At $1.3 bn valuation, Innovaccer latest SaaS firm to enter unicorn club

San Francisco, California headquartered healthcare technology firm Innovaccer announced that it has closed a $105 million growth funding round led by Tiger Global Management, valuing the company at $1.3 billion. 

Other investors in the Series D funding round included returning investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and Microsoft’s venture fund arm M12. OMERS Growth Equity joined the round as a new investor, the company said in a statement.

The company has so far raised $225 million across multiple rounds, the last being a $70 million Series C round in February 2020. 

The software-as-a-solution (SaaS) platform helps connect healthcare data across multiple systems and settings, providing unified patient records through the data activation platform. Founded in 2014 by Abhinav Shashank, Kanav Hasija and Sandeep Gupta, Innovaccer’s solution is deployed across 1,000 locations in the US, the statement said. 

Innovaccer will utilise the capital to launch Innovaccer Health Cloud, combining its data activation platform and allowing providers and partners to develop interoperable third-party applications on it for better patient engagement and outcomes.

“Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data but also provides a platform on which new digital services and solutions can be built with native interoperability. This is exactly what Innovaccer is doing with the launch of Innovaccer Health Cloud,” Abhinav Shashank, CEO of Innovaccer, said in the statement. 

The company, in the statement, said that by 2021-end, it aims to have  a five-year CAGR of 100%. It has added accounts of Dignity Health, Cancer Treatment Centres of America, Embright, Valley Integrated Provider Network and Lee Health in 2020. 

“Organisations across healthcare need a cloud-based platform that can unlock the value of the significant investments made in legacy healthcare IT. Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes,” John Curtius, partner at Tiger Global, said in the statement.