Olive, a US-based provider of business automation software for the healthcare industry, received $106m in financing yesterday from investors including Ascension Ventures, the venture capital firm backed by 13 health systems.
General Catalyst and Drive Capital led the round, which also featured fellow VC firm Oak HC/FT and SVB Capital, a branch of SVB Financial Group. It brought the company’s overall financing to roughly $225m since it was founded in 2012.
Formerly known as CrossChx, Olive is the developer of a software platform that uses artificial intelligence to automate certain repetitive or high-volume human resources, supply chain or administrative tasks for healthcare providers.
More than 600 hospitals use Olive’s software and it said it hired 67 new employees last month alone for a workforce that now totals 360.
General Catalyst had also led the company’s last round, when it raised $51m in April this year from investors also including Ascension Ventures, Drive Capital and Oak HC/FT.
Ascension Ventures, Oak HC/FT and existing investors including Drive Capital and SVB Capital had provided $32.5m in series D funding for Olive in 2018. Its earlier backers include Khosla Ventures, NCT Ventures and Moonshots Capital.
Sean Lane, Olive’s chief executive, said: “The AI workforce is the biggest impact to health systems in our lifetime. Olive has become a piece of critical infrastructure for hospitals and a trusted, reliable product that expands human capacity at a time when resources are more precious than ever.
“The AI workforce has become the ‘new normal’. And while we are excited about this latest investment, we are just getting started.”
