Innovaccer raises $ 70 million from Tiger Global, Steadview

BENGALURU: The start of business software has raised $ 70 million in a new round of financing from Management, Capital, Investment Group and Mubadala, in addition to existing sponsors such as Microsoft's Westbridge Capital and M12, according to a statement. The new financing will take the total capital raised by the startup, which is consolidating the medical care data of patients from different sources to give a collective vision, to approximately $ 120 million.

TOI was the first to report in its August 9 issue that Innovaccer is raising capital from Tiger Global, Dragoneer and Steadview with a valuation of around $ 300 million.

Innovaccer was founded by graduates of IIT-Kharagpur and, together with IIM-Ahmedabad MBA Sandeep Gupta in 2014. Its products help manage and store millions of patient records, allow doctors to manage patients and store their information in addition to a platform of analysis. The company focuses on the US market. In the US, where it has a network of 25,000 health service providers and has unified 3.8 million unified patient records, saving its clients $ 400 million. Its objective is to generate 100 million unified patient records in the coming years. While the company refused to disclose current revenue figures, its goal is to reach an annual execution rate of more than $ 100 million over the next two years.

“Medical care still needs a lot of work to focus on the patient and connect by organizing information and making it more accessible. It is really important to make patient data transparently available to all providers throughout the patient care journey, said CEO Shashank. About 70% of the 625 new business employee base is in Noida, while the remaining equipment is in the US. UU.

The agreement comes at a time when new software and business technology companies have become a favorite of major investors, as Freshworks has reached a valuation of $ 3.5 billion, while new Unicorns such as Icertis and Druva have also emerged in space.