Funding · Healthcare & Life Sciences

Innovaccer raises $105m, becomes unicorn

By Startup Enthusiast · 15 February 2021

What they do

Innovaccer provides a healthcare data platform and SaaS solutions for hospitals and clinics

It raised $105 million led by Tiger Global Management, reaching a $1.3 billion valuation

The company has grown 100% year-on-year and now has over 500 employees in India

Innovaccer raised $105 million in a funding round led by Tiger Global Management.
The round valued the company at $1.3 billion, making it a unicorn.
Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, and M12 (Microsoft's venture fund) also participated.
New investor OMERS Growth Equity joined the round.
The company launched the Innovaccer Health Cloud platform with the new funding.
Innovaccer has raised over $225 million in total funding to date.
The previous round (Series C) in February 2020 raised $70 million at a valuation of about $400 million.

SaaS valuations have risen from 10x ARR to 25-30x ARR recently, boosting investor confidence.
Successful SaaS IPOs like Zoom, Slack, Cloudflare, and Snowflake have also increased interest in the sector.
Tiger Global has invested in other Indian SaaS unicorns such as Zenoti and Postman.

Innovaccer is a healthcare SaaS company headquartered in Silicon Valley.
Its products include the Innovaccer Health Cloud and InCare, which offers patient assignment, automated outreach, and productivity measurement.
The platform processes millions of data points (patient profiles, risk factors, disease types) to digitize solutions for hospitals, clinics, and patients.
Solutions cover remote patient monitoring, bundled payments, and healthcare data platforms.
During Covid-19, it built tools for medication inventory tracking, staff planning, real-time critical metrics, and a telehealth platform.
Its Covid-19 app 'TestYourself' worked with the governments of Goa and Puducherry in March 2020.
The company has over 500 employees, with 85% based in India.
It has grown 100% year-on-year.

Tiger Global Management (lead) — A global investment firm focused on technology companies.
Steadview Capital (existing)
Dragoneer (existing)
B Capital Group (existing)
Mubadala Capital (existing)
M12 (existing) — Microsoft's venture fund.
OMERS Growth Equity (new)

Product: healthcare data and analytics platform that helps hospitals, health systems and insurers unify clinical, financial and operational data
Customers: Hospitals, health systems, and health insurers that buy software to unify data and automate care workflows
How it makes money: Subscription software and platform services for healthcare organizations
What sets it apart: Best-in-KLAS recognition across multiple categories and a broad healthcare data platform