Element5 secures $30M funds in Series B round led by Insight Partners
- ByStartupStory | May 4, 2022
Element5 has secured USD 30 million of funding in a Series B round led by Insight Partners. The fresh funds will mainly be deployed to accelerate the startup’s offerings and hire new talent in the country to build a healthcare product.
The latest investment comes after Element5 raised USD 15 million in a Series A funding round in August last year. The previous funding round was also led by Insight Partners. Maxwell Investment Partners and LLC were also participants in the round.
Element5 was founded in 2019 by Eric Gordon, Bhavani Raman, and Joe Randesi The company’s main offering is deploying artificial intelligence and robotic process automation to offer SaaS-based automated workflows for senior living, home health, hospice, skilled nursing, and other related healthcare verticals.
“The post-acute care industry demands improvements in operational efficiency, and a means to overcome chronic staffing shortages,” said co-founder Randesi said in a news release announcing the funding development.
According to Element5, its software automates intake and admissions, clinical records, revenue cycle management, notification, and authorizations, among a broad range of other operational tasks. The company added that their tech uses Artificial Intelligence to deliver pre-built workflow automation solutions for repetitive, logic-driven administrative work.
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