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- Innovaccer
Innovaccer Revenue, Valuation, Funding & Investors
Innovaccer is valued at $3.5B as of January 2025, a 13.8x revenue multiple. Innovaccer revenue was $250M, as disclosed with its latest round.
Last Innovaccer valuation
$3.5B
Series F · Jan 2025
Last Innovaccer funding round
$275M
Series F · Jan 2025
Innovaccer revenue
$250M
Series F · Jan 2025
Key investors in Innovaccer
M12
B Capital
Tiger Global
Mubadala
Dragoneer
Steadview Capital
About Innovaccer
Innovaccer is a healthcare data platform provider offering the Healthcare Intelligence Cloud for data activation. San Francisco-headquartered, the company unifies electronic health records, claims, and social determinants data to support risk adjustment, population health, and patient engagement. Innovaccer powers value-based care for health systems, payers, and life sciences organizations across the United States.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$250M (Jan 2025)
Valuation
$3.5B (Jan 2025)
Innovaccer Valuation
Innovaccer is currently valued at $3.5B, based on its Series F in January 2025.
The $275M round included Kaiser Permanente, Danaher Ventures, M12, Generation Investment Management, B Capital and 1 other investor.
Innovaccer's valuation has grown 12x from $300M at its Series C in February 2020 to $3.5B in January 2025, across 4 priced rounds.
Innovaccer valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2025 | Series F | $3.5B | 13.8x |
| Dec 2021 | Series E | $3.2B | 12.8x |
| Feb 2021 | Series D | $1.3B | 5.2x |
| Feb 2020 | Series C | $300M | - |
Innovaccer Revenue
Innovaccer's latest recorded revenue is $250M, as of its Series F in January 2025. At a $3.5B valuation, that implies a 13.8x revenue multiple.
Revenue moved from $250M in February 2021 to $250M in January 2025, while the revenue multiple moved from 5.2x to 13.8x.
Innovaccer revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2025 | $250M | $3.5B | 13.8x | Series F |
| Dec 2021 | $250M | $3.2B | 12.8x | Series E |
| Feb 2021 | $250M | $1.3B | 5.2x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Innovaccer Funding History
Innovaccer has raised a total of $654M across 8 funding rounds.
Innovaccer's first fundraising round was a $3M seed round in May 2015. The most recent completed round was a $275M Series F in January 2025.
Innovaccer funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2025 | Series F | Kaiser Permanente; Danaher Ventures; M12; Generation Investment Management; B Capital; Banner Health | $275M | $3.5B | Innovaccer, a San Francisco-based healthcare AI platform founded in 2014, raised $275 million in a Series F funding round announced on January 9, 2025, bringing its total funding to $675 million. The round included primary and secondary investments from B Capital Group, Banner Health, Danaher Ventures, Generation Investment Management, Kaiser Permanente, and M12, matching the specified investors. A source cited in TechCrunch reported the post-money valuation for the primary funding at approximately $3.45 billion, up slightly from $3.2 billion in its 2021 round. The company provides a comprehensive AI-powered platform that unifies healthcare data from major EHR systems, offering analytics, population health management, CRM, care coordination, and AI tools like copilots for clinical decision support and automation. Innovaccer has invested over $100 million in data connectivity and serves over 130 organizations, including six of the top 10 U.S. health systems such as Kaiser Permanente and Banner Health. It has achieved 50% year-over-year revenue growth for the past five years and is on track for $250 million in annual recurring revenue in 2025. Proceeds will accelerate AI innovation, expand cloud capabilities, deepen client collaborations, and grow a developer ecosystem. CEO Abhinav Shashank positions Innovaccer as a one-stop shop for healthcare AI, competing with Optum, Health Catalyst, and Salesforce in niches like population health and CRM. The company eyes an IPO once reaching $400-500 million ARR but is not rushing. Recent acquisitions include Cured and Pharmacy Quality Solutions, and it holds Best-in-KLAS recognitions in data analytics and population health. |
| Dec 2021 | Series E | Mubadala (lead); Dragoneer; Avidity Partners; Schonfeld Strategic Advisors; Steadview Capital; OMERS Growth Equity; M12; Tiger Global; Whale Rock Capital Management; B Capital | $150M | $3.2B | Innovaccer, a San Francisco-based healthcare technology company founded in 2014, develops the Innovaccer Health Cloud, a data activation platform that unifies patient data across systems to enable providers, payers, and life sciences companies to deliver value-based, preventive care. The platform addresses healthcare data fragmentation, supporting clinical decision-making tools used by customers like Roche for antimicrobial stewardship and oncology, as well as health systems including Banner Health, CommonSpirit, Providence, One Medical, and over 50 others primarily in the U.S., with expansion into the UK and EMEA. On December 15, 2021, Innovaccer raised $150 million in its Series E funding round led by Mubadala Capital, which first invested