India’s first healthtech unicorn Innovaccer is now valued more than PineLabs and ShareChat
- Innovaccer has raised $150 million led by Mubadala Capital, at a valuation of $3.2 billion.
- Facebook’s cofounder Eduardo Saverin-led B Capital, Microsoft’s M12 fund also participated in the round.
- The company is looking to hire 100 individuals across engineering, product, and business functions.
AdvertisementNoida and San Francisco-based Innovaccer is now valued at $3.2 billion, after raising $150 million in a funding round led by Mubadala Capital.
Existing investors Facebook’s cofounder Eduardo Saverin-led B Capital, Microsoft’s M12 fund, Tiger Global, Steadview Capital, OMERS Growth Equity, Dragoneer also participated in the round, along with new investors Whale Rock Capital Management, Avidity Partners, and Schonfeld Strategic Advisors.
Innovaccer has crossed the valuation of Indian startups like vernacular social media platform ShareChat, online investment platform Groww, merchant platform PineLabs, and others.
The company’s funding announcement coincides with surgical care startup Pristyn Care raising $96 million at a valuation of $1.4 billion. It is the second healthtech to enter the unicorn club.
A unicorn, in startup parlance, is a company valued over billion dollars.
Innovaccer was founded in 2014 by Indian Institute of Technology (IIT)-Kharagpur graduates Abhinav Shashank and Kanav Hasija, and Indian Institute of Management (IIM)- Ahmedabad alumnus Sandeep Gupta. The company analyses healthcare data to provide actionable insights to healthcare providers, hospitals, insurance companies and other businesses. The US is its biggest market.
The company plans to use this capital to invest in research and development (R&D) and hire as it rapidly scales its customer success, product, and engineering talent. The company currently has 100 vacancies across engineering, product, and business functions.
Key hiring by Innovaccer in 2021
|Dr. Anil Jain||Chief Innovation Officer|
|Dr. Brian Silverstein||Chief Population Health Officer|
|Dan Guggenheim||Chief Legal Officer|
|Sonali Damle||Chief People Officer|
|Andy Burtis||Chief Marketing Officer|
|Sean Hogan||General Manager for Provider Business|
|Jeff McHugh||Regional Vice President of Sales|
“The company plans to release a unique portfolio of Innovation Accelerators in 2022 to help healthcare organisations tackle the most common and high-impact use cases in a fraction of the time required with traditional methods and technologies,” Abhinav Shashank, cofounder and chief executive officer (CEO) of Innovaccer, told Business Insider.
The company claims to have over 50 accelerators on our platform that are helping it solve use-cases like customer relationship management (CRM), physician engagement and more.
AdvertisementAs per the company, Innovaccer’s solutions have been deployed across more than 1,000 care settings in the United States, helping more than 37,000 providers. In the last 12 months, the company has added 50 customers including Roche, CommonSpirit, Franciscan Health, Dayton Children’s Health Partners and St. Luke’s Health System.
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