Olive Valuation, Funding & Investors
Olive is not operational anymore. Its last reported valuation was $4B as of July 2021.
Last Olive valuation
$4B
Series H · Jul 2021
Last Olive funding round
$400M
Series H · Jul 2021
Cumulative funding Olive raised
$856M
across 9 funding rounds
Key investors in Olive
Drive Capital
General Catalyst
Khosla Ventures
Oak HC/FT
Tiger Global
Moonshots Capital
About Olive
Olive was a Columbus, Ohio healthcare automation company that built software workers for hospitals, health systems and health plans. It was founded in 2012 by Sean Lane and Brad Mascho under the name CrossChx, which first sold a biometric patient identity network and check-in kiosks, and it renamed itself Olive in 2018 after selling its legacy Connect platform. Its products automated administrative work such as claims processing, eligibility checks, prior authorization, utilization management and business intelligence, sold to providers and payers on a subscription basis. It grew through acquisitions of Verata Health, Empiric Health and Healthcare IP, and incubated other health technology start-ups through Olive Ventures. Olive sold its utilization management, business intelligence, clearinghouse, patient access and prior authorization units during 2023 and wound down its business in October 2023.
Founded
2012
HQ
Columbus, OHWebsite
Status
Closed
Customer focus
B2B
Revenue model
Subscription
Valuation
$4B (Jul 2021)
Olive Valuation
Olive is insolvent and not operational anymore. Read the announcement ↗
Olive was last valued at $4B, based on its Series H in July 2021. Read the announcement ↗
The $400M round was led by Vista Equity Partners, with participation from Tiger Global and Base10 Partners.
Olive's valuation grew 2.7x from $1.5B at its Series G in December 2020 to $4B in July 2021, across 2 priced rounds.
Olive valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2023 | Write-down · Insolvency | $0 |
| Jul 2021 | Series H | $4B |
| Dec 2020 | Series G | $1.5B |
Olive Funding History
Before winding down, Olive has raised a total of $856M across 9 funding rounds.
Olive's first fundraising round was a $5M Series A in April 2013. The most recent completed round was a $400M Series H in July 2021.
Olive funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2021 | Series H | Vista Equity Partners (lead); Tiger Global; Base10 Partners | $400M | $4B | Olive, an automation company creating the Internet of Healthcare, closed a $400 million funding round on July 1, 2021, led by Vista Equity Partners, achieving a $4 billion post-money valuation. Additional investment came from the Base10 Partners Advancement Initiative. The round brought Olive's total financing to $832 million since March 2020 and $902 million since its inception in 2012. Prior rounds included a $225 million Series G in December 2020 led by Tiger Global Management with participants like GV (Alphabet), General Catalyst, and others. Olive's enterprise AI platform connects patients, providers, and payers, automating workflows, improving interoperability, and turning data into actionable insights. Deployed in over 900 hospitals across more than 40 U.S. states, the technology supports digital transformation in healthcare, with healthcare identified as the top industry adopting AI at the time. The funding enables scaling product development to reach more providers and drive outcomes. Proceeds will recruit talent in product, data, and engineering, with plans to more than double employees in 2021. Olive operates a flexible 'The Grid' workforce model launched in May 2020. As part of the Base10 partnership, Olive contributes to The Olive Scholarship for Historically Black Colleges and Universities. Vista's Monti Saroya highlighted Olive's disruptive AI potential in healthcare. |
| Dec 2020 | Series G | Tiger Global (lead); General Catalyst; Dragoneer; SVB Capital; GV; Sequoia Capital; Drive Capital; Transformation Capital | $226M | $1.5B | Olive is an artificial intelligence company based in Cleveland that automates routine administrative tasks for healthcare providers. The platform uses AI to handle repetitive workflows in areas such as billing, supply chain management, pharmacy operations, prior authorizations, vendor contracts, and inventory management. By automating these burdensome processes, Olive aims to free hospital staff from manual, repetitive work and enable them to focus on patient care. In December 2020, Olive closed a Series G funding round of $225.5 million led by Tiger Global Management and joined by existing investors General Catalyst, Drive Capital, and Silicon Valley Bank along with new investors GV, Sequoia Capital Global Equities, Dragoneer Investment Group, and Transformation Capital Partners. This round brought Olive's post-money valuation to $1.5 billion, achieving unicorn status. The company had raised a cumulative $448 million since its founding in 2012, with $385 million of that raised in the nine months prior to this December 2020 round. Throughout 2020, Olive had established itself as critical infrastructure for over 600 U.S. hospitals, including 22 percent of the top 100 health systems in the country. The company employed 360 people at the time of the Series F round in September 2020 and used the new capital to accelerate product development and expand its AI capabilities across the healthcare ecosystem. |