in 2019, more than doubling its valuation from $1.3 billion (set in a February 2021 $105 million growth round led by Tiger Global) to $3.2 billion post-money. New investors included Avidity Partners, Whale Rock Capital Management, and Schonfeld Strategic Advisors, alongside existing backers B Capital Group, Microsoft's M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, and Tiger Global Management. This brought total funding to over $375 million. The capital is earmarked for R&D investment, hiring in product, engineering, and customer experience roles, and scaling operations to capitalize on accelerated digital demand in healthcare post-COVID-19. Mubadala's Alaa Halawa highlighted Innovaccer's success in building the industry's most adopted data platform amid prior failures by others. CEO Abhinav Shashank noted no near-term IPO plans, emphasizing U.S.-centric business growth. |
| Feb 2021 | Series D | Tiger Global (lead); Dragoneer; Steadview Capital; OMERS Growth Equity; M12; Mubadala; B Capital | $105M | $1.3B | Innovaccer Inc. is a San Francisco-based healthcare technology company committed to unifying patient data and leveraging artificial intelligence to automate workflows and facilitate whole-person care. The company operates a Data Activation Platform that connects healthcare data across disparate systems including EHR, lab, claims, and pharmacy systems, serving providers, payers, and life sciences organizations. In February 2021, Innovaccer closed its Series D funding round at a $1.3 billion post-money valuation, raising $105 million led by Tiger Global Management with participation from existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, and M12 (Microsoft's Venture Fund), as well as new investor OMERS Growth Equity. This round brought total capital raised to over $225 million and achieved unicorn status for the company. At the time of the round, Innovaccer had implemented its solutions in more than 1,600 care settings, unified patient records for more than 39 million people, and helped over 96,000 caregivers achieve cumulative cost savings of $1 billion. The company was forecasting a 5-year compound annual growth rate exceeding 100% and announced plans to launch the Innovaccer Health Cloud platform designed to help healthcare organizations gain a unified view of patients by aggregating and normalizing data from multiple healthcare systems. |
| Feb 2020 | Series C | Dragoneer; Steadview Capital; M12; Tiger Global; Westbridge Capital; Mubadala; B Capital | $70M | $300M | Innovaccer is a San Francisco-based healthcare data platform founded in 2014 by IIT-Kharagpur graduates Abhinav Shashank and Kanav Hasija, along with IIM-Ahmedabad MBA Sandeep Gupta. The company's data activation platform consolidates patient health records from multiple sources including health plans, pharmacies, primary care providers, hospitals, and labs by connecting with more than 200 different IT vendors. The platform provides unified patient records, population health analytics, integrated care management, and AI-based decision support to help providers coordinate patient care and access analytics on care quality and utilization. In February 2020, Innovaccer closed a $70 million Series C funding round led by Tiger Global Management, Steadview Capital, and Dragoneer Investment Group, with participation from returning investors Westbridge Capital, Mubadala, and Microsoft's M12 venture fund. The round valued the company at approximately $300 million and brought total capital raised to around $120 million. Investors including Tiger Global highlighted the company's position to capture market share as healthcare organizations sought to move legacy IT systems to the cloud and unify patient experiences. At the time of the Series C round, Innovaccer's platform was deployed across 500+ locations in the United States with more than 25,000 healthcare providers using the system. The company had processed more than 3.8 million unified patient records and claimed its customers had achieved $400 million in savings. Notable customers included Hartford HealthCare, Catholic Health Initiatives, Orlando Health, Dignity Health, Cancer Treatment Centers of America, and Harvard University. The company declined to disclose current revenue figures but stated it was targeting an annualized run rate exceeding $100 million within two years. The company had previously raised $15.6 million in a Series A round in July 2016 led by Westbridge Capital, followed by a $25 million Series B in May 2018 and an $11 million Series B extension in January 2019. By the time of the Series C round, Innovaccer employed approximately 625 people, with about 70% based in Noida, India and the remainder in the United States. The company aimed to achieve a five-year CAGR of 100% and planned to expand its customer base from 500,000 care providers over subsequent years. |
| Jan 2019 | Series B | M12 (lead) | $11M | - | Innovaccer, a healthcare data platform company founded in 2014, closed its Series B round in January 2019 with an additional $35 million investment led by M12, Microsoft’s venture capital fund, bringing total capital raised to $51 million. The company had previously raised $25 million from Westbridge Capital and Lightspeed Ventures. M12's individual investment amount was undisclosed. Innovaccer planned to use the funds to improve its platform, enhance AI-assisted decision support, and add connectors to healthcare data systems like EHRs. |
