US-based healthcare data software producer Innovaccer confirmed on Friday that it has completed a $35m series B round following an extension led by software producer Microsoft’s corporate venturing arm, M12.
The initial $25m tranche was led by private equity house Westbridge Capital in May 2018 with participation from Lightspeed Ventures, suggesting that M12’s commitment was $10m, though TechCrunch reported the unit’s investment late last week as being $11m in size.
Founded in 2014, Innovaccer has developed a healthcare data platform that relies on artificial intelligence to analyse complex data. It powers applications facilitating patient engagement, population health management and point-of-care insights.
The company’s offering has been deployed with more than 10,000 customers, including healthcare providers, governments, corporates and universities. The money will go to further platform development and help strengthen Innovaccer’s market position.
Innovaccer has raised $51m to date. Westbridge had previously led its $15.6m series A round in 2016, two years after private investor Rajan Anandan had led a seed round of undisclosed size that also featured 500 Startups and angel investor Phanindra Sama.
M12 partner Rashmi Gopinath said: “Innovaccer’s approach to data aggregation and analytics fundamentally helps healthcare organisations implement value-based care models and improve care delivery.
“We look to invest in startups addressing huge markets with best-in-class deep technology. We are excited to support Innovaccer as they continue to scale and grow in the global healthcare market.”
