Innovaccer bags $275M in Series F funding to scale healthcare intelligence cloud

Healthcare AI company Innovaccer on Thursday raised $275 million in a Series F funding round.

CapTable reported this exclusively in April last year.

The fundraise, which was a combination of primary and secondary offering, included participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.

According to the company, the newly raised funds will be used to expand collaborations with its existing customer base, introduce new artificial intelligence and cloud capabilities as well as scaling its developed ecosystem on the platform.

Innovaccer is also planning to add multiple copilots and agents to its offering including utilisation management, clinical decision support, and care management, among others.

“This investment propels us into the next chapter of transforming healthcare with AI. By harnessing the full potential of artificial intelligence, we are empowering our customers to redefine care delivery, unlock unprecedented insights, and achieve outcomes that truly matter. Together, we are building the foundation for a smarter, more connected healthcare future,” said Sandeep Gupta, Co-founder and COO of Innovaccer.

Founded in 2014, the company helps healthcare organisations by providing software solutions suite to help modernise patient experiences and reduce the administrative burden on providers.

The Tiger Global-backed company previously raised $150 million in a Series E funding round in December 2021. According to the CapTable report, the startup was previously valued at over $3.2 billion.

The Silicon Valley-based startup has raised a total of $675 million to date.

Over the past year, the company also acquired two companies: Cured and Pharmacy Quality Solutions.

The funding also comes amidst a flush of investments being made to integrate artificial intelligence in the healthcare sector. In 2024, according to a report by Silicon Valley Bank, the sector was projected to see $11.1 billion in VC capital deployed across the full year.