| May 2018 | Series B | Westbridge Capital (lead); Lightspeed Venture Partners | $25M | - | Innovaccer, a Silicon Valley-based healthcare data platform company, raised $25 million in its Series B funding round announced on May 9, 2018, led by Westbridge Capital with participation from Lightspeed Ventures, bringing total capital raised to $41 million. The company previously secured $15.6 million in Series A in August 2016 led by Westbridge and an undisclosed seed round in 2015 from investors including 500 Startups. Funds from the Series B were allocated to enhance its data platform, including machine learning capabilities, expanding to over 200 connectors for EHRs, HIEs, claims, and lab systems, and developing new patient engagement applications and partner platform capabilities. At the time, Innovaccer served over 500 locations and aimed to save over $1 billion in U.S. healthcare expenditures by 2020 amid rising healthcare costs reaching 18% of GDP. The investment highlighted strong product-market fit, with rapid expansion within accounts typical of top enterprise SaaS companies, positioning Innovaccer to innovate in healthcare IT. Investors like Westbridge Managing Director Sumir Chadha and Lightspeed Partner Dev Khare emphasized the potential to bring enterprise software speed to healthcare. |
| Jul 2016 | Series A | Peak XV Partners (lead); Patni Wealth Advisors; Pravega Ventures; Lightspeed India Partners | $16M | - | - |
| May 2015 | Seed | Phanindra Sama; Arihant Patni; Krishna Mehra; Nitin Singhal; Tracxn Labs; Rajan Anandan; Saka Ventures; 500 Global | $3M | - | - |
Who has invested in Innovaccer?
28 investors have backed Innovaccer across its funding rounds, including M12, B Capital, Tiger Global, Mubadala, Dragoneer and Steadview Capital.
Lead investors include Mubadala, Tiger Global, M12, Westbridge Capital and Peak XV Partners.
Innovaccer Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Jan 2019 | ||
| 4 | Participant | Feb 2020 | ||
| 3 | Participant | Feb 2020 | ||
| 3 | Participant | Feb 2020 | ||
| 3 | Lead | Feb 2020 | ||
| 3 | Lead | Feb 2020 | ||
| 2 | Participant | Feb 2021 | ||
| 2 | Lead | May 2018 | ||
| 1 | Participant | Dec 2021 | ||
| 1 | Participant | Dec 2021 | ||
| 1 | Participant | Jul 2016 | ||
| 1 | Participant | May 2015 | ||
| 1 | Participant | May 2015 | ||
This data is available for Pro users. Sign up to see all 28 Innovaccer investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Innovaccer
Innovaccer has acquired 4 companies to date.
Last acquisition by Innovaccer was on September 16th 2025. Innovaccer acquired Story Health for undisclosed valuation.
Latest Acquisitions by Innovaccer
| Description | Story Health is a Saratoga-headquartered digital health company founded in 2020 that equips cardiology, oncology, and neurology specialists with AI-powered virtual care protocols. The platform aggregates high-frequency data from wearables, remote monitors, and electronic health records to deliver real-time insights on patient physiology, treatment efficacy, and disease progression. Deployed in over 50 clinics across California and Texas, it reduces readmission rates by enabling proactive interventions. Story Health partners with insurers like Blue Shield of California and integrates with EHR systems such as Epic. | Humbi AI is a Tel Aviv-based healthcare analytics platform combining actuarial science, data engineering, and AI to optimize insurance pricing and risk management. It processes claims data for personalized underwriting and fraud detection, serving providers like Clalit Health Services in Israel. Founded in 2021, Humbi integrates with EHR systems to deliver predictive models reducing costs by up to 20 percent for payers and hospitals. | Pharmacy Quality Solutions is a healthcare technology company connecting payers and pharmacies to optimize medication management and patient gaps in care. PQS ingests and standardizes data from multiple sources into its proprietary EQUIPP platform so providers can access data-driven patient opportunities and insights. The company serves as a neutral intermediary supporting health plans, PBMs, and pharmacies for quality and value-based arrangement assessments. | Cured is a Boston-headquartered software provider building digital marketing and CRM tools for healthcare organizations. It offers pre-built templates for patient engagement across email, SMS, and apps, unifying data from providers to enhance wellness outcomes. Cured serves U.S. hospitals and clinics, integrating with electronic health records to automate interactions that improve adherence and care coordination. |
| HQ Country | ||||
| HQ City | San Jose, CA | - | Durham, NC | Indianapolis, IN |
| Deal Date | 16 Sep 2025 | 21 Jan 2025 | 12 Mar 2024 | 16 Jan 2024 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Innovaccer acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Investments by Innovaccer
Innovaccer has invested in 1 company to date.
