Olive, a US-based healthcare management technology developer backed by healthcare provider Ascension, closed a $51m funding round on Tuesday led by venture capital firm General Catalyst.
Founded in 2012 as CrossChx, Olive has created artificial intelligence-powered technology that enables hospitals and health systems to automate repetitive, administrative workflows, monitor their performance and identify ways of increasing efficiency and reducing costs.
The company has allocated the funding to accelerating growth, building on momentum that expanded its user base to more than 500 hospitals across 41 US states over the course of 2019. Ron Paulus, former president and CEO of health system Mission Health, will join its board of directors.
The round took Olive’s funding to approximately $119m to date, according to securities documents and press reports.
The company secured $32.8m in a 2018 series D round backed by Ascension Ventures, the venture capital firm established by Ascension, as well as Oak HC/FT, Drive Capital and SVB Capital, a subsidiary of Silicon Valley Bank. Its other shareholders include Khosla Ventures, NCT Ventures and Moonshots Capital.
Sean Lane, Olive’s chief executive, said: “The AI workforce is here, and the days of disconnected bots that don’t learn from each other are over.
“The time is now, and this investment enables us to accelerate our vision of the internet of healthcare – where when one Olive learns, all Olives learn. We are on a mission to radically change the way healthcare leverages and views an AI workforce.”
