I’m thrilled to congratulate Innovaccer — a leading healthcare technology company on a mission to help healthcare care as one — on their latest funding round and unicorn status.
M12’s initial investment in Innovaccer was announced in January 2019, marking our firm’s inaugural deal in India. Since that Series B investment, we’ve witnessed the impact that Innovaccer is having on the healthcare industry, and we were equally proud to lead the company’s Series C-1 fundraise in June 2020. As Co-founders of the company, Abhinav, Sandy, and Kanav have remained committed to improving patient engagement and enhancing health team collaboration; it has been humbling to support their efforts.
The co-founders of the company have remained committed to improving patient engagement and enhancing health team collaboration; it has been humbling to support their efforts.
Consistently since 2014, Innovaccer has worked to solve the data interoperability challenges in healthcare, and better empower providers — and more recently payers, employers, and life sciences companies — to enhance clinical and financial outcomes with a data-first approach. The numbers alone are staggering. The team has already helped healthcare organizations unify records for more than 24 million people and generate more than $600M in savings for the healthcare ecosystem.
True data interoperability is a major challenge, but throughout our partnership, we’ve seen Innovaccer emerge as a leader in this pursuit. Aiding in the digitalization of critical healthcare workflows and the transition to outcomes-based care, Innovaccer will continue to see ever-strengthening tailwinds in the years to come.
Innovaccer will continue to see ever-strengthening tailwinds in the years to come.
In parallel with this incredible progress, we’re excited to witness the launch of the Innovaccer Health Cloud, which solves for one of the most important missing pieces in healthcare: the unified patient record. Innovaccer’s Data Activation Platform is at the core of its Health Cloud — ingesting aggregating, and normalizing healthcare data across systems and settings. It provides a unified digital fabric against which its native analytic solutions and partner solutions can derive actionable insights that improve clinical, financial, and operational outcomes. In addition to the standardized data model, the Innovaccer Health Cloud includes interoperable APIs, a modern design system, automation bots, a content library, and next generation analytical models to enable more meaningful patient experiences, lower costs, and improve health outcomes.
COVID-19 has accelerated the digital transformation of the healthcare industry and created tremendous opportunity for companies like Innovaccer and Microsoft to help hospitals, governments, and other companies respond and recover. Microsoft launched its first industry-specific cloud offering, the Microsoft Cloud for Healthcare, in October 2020. It relies on a robust partner ecosystem to extend the value of the platform; we’re glad to see Innovaccer’s latest advancement — the Innovaccer Health Cloud — will leverage Microsoft’s cloud to accelerate value for joint customers and partners.
COVID-19 has accelerated the digital transformation of the healthcare industry.
Innovaccer has seen rapid adoption of its platform since the onset of the global pandemic as many healthcare providers sought out a digital hub to manage response efforts. The company is poised to capture even more of the market as an increasing number of healthcare players move their IT to the cloud, focused on improving clinical and business processes, and progressing toward a more unified patient experience.
Innovaccer plans to use the latest funds raised to further scale the company and keep pace with the growing demand for its platform and applications. Congratulations again to Abhinav, Sandy, Kanav, and the team on this fundraise and your incredible achievement of unicorn status. We look forward to your continued growth!
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