Latest investment by Innovaccer was on September 30th 2025. Innovaccer invested in Confido Health in their $10M Series A round.
Latest Investments by Innovaccer
| Description | Confido Health is a healthcare automation provider using AI for appointment scheduling, patient follow-ups, and administrative tasks. Integrating with electronic health records and practice management systems, it operates from the United States to reduce staff workload in clinics and hospitals. The platform streamlines operations for improved patient engagement. |
| HQ Country | |
| HQ City | Jersey City, NJ |
| Deal Date | 30 Sep 2025 |
| Round | Series A |
| Raised | $10M |
| Investors | Vicus Ventures; Schema Ventures; MedMountain Ventures; Memora Health; DeVC; Together Fund; Blume Ventures |
| Valuation | $33M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Innovaccer investments and their VC round multiples. Start Free Trial | |
Innovaccer Competitors
Innovaccer competitors include listed companies like Privia Health, Indegene, ICON plc and Veradigm, and private ones like NantHealth and Unite Us.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.1B | $44M | $2.5B | 0.9x | ||
| Private | $58M | - | $2B | - | ||
| Private | - | - | $1.6B | - | ||
| Publicly listed | $366M | $68M | $1.5B | 3.3x | ||
| Publicly listed | $8.3B | $816M | $13B | 1.9x | ||
| Publicly listed | $588M | $54M | $512M | 0.9x |
Innovaccer Public Comps
Innovaccer is still privately-owned, but its public comps include CCC Intelligent Solutions, GeneDx, CareDx, Privia Health, XtalPi, Clover Health, Tieto, Doximity, Schrödinger and Qingdao Baheal Medical.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.1B | $238M | 4.8x | 4.5x | 21.4x | 10.8x | |||
| $428M | $7M | 7.1x | 6.5x | 460.2x | 177.7x | |||
| $380M | ($10M) | 6.4x | 5.3x | (247.0x) | 40.6x | |||
| $2.1B | $44M | 1.0x | 0.9x | 49.5x | 15.1x | |||
| $120M | $22M | 30.0x | 25.9x | 161.7x | (170.2x) | |||
| $1.9B | ($84M) | 1.1x | 0.8x | (25.3x) | 33.4x | |||
| $2.1B | $186M | 1.3x | 1.4x | 15.0x | 7.8x | |||
| $645M | $229M | 6.2x | 6.0x | 17.4x | 11.7x | |||
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Common questions about Innovaccer
| When was Innovaccer founded? | Innovaccer was founded in 2014. |
| Where is Innovaccer headquartered? | Innovaccer is headquartered in San Francisco, CA, United States. |
| Is Innovaccer publicly listed? | No, Innovaccer is a private, VC-backed company. |
| What is Innovaccer's valuation? | Innovaccer was last valued at $3.5B in its Series F in January 2025. |
| How much funding has Innovaccer raised? | Innovaccer has raised $654M across 8 funding rounds. |
| What was Innovaccer's last funding round? | Innovaccer's last funding round was a $275M Series F in January 2025. |
| Who are Innovaccer's investors? | Innovaccer's investors include M12, B Capital, Dragoneer, Steadview Capital, Tiger Global, Mubadala, OMERS Growth Equity, Westbridge Capital, Avidity Partners, Schonfeld Strategic Advisors and 18 others. |
| What is Innovaccer's revenue? | Innovaccer's latest recorded revenue is $250M (January 2025). |
| What is Innovaccer's revenue multiple? | Innovaccer's latest valuation implies a 13.8x revenue multiple ($3.5B valuation on $250M of revenue). |
| Which companies are comparable to Innovaccer? | Companies comparable to Innovaccer include Privia Health, NantHealth, Unite Us, Indegene, ICON plc and Veradigm. |
| How many companies has Innovaccer acquired? | Innovaccer has acquired 4 companies, including Story Health, Humbi AI, Pharmacy Quality Solutions and Cured. |
| How many companies has Innovaccer invested in? | Innovaccer has invested in 1 company, including Confido Health. |
| What was Innovaccer's last investment? | In September 2025, Innovaccer invested in Confido Health's $10M Series A alongside Vicus Ventures, Schema Ventures, MedMountain Ventures and 4 other investors. |
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