According to Abhinav Shashank, the CEO of Innovaccer, the San Francisco-based company, he promises to break the silos of digital health records. .
Shashank’s company is wrapping up a $ 35 million funding round with a new $ 11 million commitment from Microsoft’s investment arm M12 (formerly known as Microsoft Ventures).
The corporate investor joins Westbridge and Lightspeed Partners, who previously committed to the Series B round last year.
Founded in 2014, Innovaccer has been working to collect data from different healthcare providers, including Hartford Healthcare, University of California, Mercy ACO Iowa, UniNet Healthcare Network of Nebraska, Immediata Health Integrated Solutions of Puerto Rico and StratiFi Health Network.
Innovaccer estimates that it has saved its clients $ 400 million in expenses and the company said it will use the funds to develop its software services that connect to laboratory systems, electronic health records, claims management software and information exchanges of Health.
“Innovaccer’s approach to data aggregation and analytics fundamentally helps healthcare organizations implement value-based models of care and improve care delivery,” said Rashmi Gopinath, partner at M12, in a release. “We are looking to invest in startups that address large markets with best-in-class deep technology. We are excited to support Innovaccer as they continue to grow and grow in the global healthcare market. “
According to Shashank, in addition to providing a unified view of all the different records that a care provider touches, the company is seeking a number of prompts to further treatment options for future care.
According to the company’s CEO, healthcare providers are already incorporating suggestions from predictive tools based on the company’s methodology into their treatment plans to ensure patients get the best possible results.
“It is rare to see this type of growth in the healthcare industry. Typically this is only seen in the fastest enterprise SaaS companies. We believe there is tremendous potential to bring the speed and innovation typically associated with business software to the world of healthcare IT, ”says Sumir Chadha, CEO of Westbridge Capital.