Tiger Global-backed Innovaccer in talks to raise $250M in new funding, sources say

Innovaccer, a health tech startup, is in talks to raise $250M in a new funding round, valuing it up to $3B.

: Innovaccer, a health tech startup focusing on patient data aggregation, is negotiating to secure up to $250 million in fresh funding, aiming for a valuation between $2.5 billion and $3 billion. The startup, backed by high-profile investors including Tiger Global and Mubadala, seeks to enhance healthcare efficiency through its cloud-based platform that integrates patient records across various systems. Despite a previous valuation of $3.2 billion in 2021, discussions include secondary transactions valuing the company as low as $2 billion.

Innovaccer, a nine-year-old health tech startup specializing in the unification of patient data across multiple care settings, is reportedly in the advanced stages of discussions to raise up to $250 million in a new funding round, with the valuation expected to be in the range of $2.5 to $3 billion. The company's cloud-based software aims to enhance the healthcare industry by providing a comprehensive view of patients' health status through the integration and analysis of data from various sources. Innovaccer's solution addresses the critical challenge of information interoperability in the healthcare sector, enabling more efficient and effective care delivery.

The company has attracted significant interest from investors, with a strong backing from entities such as Tiger Global, Mubadala, and Microsoft’s M12 fund, among others. It was last valued at $3.2 billion in a funding round disclosed at the end of 2021 and has raised over $375 million to date. Innovaccer's platform has already made a significant impact on the healthcare industry, unifying over 54 million patient records and supporting 96,000 clinicians, while also achieving substantial cost savings for its customers.

Despite these achievements, there are ongoing discussions about secondary transactions that value the company at as low as $2 billion. Kaiser Permanente, a long-standing customer and partner of Innovaccer, is among the potential leaders of the funding round. The eventual outcome of these funding and secondary transaction discussions will play a critical role in Innovaccer's continued growth and expansion in the healthcare technology market.