AI Startup Olive Secures $32.8M Series D Funding to Advance Healthcare Automation with RPA Solutions
According to VCBeat (WeChat ID: vcbeat), Olive, a startup based in Columbus, Ohio, has completed a $32.8 million Series D financing round, led by Oak HC/FT and Ascension Ventures, with additional investments from existing investors. The company plans to use the funds to further expand its AI solution, Olive, which aims to help automate processes in the healthcare industry.
Olive is a healthcare company specializing in artificial intelligence and process automation. It helps healthcare institutions improve efficiency and the quality of patient care while reducing administrative errors. Its eponymous AI solution, Olive, serves as an intelligent router between systems and data, automating a large volume of repetitive tasks and workflows to deliver true interoperability.
Since its founding in 2012, Olive has established partnerships with more than 350 health systems in the United States and created 50 million unique patient IDs. “Few companies in the healthcare sector have achieved rapid growth like Olive,” said Chris Olsen, a partner at Drive Capital. “We are continually inspired by Olive, which leverages disruptive approaches to develop data-rich, patient-centric solutions that enhance the patient care experience.”
As early as 2016, Olive completed a $15 million Series C financing round, with investors including Silicon Valley Bank, Khosla Ventures, Drive Capital, NCT Ventures, and Moonshots Capital. Olive planned to use this funding to promote its patient check-in system, Queue, across the United States.
Sean Lane, CEO and co-founder of Olive, stated, “Queue provides patients with a secure way to log into healthcare systems, enabling healthcare providers to deliver more humanized care and returning control of patient identity to the patients themselves. Queue marks the dawn of a new era in patient registration.” The Queue patient check-in system is equipped with the company’s identity verification software, which accurately captures patient data, eliminates errors in records and medical histories, and verifies patient identities to prevent medical errors.
In July 2017, Olive announced a partnership with RightPatient, enabling Olive’s customers to leverage RightPatient’s unique biometric identification services and photo-based biometric capabilities. Additionally, Olive’s customers can migrate their existing SafeChx biometric solutions to RightPatient while continuing to use other Olive products, such as Olive AI.
In October 2017, Olive announced a partnership with NCI, a leading provider of advanced information technology (IT) solutions and professional services to the U.S. federal government. Through this collaboration, CrossChx will leverage artificial intelligence technologies to serve government clients alongside NCI, enhancing the quality of NCI’s solutions while creating new opportunities for NCI employees.
Through this round of financing, Olive’s overarching goal is to automate a large volume of repetitive tasks, thereby allowing healthcare professionals to devote more time to other tasks requiring clinical insight. Meanwhile, the company, formerly known as CrossChx, also stated that it will utilize the $32.8 million to develop new products, such as Pupil, a process mining solution slated for launch at several sites in the near future.
Olive has obtained usernames and passwords for healthcare organizations’ systems. Olive can use this information to log in and assist with certain workflows. Overall, the startup helps improve insurance eligibility verification, scheduling, order management, follow-up care, patient engagement, and payments.
Olive’s OliveWorks solution automates workflows in the healthcare industry, with applications in prior authorization for indeterminate diagnostic results, eligibility verification, and price standardization. The OliveLabs tool is designed to automate more complex projects that require significant manual effort. It also targets companies that view AI and automation as critical to their overall operations.
Billy Deitch, head of Oak HC/FT, stated, “This is the first automated solution in the healthcare sector. By integrating with existing systems and leveraging AI to streamline repetitive tasks and workflows, Olive aims to curb rising healthcare costs and humanize cumbersome processes.”
John Kuelper, Investment Manager at Ascension Ventures, stated, “Olive’s advanced process mining and automation technologies enable our healthcare partners to continuously optimize clinical and administrative operations, allowing healthcare professionals to devote more time to patient care.”
# About Investors
Oak HC/FT was founded in 2014, with primary investment focuses on healthcare information and services, as well as financial services technology. With $1.1 billion in assets under management, the firm drives transformation in the healthcare industry by providing entrepreneurs and companies with strategic advisory services, board-level engagement, and business plan execution support. Headquartered in Greenwich, Oak HC/FT maintains offices in Boston and San Francisco.
Ascension Ventures is a healthcare investment firm that manages four funds with over $800 million in assets under management. Founded in 2001, the firm currently invests on behalf of 13 leading community-based healthcare organizations across the United States. These healthcare organizations have established partnerships with 474 hospitals nationwide and generate $88 billion in annual revenue. Ascension Ventures collaborates with these organizations to identify, invest in, and support strategically aligned private companies that are transforming the healthcare industry and improving the experiences of patients, their families, and healthcare providers.
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