Tiger Global-backed Innovacer, a healthcare-focused software-as-a-service startup (SaaS), has secured $275 million in a mix of primary and secondary capital as a part of its Series F venture capital round, more than three years after its last external fundraise.
American investors B Capital Group, Danaher Ventures, Microsoft’s venture fund arm M12, British investment firm Generation Investment Management, and healthcare companies Banner Health and Kaiser Permanente also participated in the round, the Indian company said.
While Innovacer did not share further information, about a third of the total deal amount went to provide exits to the startup’s early-stage investors, co-founder and chief executive Abhinav Shashank told Techcrunch.
The company did not share its valuation after the latest round. It was last valued at about $3.2 billion in December 2021, when it closed its Series E round, raising $150 million.
Founded in 2014 by Shashank, Kanav Hasija and Sandeep Gupta, Innovaccer’s SaaS platform helps connect and integrate healthcare data– generally in silos–across multiple systems and settings, providing unified patient records through the data activation platform. Its solution is used by more than 130 healthcare organizations for population health, data management, and AI, it said.
“This funding will enable us to push the boundaries of what’s possible in healthcare AI. Our goal is to make healthcare more proactive, predictive, and personalized,” said Shashank.
The primary capital will be used to deepen its offerings with its existing customers, introduce AI and cloud-based capabilities, and scale a developer ecosystem on the platform.
Innovacer 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, it said.
It claims to be growing by more than 50% annually for the last five years. In 2024, Innovacer acquired two companies–Cured and Pharmacy Quality Solutions–to help its clients improve patient experience and offer value-based care.
Till date, Innovacer has raised $675 million from its investors. In 2021, it raised a $105 million Series D round led by Tiger Global Management, valuing it at $1.3 billion, with participation from Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12.
It closed Series C in February 2020, securing $70 million led by Tiger Global Management and Steadview Capital. It raised a Series B round worth $25 million in May 2018 from Westbridge Capital Partners and Lightspeed Venture Partners. It was M12’s first investment in India in 2019.
In its Series A round in 2016, it pocketed $15.6 million from Westbridge, with participation from investors such as former Yahoo CTO Raymie Stata, founder of RouteScience Technologies Herb Madan and Pravega Ventures. This was after a seed round in 2015 from Peak XV Partners’ Rajan Anandan, 500Startups and redBus.
