Innovaccer Secures $275M in Series F to Scale its Healthcare Intelligence Cloud

San Francisco, CA – January 9, 2025 – Innovaccer Inc., a leading healthcare AI company, today announced a $275M Series F funding round. The round was a combination of primary and secondary, and includes participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.

This investment will fuel Innovaccer’s efforts to expand its collaboration with existing customers, introduce new AI and cloud capabilities, and scale a developer ecosystem on the platform. The company plans to add multiple copilots and agents to its offerings, including utilization management, prior authorization, clinical decision support, clinical documentation, care management, and contact center.

Founded in 2014, Innovaccer helps healthcare organizations by providing a comprehensive suite of software solutions to power value-based care programs, modernize the patient experience, and reduce the administrative burden on providers. It stands out as a technology platform that achieved Best-in-KLAS recognition across multiple categories, including Data and Analytics, Population Health Management, and CRM. This recognition reinforces Innovaccer’s commitment to excellence and innovation, reflecting its unparalleled ability to deliver high-quality solutions across various healthcare segments.

"Innovaccer is dedicated to transforming healthcare through data-driven insights and cutting-edge AI technology. We are grateful for the confidence our investors have in our vision and 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.”

Over the past two years, the company has significantly grown its customer base, now serving 6 of the top 10 health systems and growing its public sector partnerships with San Mateo County and Alameda County. Innovaccer’s platform now supports over 130 leading healthcare organizations, and continues to be the market-leading platform for population health, data management, and AI, with 50% year-over-year revenue growth for the past five years.

“Innovaccer has a vision for how data and AI can power the future of healthcare that aligns with the opportunities for AI we see at Danaher,” said Julie Sawyer Montgomery, Executive Vice President, at Danaher Corporation. “We see this investment as an opportunity to partner with Innovaccer and other industry leaders to tackle some of healthcare’s biggest challenges. We believe providing clinicians with the data and analytics to drive meaningful clinical insights, more quickly, at the point of need, we can accelerate the transition to more effective, more personalized care.”

To date, Innovaccer has raised a total of $675M from leading venture capital firms and strategic investors. The company’s momentum is reflected in its growing customer base and the successful deployment of its AI platform across leading healthcare organizations. Over the past year, Innovaccer also announced the acquisition of two companies – Cured and Pharmacy Quality Solutions.

About Innovaccer

Innovaccer activates the flow of healthcare data, empowering providers, payers, and government organizations to deliver intelligent and connected experiences that advance health outcomes. The Healthcare Intelligence Cloud equips every stakeholder in the patient journey to turn fragmented data into proactive, coordinated actions that elevate the quality of care and drive operational performance. Leading healthcare organizations like CommonSpirit Health, Kaiser Permanente, and Banner Health trust Innovaccer to integrate a system of intelligence into their existing infrastructure— extending the human touch in healthcare. For more information, visit www.innovaccer.com.

Source: Innovaccer