more than 500 locations with over 10,000 providers.

Based out of San Francisco, Innovaccer has an office in India and has over 400 employees.

The company also claims to serve more than 25 clients. It counts Hartford Healthcare, University of California, Mercy ACO Iowa, UniNet Healthcare Network of Nebraska, Inmediata Health Integrated Solutions of Puerto Rico, StratiFi Health Network as its major customers.

To date, Innovaccer has partnered with Microsoft, Google, AWS, PatientPing, and Cures2.0 to bolster its Data Activation Platform and power some of the most critical operations and analytics.