Healthcare company Innovaccer raises $150 million in Series E funding led by Mubadala.
- ByStartupStory | December 16, 2021
Silicon Valley-based healthcare company Innovaccer has raised $150 million in a funding round led by Mubadala Capital. This Series E round has more than doubled its valuation to $3.2 billion from $1.3 billion in February. Investors Whale Rock Capital, Avidity Partners, OMERS Growth Equity, Dragoneer and Schonfeld Strategic Advisors, as well as existing investors including Tiger Global, B Capital Group, Microsoft’s M12 fund and Steadview Capital also participated in the round.
Abhinav Shashank, co-founder and chief executive of Innovaccer said in a statement,”In the past two decades, most industries have adopted technology to bring efficiencies to their businesses and accelerate their growth. The healthcare industry, in comparison, has been the last frontier to adopt technology in many ways. We haven’t been able to drive that kind of transformation. Moreover, most systems that have been built for this space are non-cloud”
“We have been investors in Innovaccer since 2019, and believe that the company has all the necessary pillars to define the new gold standard of how the Health Cloud should be implemented by providers, payers, and life science companies,” said Alaa Halawa, partner and head of the U.S. Ventures business at Mubadala Capital
The startup began its journey in India, and has developed a cloud software layer that works on top of the existing systems employed by healthcare facilities and enables patients’ data to be fetched and analysis performed on.
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