Innovaccer Inc., a healthcare-focused SaaS company, has raised $275 million in a funding round of primary and secondary elements. Among the participating investors were B Capital Group, Kaiser Permanente, and M12, Microsoft’s venture fund. Banner Health, Danaher Ventures LLC, and Generation Investment Management also participated notably.
This funding round, which kicked off last year, is the biggest SaaS deal amidst a global revaluation in the sector. According to prior reporting by The Economic Times says that the key part of the funding round has kept Innovaccer’s valuation at $3.2 billion.
Accelerating Healthcare AI:
Innovaccer stated that the investment would fuel its efforts to expand collaborations with existing customers, enhance its AI and cloud capabilities, and build a robust developer ecosystem. The company also plans to introduce new tools such as:
- Utilization management
- Prior authorization systems
- Clinical Decision Support tools
- Clinical Documentation Solutions
- Care Management
- Advanced contact capabilities
“This funding will enable us to push the boundaries of what’s possible in healthcare AI,” said Abhinav Shashank, co-founder and CEO of Innovaccer. “Our goal is to make healthcare more proactive, predictive, and personalized.”
Growth Trajectory:
Founded in 2014, Innovaccer has more than 130 healthcare customers, including big names such as Orlando Health and MercyOne. The company enables its clients to digitize patient records, enhance operational efficiency, and deliver value-driven healthcare solutions.
Key growth highlights include:
- 50% year-over-year revenue growth for the past five years.
- Partnership with six of the top ten U.S. health systems and increased partnerships with the public sector.
- Achieving an annual recurring revenue of a run rate of $150 million as of last year.
Kaiser Permanente, a long-time customer, uses Innovaccer’s AI platform to aggregate patient data and enhance value-added healthcare services.
Funding History:
Before this round, Innovaccer had raised $150 million in December 2021 led by Mubadala Capital. The company’s total funding stood at $675 million. Innovaccer was also a nominee for The Economic Times Startup of the Year award in 2024, marking its position as one of the most prominent in the SaaS and healthcare technology space.
This funding will enable Innovaccer to redefine healthcare AI and cloud solutions and advance its mission of making healthcare smarter and more efficient.
