Healthcare data startup Innovaccer has raised series B funding of $25 million (nearly Rs 168 crore) in a round led by Westbridge Capital with participation from Lightspeed Ventures.
The company will use the fresh funds to Innovaccer to build on its suite and go-to-market capabilities by improving machine learning capability, adding new connectors, building new patient engagement applications.
Innovaccer’s flagship product is InData, a big data platform for healthcare, which claims to provide end-to-end big data a solutions including on-demand access to real-time data, analyzing and visualization of data, and advanced analytics. The startup has other offerings: InGraph, InCare, InNote and InRef for population health, care management, point-of-care solution and referral management respectively.
The company was founded by Abhinav Shashank, Kanav Hasija and Sandeep Gupta. In 2016, it raised $15.6 million in series A funding led by Westbridge Capital Partners with participation by other undisclosed angel investors. In May 2015, the company raised an undisclosed amount of funding from prior investors including 500 Startups, Six Sigma Academy and Start Smart Labs.
In August 2015, Innovaccer partnered with US based Altiscale Inc that provides big data analytics via an SaaS platform, to develop analytical applications for healthcare, financial services, manufacturing, and academic research organizations.
Competition
Health-tech is a densely populated sector for startups in India, so Innovaccer competes with players such as Curefit, HealthifyMe, Fitcircle, Grow Fit , Fitpass, Gympik , Fitternity. Just last month, Curefit raised Rs 4.18 crore funding from Binny Bansal and Myntra-Jabong CEO Ananth Narayanan. In February, Healthifyme raised $12 million in a Series B round of funding led by Sistema Asia Fund, with participation from Silicon Valley-based Samsung NEXT, Singapore’s Atlas Asset Management and Japan’s Dream Incubator. Another digital health startup healthi raised funding of US $3.1 million led by Montane Ventures, a VC firm anchored by the Piramal Family Office, in the same month. In March, LiveHealth raised US $1.1 million from Nexus Venture Partners.
