Innovaccer, the Silicon Valley based healthcare startup founded in 2014 by IIT Kharagpur graduates Abhinav Shashank, Kanav Hasija and IIM Ahmedabad alumnus Sandeep Gupta, has entered the Unicorn club. The company, although based in Silicon Valley, has engineering centres in India, namely in Noida, Kolkata and Chennai.
The current valuation of the company is estimated at $1.3 Billion. The value increased threefold over the second half of 2020 and 2021, and they are arguably the fastest growing startup in their field of Healthtech. Considering the current global medical crisis due to the pandemic, disruptors like Innovaccer are bound to grow even more in the future.
Innovaccer – The Business Model
Innovaccer is a healthcare startup that utilizes Big Data Analytics to provide doctors and hospitals with a more holistic picture of the state of patients. The company pulls data from healthcare titans in insurance, hospitals and other healthcare facilities to their centralized information hub. This data allows their AI to study and better predict the health conditions and future risks of patients accurately. This will increase the overall quality of care, and boost preventive treatments of patients.
Innovaccer is one of the most potent disruptors of the Healthcare industry today. By utilizing all the data available to them from all the different sources, they assist medical personnel in providing better care to their patients. The company has reported having saved their clients over a Billion Dollars in 2020 alone. They also assist in faster and more accurate diagnosis after considering all the information available to them.
The Success Factors
Innovaccer has the potential to revolutionize the medical field for the better. The firm is spearheading the digital transformation of healthcare, like Big Data and AI continues to disrupt fields outside the Engineering industry. Innovaccer Co-Founder and CEO Shashank had declared their goal to become “a global healthcare-focused SaaS company on the Cloud.”
They aim to create a holistic solution for all the stakeholders involved, from hospitals and doctors to life insurance companies, as well as the patients.
Innovaccer – The Growth Curve
Innovaccer has had four rounds of financing so far, raising over $225 Million in total. However, their last round of investments saw an unprecedented jump in the investments, raking in a sum of $115 million. Thus round was led by leading investment firm Tiger Global, and also included its previous backers such as Steadview Capital, Dragoneer, B Capital Group and Microsoft’s venture firm M12 among others.
The company is also expecting a 100% compound annual growth rate in 2021. As a major disruptor in Health-tech, the company looks to increase its presence on the international as well as the Indian market. Its recent growth has shown that this is not only possible but is happening faster than anyone expected.
The disruption of Healthcare by innovative technology like AI and Big Data has been long overdue. Innovaccer is leading the charge in revolutionizing this field from the outside, and implementing this technology to make it faster, more accurate, and better overall.