| Sep 2020 | Series F | Drive Capital (lead); General Catalyst (lead); SVB Capital; Oak HC/FT | $106M | - | Olive is a Columbus, Ohio-based healthcare software company developing an AI workforce to automate administrative processes such as prior authorizations, benefits verification, and payments, enabling hospital staff to focus on patient care. By September 2020, Olive had expanded to serve over 600 hospitals across the U.S., including 22% of the top 100 health systems, and worked with more than 500 hospitals in 41 states as noted earlier that year. The company positions its technology as essential for operational continuity, particularly amid the COVID-19 pandemic, handling high-volume repetitive tasks in HR, finance, IT, and clinical areas faster and more accurately than humans. On September 17, 2020, Olive announced a $106 million financing round, described as additional funding led by General Catalyst and Drive Capital, with participation from existing investors Oak HC/FT and SVB Capital. This followed a $51 million round in April 2020 led by General Catalyst, also involving Drive Capital, Oak HC/FT, and Ascension Ventures, bringing cumulative funding since March 2020 to around $157 million and total since inception to over $220 million at that point. The new capital aimed to fuel growth, mobilize the AI workforce nationally, enhance automation capabilities, support expansion during peak healthcare demand, and invest in R&D and engineering. This September round preceded further rapid fundraising: a $225.5 million round in December 2020 led by Tiger Global, with General Catalyst, Drive Capital, SVB, GV, Sequoia Capital Global Equities, Dragoneer, and Transformation Capital Partners, valuing Olive at $1.5 billion and increasing total funding to $448 million since 2012. Earlier rounds included a $32.8 million Series D in 2018 with Ascension Ventures, Oak HC/FT, Drive Capital, and SVB Capital, and a $15 million Series C in 2016. By July 2021, Olive raised $400 million led by Vista Equity Partners at a $4 billion valuation, totaling $902 million raised, with products like Olive Assures for payments and Olive Helps for worker assistance. Olive's growth focused on scaling AI infrastructure, customer adoption, and ecosystem expansion amid competitive pressures in healthcare AI and automation. |
| Mar 2020 | Series E | General Catalyst (lead); Oak HC/FT; Drive Capital | $52M | - | Olive, originally founded as CrossChx in 2012, develops an AI-as-a-Service platform for healthcare, bundling robotic process automation, computer vision, machine learning, and deep learning to automate administrative processes in hospitals and health systems. The company announced a $51 million funding round on March 31, 2020, led by General Catalyst, with participation from Drive Capital, Oak HC/FT, and Ascension Ventures, bringing total funding to $123.8 million at that time. The capital was intended to accelerate growth, invest in engineering, and proliferate its AlphaSite offering, an onsite command center for enterprise-wide AI deployment. At the time of the round, Olive reported strong growth, quadrupling topline from 2017 to 2018 and tripling it from 2018 to 2019, with over 200 employees, doubled from the prior year. It partnered with more than 40 healthcare organizations encompassing over 500 hospitals across 41 U.S. states, including customers like Centura Health and Yale New Haven Health. Ron Paulus, former CEO of Mission Health, joined the board. This round preceded rapid follow-on financings amid COVID-19 demand: a $106 million Series F in September 2020 led by General Catalyst, Drive Capital, Oak HC/FT, and others; and a $225.5 million round in December 2020 led by Tiger Global, valuing Olive at $1.5 billion and bringing nine-month 2020 funding to $385 million. Later, in July 2021, Olive raised $400 million led by Vista Equity Partners at a $4 billion valuation, reaching $902 million total raised. |
| Jul 2018 | Series D | Ascension Ventures (lead); Oak HC/FT (lead); Moonshots Capital | $33M | - | Olive, formerly CrossChx, is a healthcare-specific artificial intelligence and robotic process automation company based in Columbus, Ohio, that automates repetitive, high-volume administrative tasks to improve efficiency, reduce costs, and enhance patient care in healthcare organizations. Its core AI solution, Olive, acts as an intelligent router between disparate systems, handling tasks like reducing data and billing errors, eliminating denials, and improving cash collections by shortening days in accounts receivable. The company rebranded from CrossChx to Olive in 2018 to emphasize its focus on AI-enabled automation for healthcare workflows. On July 30, 2018, Olive closed a $32.8 million Series D funding round led by Oak HC/FT and Ascension Ventures, with participation from existing investors. The capital was intended to accelerate product development, scale deployment of its AI solution nationwide, and launch new capabilities like Pupil, a process mining tool entering alpha sites that summer. This followed a pivot from its prior identity, positioning Olive as the first healthcare automation platform using AI to streamline tasks within existing systems. Olive continued aggressive fundraising post-2018, raising $106 million in a Series F six months later for total capital of $220 million, claiming over 600 hospital customers and 360 employees by then. By December 2020, a $225.5 million Series G led by Tiger Global brought cumulative funding to $448 million at a $1.5 billion valuation, though the company later faced challenges, selling assets in 2023 after peaking at a $4 billion valuation in 2021. |
