Olive, a US-based developer of automation technology for the healthcare sector, has raised $32.8m in series D funding from investors including Ascension Ventures, the venture capital firm formed by healthcare provider Ascension.
Growth equity fund Oak HC/FT also contributed to the round along with existing investors including Drive Capital and SVB Capital. John Kuelper, an investment director at Ascension Ventures, will join Olive’s board of directors together with Oak HC/FT principal Billy Deitch.
Founded as CrossChx, Olive produces artificial intelligence and robotic process automation technology intended to make healthcare management more efficient and eliminate mistakes in areas such as billing by automating repetitive, high-volume tasks.
The funding will support the expansion of the core Olive product and the development of new products such as Pupil, the process mining tool the company expects to begin offering later this year.
Olive has now raised a total of approximately $68m in equity funding and $8.5m in debt financing, according to press reports and regulatory filings.
The company’s last funding came in a $15m series C round backed by Drive Capital, SVB Capital owner Silicon Valley Bank, Khosla Ventures, NCT Ventures and Moonshots Capital in April 2016.
Ascension’s John Kuelper said: “Hospital operations have grown unsustainably complex as providers must adopt new technologies, workflows and regulations with increasing frequency in order to provide best-practice care.
“Olive’s cutting-edge process mining and automation technologies are enabling our firm’s health system partners to continually optimise clinical and administrative operations so caregivers can spend more of their time on patient care.”