San Francisco / Mumbai: Innovaccer, Silicon Valley based big data startup, raised a 15.6 Million Series A capitals from Westbridge Capital Partners and other angel investors. Innovaccer has raised 2.5 Million to date with prior investors including 500 Startups, Six Sigma Academy and Start Smart Labs. The company will use this round of funding to accelerate its footprint in healthcare. With the increased focus by providers and payers who plan to reduce the inefficiencies in the current healthcare systems, Innovaccer aims at bringing cutting edge big data technologies and algorithms to help offer better outcomes at lower costs.
In a press statement Innovaccer said that with its platform, Datashop, the company promises business users one of the first end-to-end big data solutions. While most industry products focus on siloed functions of integrating, cleansing, managing, analyzing, and visualizing data, Datashop’s full-stack capabilities offer a hassle free way of delivering guaranteed ROI without writing a single line of code. The founders – Abhinav Shashank, Kanav Hasija and Sandeep Gupta – like to call it the iOS equivalent of big data.
“Real time data integration, access, interoperable exchange, and advanced analytics can be a game changer in healthcare and can result in huge outcomes,” said Abhinav, Co-founder and CEO of Innovaccer.
Innovaccer is already working with large research and healthcare customers across the world and counts Catholic Health Initiatives, Partners Healthcare, Sonic Healthsystems, Harvard, Stanford, MIT, Wolters Kluwers, Artesyn, among its customers.
“We were truly impressed with the team’s capabilities to deploy extremely complex use cases with high quality and tremendous speed. The customer love that they have been able to generate is phenomenal,” said Sumir Chadha, Managing Director of Westbridge who will be joining the board of the company.
Healthcare in the United States is a $3 Trillion dollar behemoth with huge inefficiencies, which is offering compelling opportunities. The incumbent IT vendors have been reluctant to adopt the new age technology and have vested interests in creating data and technology silos. Then there is the added pressure of changing business models and value based payment.
“With the fund raise, we should be able to aggressively disrupt the healthcare IT by leveraging big data, Machine learning and automation to deliver better care at reduced costs,” said Sandeep Gupta, Co-founder and Chief Revenue Officer.
The company is also at early stages of building a suite of self serve Machine Learning and Artificial Intelligence applications on top of the platform and aims to open the platform for the developer ecosystem around the product very soon as well.