Innovaccer Raises $10 Million to Enhance Health Data Integration Platform

On January 16, 2019, VCBeat (WeChat official account: vcbeat) learned that healthcare data platform Innovaccer announced it had raised $10 million in new funding, bringing its Series B financing total to $35 million. The new round was led by M12, with participation from Westbridge Capital and Lightspeed.

This new funding will be used to enhance the AI-assisted decision support capabilities of Innovaccer’s healthcare data platform. “Innovaccer plans to leverage this capital to expand its healthcare data platform, and we have recently welcomed globally renowned innovators onto our Strategic Advisory Committee,” said Shashank, Founder of Innovaccer. “With this new funding, the company will also strengthen its AI-powered decision support capabilities and integrate its existing 200+ connectors into healthcare data systems.”

It is reported that since its establishment in 2012, Innovaccer has raised approximately $53.1 million in funding, having completed seed, Series A, and Series B financing rounds in 2015, 2016, and 2018, respectively. On May 14, 2015, Innovaccer secured $2.5 million in seed funding, with the investors undisclosed. On July 13, 2016, the company raised $15.6 million in Series A financing, led by Lightspeed India Partners, with participation from Pravega Ventures and Lightspeed India Partners. On May 10, 2018, Innovaccer closed a $25 million Series B round, led by WestBridge Capital, with Lightspeed India Partners participating as an existing investor.

Innovaccer evolved from a small data analytics research project at Harvard University and the Wharton School, growing from three founders to a team of over 250 employees. Innovaccer is one of the fastest-growing and most disruptive healthcare big data startups in Silicon Valley. Leveraging its big data platform, “InData,” Innovaccer is helping large healthcare organizations drive business growth through data acquisition, including clients such as Catholic Health Initiatives, Mercy, Trinity, Catalyst, and Sonic.

Innovaccer’s product, InData, is a unified health data integration platform that enables customers to gain a comprehensive view of patient data within their systems. Leveraging proprietary data visualization and extract, transform, and load (ETL) pipeline technologies, InData allows customers to achieve data integration and control without writing any code.

M12 is Microsoft’s venture capital arm, currently investing primarily in technology companies across Europe, North America, and Israel. The name M12 signifies a partnership between Microsoft and entrepreneurs.

WestBridge Capital LLP is an established UK private equity firm, founded in July 2008, that primarily invests in mature and profitable companies.

Lightspeed, founded in 2000 and headquartered in California, USA, has offices in China, India, and Israel. As a venture capital firm, Lightspeed focuses on seed-stage, early-stage, late-stage, and expansion-stage startups and growth companies, specializing in providing debt financing solutions for these enterprises. Its investment sectors include big data, Bitcoin, clean technology, mobile internet, fintech, cloud solutions, e-commerce, digital media, energy and software, information technology, and biotechnology.