Innovaccer - How Is This Digital Healthcare Company So Successful?

Innovaccer - How Is This Digital Healthcare Company So Successful?

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We have been seeing technology and digitisation take a place in almost all industries, be it education, manufacturing, or corporate, and now the healthcare sector is not behind. It can be safe to say that the world has been seeing outstanding health IT transformation.

We see almost every hospital and private clinic today has taken over digital transformation over traditional methods. They are truly putting in a lot of effort to change the way they deliver healthcare through new and innovative techniques.

Innovaccer is one of the leading digital healthcare IT platforms that offer effective healthcare solutions to improve clinical outcomes and patient satisfaction.

In this article, let's look at Innovaccer's startup story, what they are about, founders and team, business structure and revenue model, challenges faced, competitors, and more.

Innovaccer - Company Highlights

Startup Name Innovaccer
Headquarters San Francisco, California
Sector IT Services and Digital Healthcare
Founders Abhinav Shashank, Kanav Hasija, Sandeep Gupta
Founded 2014
Valuation $3.2B
Revenue $80-$100M
Total Funding Raised $378.1M

Innovaccer - About
Innovaccer - Industry
Innovaccer - Founders and Team
Innovaccer - Name, Tagline and Logo
Innovaccer - Startup Story
Innovaccer - Mission and Vision
Innovaccer - Funding and Investors
Innovaccer - Business Model
Innovaccer - Revenue Model
Innovaccer - Challenges Faced
Innovaccer - Competitors
Innovaccer - Awards and Achievements
Innovaccer - Future Plans

Innovaccer - About

Launched in 2014, Innovaccer is a cloud-based platform to improve the overall healthcare systems. Their platform provides physician practices, hospitals, health systems, and other healthcare providers with various innovative digital products. Innovaccer helps to collect, analyse, and provide insights on patient health.

It is an AI-powered patient and physician engagement and features many customisable tools that help in delivering desired outcomes. It has options such as care management, referral management, and patient engagement.

Innovaccer - Industry

Innovaccer belongs to the digital healthcare IT service provider. This industry is growing exponentially over the past years. As per reports, the digital health sector has exceeded $141.8 billion in 2020 and is anticipated to grow by over 17.4% by the end of 2027.

Innovaccer - Founders and Team

Sandeep Gupta, Abhinav Shashank, and Kanav Hasija - Founders of Innovacer
Sandeep Gupta, Abhinav Shashank, and Kanav Hasija - Founders of Innovaccer

Sandeep Gupta

Sandeep Gupta is the co-founder and Chief Operating Officer of Innovaccer. Before starting his entrepreneurial journey, Sandeep started his career as a Software Engineer at TCS, then he worked at Microsoft and Ingersoll Rand. He graduated from the Indian Institute of Management, Ahmedabad.

Abhinav Shashank

An alumnus of IIT, Kharagpur, Abhinav Shashank is one of the founding members and CEO of Innovaccer. Other than this, Abhinav is a talented and renowned author and has published over 300 articles for various international media outlets. He has been featured in Forbes 30 under 30 Asia 2017: Enterprise Tech and also in "Top 60 Rising leaders in U.S healthcare under 40' in 2019.

Kanav Hasija

He serves as the CCO and is the co-founder of Innovaccer. He is an IIT, Kharagpur graduate in B.Tech and a Patent Law degree from the University of New Hampshire, School of Law, formerly Franklin Pierce Law Center.

He has worked as an intern at General Electric and was a Principal Consultant at Kharagpur Consulting Group (KCG). Kanav has a rich experience in the field of Big Data, medical analytics, and research. He is a recipient of the Honorable mention for excellence in technology’ from the Indian Institute of Technology.

Innovaccer goes by the tagline, "Accelerate Your Digital Transformation with the Innovaccer Health Cloud".

Their work rightly shows there in the tagline as they are helping many healthcare companies with various digital solutions.

Innovaccer - Startup Story

Founded by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer serves to be one of the most effective digital healthcare sectors today.

