Investors
predicted
that
2025
would
be
a
big
year
for
healthcare
AI
fundraising,
and
this
forecast
already
seems
to
be
ringing
true.
On
Thursday,
San
Francisco-based
healthcare
AI
developer
Innovaccer
announced
the
close
of
a
$275
million
Series
F
funding
round,
which
featured
investors
like
Kaiser
Permanente,
Banner
Health,
Danaher
Ventures
and
B
Capital
Group.
The
company,
which
was
founded
in
2014,
has
raised
$675
million
to
date.
Abhinav
Shashank,
Innovaccer’s
CEO,
said
that
his
company
addresses
three
of
the
most
pressing
issues
facing
healthcare
organizations:
fragmented
data
across
different
systems,
the
lack
of
a
unified
view
of
patient
information,
and
concerns
about
data
governance
and
trust.
Innovaccer
seeks
to
solve
these
problems
by
“activating
the
flow”
of
healthcare
data,
he
stated.
“Think
of
it
as
building
a
bridge
between
isolated
islands
of
healthcare
information
to
create
a
complete
picture
that
helps
doctors,
hospitals
and
health
systems
provide
better
care,”
Shashank
declared.
He
also
said
that
Innovaccer’s
AI
platform
can
be
thought
of
as
a
“sophisticated
translator”
for
healthcare
data.
First,
the
platform
pulls
in
data
from
various
sources
and
standardizes
it
into
a
common
language.
Then,
Innovacer’s
technology
creates
a
complete
picture
of
each
patient’s
health
history.
The
platform
also
uses
AI
to
help
providers
make
better
decisions
and
automate
routine
tasks,
such
as
clinical
documentation
and
scheduling,
Shashank
noted.
“What
makes
it
unique
is
that
it
combines
all
these
capabilities
in
one
platform
—
from
organizing
data
to
providing
AI-powered
tools
that
help
with
everyday
healthcare
tasks
like
scheduling
appointments,
managing
prescriptions
and
coordinating
patient
care,”
he
remarked.
There
is
an
abundance
of
startups
in
the
healthcare
AI
space,
so
Shashank
pointed
to
a
number
of
companies
that
could
be
considered
Innovaccer’s
competitors.
For
instance,
Databricks
and
Palantir
could
be
considered
competitors
on
the
data
and
analytics
side
of
things,
and
Abridge
and
Ambience
could
be
thought
of
as
rivals
in
the
AI
scribing
realm.
One
might
consider
the
industry’s
various
EHR
vendors
and
their
specific
data
optimization
tools
as
competitors
to
Innovaccer
as
well.
“Innovaccer
is
the
only
holistic
platform
with
healthcare
data
infrastructure,
analytics,
AI
models,
and
an
ecosystem
of
co-pilots
and
agents
that
allows
health
systems,
payers,
public
health
organizations
and
life
sciences
companies
to
systemically
drive
AI
adoption
at
scale
across
various
departments
rather
than
becoming
a
mess
of
point
solutions,”
Shashank
stated.
He
said
his
company
will
use
its
new
capital
to
strengthen
its
AI
capabilities,
as
well
as
build
an
ecosystem
for
AI
developers
on
its
platform.
He
also
noted
that
Innovaccer
plans
to
expand
its
collaborations
with
existing
customers,
which
include
Kaiser
Permanente,
Banner
Health,
Franciscan
Health
and
Atlantic
Health.
Innovaccer
“definitely”
has
plans
to
go
public
“at
some
point,”
but
Shashank
the
company
isn’t
in
any
hurry.
Photo:
Andrzej
Wojcicki,
Getty
Images