Innovaccer, a US-based developer of data management software for the healthcare sector, pulled in $105m on Wednesday through a series D round that included M12, the corporate venturing arm of software provider Microsoft.
Hedge fund manager Tiger Global Management led the round with participation from B Capital Group, a venture capital firm backed by consultancy Boston Consulting Group, as well as Mubadala Capital, Steadview Capital, Dragoneer and Omers Growth Equity, a subsidiary of pension fund manager Ontario Municipal Employees Retirement System.
Founded in 2014, Innovaccer has developed software that uses artificial intelligence and analytics technology to automate workflows and centralise patient data for healthcare organisations. Its platform is used by more than 37,000 healthcare providers in the US.
The round increased Innovaccer’s total funding to over $225m and valued it at $1.3bn. It had raised $70m in a series C round featuring M12, Steadview Capital, Tiger Global, Dragoneer, Westbridge Capital and Mubadala in February 2020.
In January 2019, the company closed its series B round at $35m after M12 led an additional tranche following a $25m first close led by Westbridge Capital the previous year. It had prevously received $15.6m in a series A round led by Westbridge in 2017.
Innovaccer had also raised an undisclosed amount in a 2014 seed round led by individual investor Rajan Anadan and backed by Phanindra Sama and 500 Startups.