Abhinav came up with the idea of Innovaccer while working on a project at Harvard. Along with his partners, they want to create a bridge and fill the gap between digital health and health care.

By working a lot day and night, they wanted to come up with an ecosystem for companies to help them build applications through their platform.

The company started receiving praises from investors and last year Innovaccer announced its $150 million Series-E round at a $3.2 billion valuation.

Innovaccer - Mission and Vision

The company's mission is to accelerate the growth of healthcare in a digital world by pulling off innovative and technique methods.

Innovaccer's mission reads, "Connect and Curate the World’s Healthcare Data and Make It Accessible and Useful."

Innovaccer - Funding and Investors

Date Funding Round Funding Amount Investors
14 May 2015 Seed $2.5M Start Smart Labs, 500 Startups, Rajan Anandan
11 Aug 2016 Series A $15.6M WestBridge Capital
10 May 2018 Series B $25M Lightspeed Ventures Partners, WestBridge Capital
20 Jan 2019 Series B $10M M12
14 Feb 2020 Series C $70M Steadview Capital, WestBridge Capital, M12
24 Feb 2021 Series D $105M Tiger Global Management, Steadview Capital, Dragoneer Investment Group
15 Dec 2021 Series E $150M Mubadala Capital, B Capital Group, M12

Innovaccer - Business Model

The company mainly operates its customers by creating a patient-centric platform. It offers digital products in the areas of population health management and Pay-for-performance.

Their business is majority about the cloud platform - Innovaccer Health Cloud that provides a robust solution to solve the problems and challenges faced by hospitals, pharmaceutical companies, and insurance companies to help them store data and bring in higher efficiencies for them.

The health cloud platform key functionality is:

  • Data Activation platform
  • Application Suite
  • Innovation Toolkit
  • Accelerators

Key customers of Innovaccer

  • UpStream
  • Chess Health
  • Banner Health
  • MercyOne
  • Hartford Healthcare
  • CHI health partners

Innovaccer - Revenue Model

The company raised almost a value of $150 million in its last funding round. The company believes that this is the era of digital healthcare and more importantly after the pandemic.

The company earns its revenue through the health cloud platform by helping other sectors with cost savings. Their platform has about 39 million  patients and 96,000+ providers across 1,600+ locations.

Innovaccer is India's first healthcare unicorn. They believe that the company has been providing innovative solutions and is confident about its future

Innovaccer - Challenges Faced

Although the company is succeeding and growing at a rapid rate, the risks associated with data are a crucial factor. It is up to Innovaccer to properly leverage the digital framework and keep storing the data with constant monitoring and making necessary and regulatory changes as and when needed to their risk analytics.

The company is always under pressure to maintain compliance to ensure data accuracy.

Innovaccer - Competitors

Digital healthcare is undoubtedly expanding, with many companies in the market offering their IT services in healthcare and promoting their brands.

Some of the biggest competitors of Innovaccer are:

  • Accolade
  • Castlight
  • Artemis Health
  • Carrum Health
  • Zoom for healthcare
  • Doxy
  • Nexthealth Technologies
  • Reveleer
  • VSee

Innovaccer - Awards and Achievements

Some awards won by Innovaccer are:

  • Best in KLAS Data & Analytics Platforms - 2022
  • Black Book - 2022
  • Certified NCQA HEDIS MEASURES - MY2020 Health Plan and Allowable Adjustments Measures
  • AHIP Affiliate Organisation Member 2021

Innovaccer - Future Plans

The company plans to keep delivering the best and most high-quality digital products in order to improve the healthcare sector in the world.

Sandeep Gupta says, "We want to be the ubiquitous platform that is powering all those innovators across the healthcare ecosystem, and at the center of it is the patient who is getting better care and better-coordinated care because of everything that we are able to do around them"


Who is the founder of Innovaccer?

Sandeep Gupta, Abhinav Shashank, and Kanav Hasija are the founders of Innovacer.

Is Innovaccer an Indian company?

No, Innovacer is a Silicon Valley-based digital healthcare company.

What is the revenue of Innovacer?

Innovacer generated revenue of $100 million in ARR as of 2021.

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