Healthtech startup Innovaccer lets go around 100 employees

Healthtech unicorn Innovaccer, backed by Tiger Global Management and Mubadala Capital, has asked its nearly 100 employees to resign amid financial troubles within the company, two people close to the development told VCCircle.  

The people cited above said that most of the employees impacted were from the tech and operations team.  

Run and operated by Innovaccer Inc, the firm is also said to have shared a video link with the staff prior to their layoffs. During the meetings in which senior team managers were present, the employees were asked to put down their papers.  

The startup is offering a severance package to the impacted employees, the people quoted above said.

Calls and emails made to the company spokesperson seeking response remained  unanswered.

San Francisco-headquartered Innovaccer, which operates in India from Noida, had in December raised $150 million in a Series E funding round led by Mubadala Capital, more than doubling the valuation to $3.2 billion.

The round also saw participation from existing investors B Capital Group, Microsoft’s M12 fund, Omers Growth Equity, Dragoneer, Steadview Capital, Tiger Global Management and new investors Whale Rock Capital Management, Avidity Partners and Schonfeld Strategic Advisors.      

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

Innovaccer has over 50 corporate customers including Banner Health, Roche, and MercyOn in the U.S. and some in Europe. Some of its recently-signed customers include One Medical; Roche; CommonSpirit; Franciscan Health; Dayton Children’s Health Partners; St. Luke’s Health System; Sentara, Adventist Health; Premier Health; Children’s Health Alliance; Premier Health; Atlantic Health System; Providence St. Joseph; Cityblock; Florence Health and Zus Health.