Innovaccer, a healthcare data platform company, raised $275 million in a Series F funding

Innovaccer, a healthcare data platform company, has raised $275 million in a Series F funding round to expand its AI capabilities in healthcare. Here are the key details:

Funding and Valuation:

- $275 million raised in Series F round

- Led by B Capital Group, with participation from Banner Health, Danaher Ventures, Generation IM, Kaiser Permanente, and M12

- Post-money valuation of approximately $3.45 billion for the primary funding component

- Total capital raised to date is now over $675 million

- Founded in 2014, initially focused on unifying data for enterprises

- Shifted focus exclusively to healthcare in 2017

- Currently serves 6 of the top 10 U.S. healthcare systems as customers

- On track to hit $250 million in annual recurring revenue in 2025

Use of Funds:

- Expand collaboration with existing customers

- Introduce new AI and cloud capabilities 

- Scale developer ecosystem on the platform

- Develop AI co-pilots and agents for medical scribing, prior authorizations, and claims processing

Growth and Strategy:

- Revenue has increased by 50% annually for the past five years

- Plans to introduce multiple AI co-pilots and agents for healthcare tasks

- Aims to become a "one-stop shop for healthcare AI solutions"

- Considering IPO once reaching $400-500 million in annual recurring revenue

Innovaccer's focus on unifying healthcare data and leveraging AI for improved efficiency and patient outcomes has resonated with investors and customers in the rapidly growing healthcare AI market.

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Disclaimer: The information presented in this article is based on available sources and may not be entirely accurate or up-to-date. We do not guarantee the accuracy of the content, and readers should conduct their own research and consult with financial professionals before making any decisions.