US-based healthcare data software developer Innovaccer has raised $70m in a series C round featuring M12, the corporate venturing subsidiary of software producer Microsoft, TechCrunch reported yesterday.
Mubadala Capital, an investment firm owned by the government of Abu Dhabi, also took part in the round, as did asset manager Steadview Capital, hedge fund manager Tiger Global Management, investment group Dragoneer and private equity firm Westbridge Capital.
Founded in 2014, Innovaccer has built a healthcare data platform that relies on artificial intelligence technology to aggregate, clean and analyse electronic health records and data held by third parties such as insurance providers, pharmacies and labs.
The product is intended to automate workflows and deliver real-time insights for physicians at the point of care, enabling them to make more effective decisions and reduce unnecessary costs. It is used by more than 25,000 caregivers across 500 locations and has processed information on 3.8 million patients.
Innovaccer hopes to grow its customer roster to more than 500,000 care providers over the next several years. The latest round follows reports in August 2019 that it was seeking between $50m and $60m for its next round.
The company closed its $35m series B round in January 2019 after M12 led an extension adding to a $25m first tranche led by Westbridge Capital and backed by Lightspeed Ventures in mid-2018. The size of the first close suggests M12 invested $10m, though a TechCrunch report at the time said it had supplied $11m.
Innovaccer had previously collected $15.6m in a 2017 series A round that was also led by Westbridge. Rajan Anadan had led a seed round of undisclosed size for the company in 2014, with participation from fellow angel investor Phanindra Sama and 500 Startups.
