Innovaccer Raises $275M Series F Funding to Expand Healthcare AI Solutions

San Francisco-based Innovaccer has secured a $275 million Series F funding, with investors including B Capital Group, Banner Health, Danaher Ventures, Generation IM, Kaiser Permanente, and M12. With this funding, the company aims to introduce AI co-pilots and agents, expand its suite of applications, and accelerate its growth in the healthcare industry.

Innovaccer, which currently serves six of the U.S.’s top 10 healthcare systems, plans to become a one-stop shop for healthcare AI solutions. The company's revenue has been growing at a rate of 50% annually for the past five years and is on track to reach $250 million in annual recurring revenue (ARR) this year.

While the company has its sights on an IPO, it aims to generate $400 million to $500 million in ARR before considering that route. Innovaccer plans to develop some AI solutions in-house and collaborate with or acquire other promising AI products, with the vision of becoming the biggest healthcare business within the next five years.

Source: Tech Crunch