Innovaccer, a US-based healthcare data platform operator backed by software producer Microsoft, is looking to raise $50m to $60m in series C funding, Times of India reported on Friday.
Tiger Global Management, Steadview Capital and Dragoneer Investment Group are all considering commitments to the round. Innovaccer is targeting a valuation of $300m and could close the funding within a month.
Founded in 2014, Innovaccer operates a healthcare data platform that uses artificial intelligence technology to process complex datasets and electronic health records in order to automate workflows and deliver real-time, actionable insights.
The platform can form the basis of functions such as healthcare analytics, patient engagement and paediatric population health management. It is used by more than 10,000 care providers across the US that collectively serve some 10 million people.
Innovaccer has so far received about $51m in equity financing. It closed a $35m series B round in January this year after Microsoft’s corporate venturing unit, M12, led an extension.
The $25m first tranche was led by private equity firm Westbridge Capital in May 2018 with participation from venture capital firm Lightspeed Ventures, suggesting M12 injected $10m – though a separate report by TechCrunch claimed the corporate had provided $11m.
Westbridge had already led a $15.6m series A round for Innovaccer the year before, after private investor Rajan Anandan led a seed round of undisclosed size in 2014 that included 500 Startups and angel investor Phanindra Sama.
