Innovaccer Inc., a leading healthcare AI company, has announced the successful closure of a $275 million Series F funding round, bringing its valuation to over $3.4 billion. The funding, which includes both primary and secondary investments, saw participation from notable investors, including B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.
This latest funding marks a significant milestone for Innovaccer, which last raised $150 million in December 2021. With total funds raised now reaching $675 million, the Noida and San Francisco-based company plans to use the capital to expand its collaboration with existing customers, introduce advanced AI and cloud capabilities, and scale its developer ecosystem.
Innovaccer, founded in 2014, provides a comprehensive suite of software solutions aimed at empowering value-based care programs, enhancing the patient experience, and reducing the administrative burden on healthcare providers. The company’s platform serves over 130 healthcare organizations, including six of the top 10 health systems in the US, and has maintained a robust 50% year-on-year revenue growth over the past five years.
Recognized as a Best-in-KLAS performer across multiple categories, Innovaccer has recently strengthened its offerings by integrating multiple copilots and agents. These include tools for utilization management, prior authorization, clinical decision support, care management, and more. Additionally, the company has bolstered its public sector partnerships with counties like San Mateo and Alameda, reinforcing its impact across diverse healthcare sectors.
“Innovaccer’s mission has always been to simplify and modernize healthcare systems. This new funding will allow us to further innovate, expand our reach, and continue delivering impactful solutions that improve patient outcomes and reduce costs,” said Abhinav Shashank, Co-founder and CEO of Innovaccer.
In addition to securing new investments, Innovaccer has expanded its capabilities through strategic acquisitions, including Cured and Pharmacy Quality Solutions. These moves align with the company’s long-term vision of driving AI-driven healthcare transformation globally.
With a strong financial track record, including Rs 397 crore in revenue and Rs 37 crore in profit in FY23 in India, Innovaccer is poised for continued growth. The company expects to achieve profitability by the first half of FY25, cementing its position as a trailblazer in the healthcare technology space.
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