| Dec 2017 | Series C | Khosla Ventures (lead) | $5M | - | Khosla Ventures invested about USD 5 million in CrossChx, the Columbus, Ohio healthcare technology company later renamed Olive, in December 2017. The investment was a follow-on to the USD 15 million round Khosla Ventures, Drive Capital, Silicon Valley Bank, NCT Ventures and Moonshots Capital had backed in April 2016, and it brought the company's total venture funding to roughly USD 40 million. At the time CrossChx sold a biometric patient identity network and the Queue patient check-in kiosk to hospitals, claiming about 1,000 deployment locations and 50 million patient profiles. The company was founded in 2012 by Sean Lane and Brad Mascho. In 2018 it sold its legacy Connect platform, took the Olive name and refocused on software workers that automate administrative work for hospitals and health systems. |
| Apr 2016 | Series C | NCT Ventures; Moonshots Capital; Khosla Ventures; Silicon Valley Bank; Drive Capital; Healthy Ventures | $15M | - | Olive, founded in 2012 originally as CrossChx, develops artificial intelligence-powered software for healthcare management, focusing on automation to improve efficiency in healthcare processes. The company raised a $15 million Series C round in 2016 with participation from Drive Capital, Silicon Valley Bank, Khosla Ventures, NCT Ventures, and Moonshots Capital. Olive continued fundraising with a $32.8 million Series D in 2018 from investors including Ascension Ventures, Oak HC/FT, Drive Capital, and SVB Capital. |
| Apr 2015 | Series B | Khosla Ventures (lead); Drive Capital | $15M | - | Olive, originally founded as CrossChx in 2012, developed healthcare technology focused on the 'internet of healthcare' and later rebranded to emphasize AI-driven robotic process automation. Drive Capital provided the first $5 million investment in 2013, followed by a Series B round of $15 million in April 2015 from Drive Capital and Khosla Ventures. Khosla Ventures, as the first Silicon Valley investor, advised founder Sean Lane to pursue massive ambitions. The 2015 round built on early traction, with CrossChx claiming 1,000 deployment locations and 50 million patient profiles by late 2017 after additional funding bringing total to $40 million. Olive scaled aggressively post-rebrand, raising further rounds like a $32.8 million Series D in an unspecified year from Oak HC/FT and Ascension Ventures to expand its AI solution and process mining tool Pupil. Subsequent funding included $51 million Series E and $106 million Series F by 2020, reaching over $220 million total, with claims of 600 hospital customers and 360 employees. |
| Apr 2013 | Series A | Drive Capital (lead) | $5M | - | Olive is a Columbus-based AI company that developed an AI workforce to automate repetitive administrative processes in healthcare, including revenue cycle, IT, supply chain, clinical administration, and human resources. Drive Capital, founded late in 2012 and focused on startups in IT, financial services, consumer, and healthcare services in the Heartland region, was an early investor in Olive, one of its first portfolio companies. Olive raised venture capital starting from its 2012 or 2013 founding, with cumulative funding reaching $63 million by 2020 and over $857 million total before shutting down in 2023 after selling its core business. |
Who has invested in Olive?
17 investors have backed Olive across its funding rounds, including Drive Capital, General Catalyst, Khosla Ventures, Oak HC/FT, Tiger Global and Moonshots Capital.
Lead investors include Vista Equity Partners, Tiger Global, Drive Capital, General Catalyst, Ascension Ventures and 2 other investors.
Olive Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Columbus, OH | 6 | Lead | Apr 2013 | |
| Cambridge, MA | 3 | Lead | Mar 2020 | |
| San Francisco, CA | 3 | Lead | Apr 2015 | |
| Greenwich, CT | 3 | Lead | Jul 2018 | |
| San Francisco, CA | 2 | Participant | Sep 2020 | |
| Austin, TX | 2 | Participant | Apr 2016 | |
| New York City, NY | 2 | Lead | Dec 2020 | |
| San Francisco, CA | 1 | Participant | Dec 2020 | |
| Austin, TX | 1 | Lead | Jul 2021 | |
| San Francisco, CA | 1 | Participant | Dec 2020 | |
| Columbus, OH | 1 | Participant | Apr 2016 | |
| San Francisco, CA | 1 | Participant | Dec 2020 | |
| San Jose, CA | 1 | Participant | Apr 2016 | |
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Start Free TrialAcquisitions by Olive
Olive has acquired 3 companies to date.
Last acquisition by Olive was on August 10th 2021. Olive acquired Healthcare IP for undisclosed valuation.
Latest Acquisitions by Olive
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Verata Health | |||
| Description | Healthcare IP is a HIPAA-compliant transaction processing service for hospitals and health systems. Nashville-based, it handles eligibility checks, claims submissions, and remittances for 400 facilities processing 50 million transactions yearly. Integrated with Epic and McKesson, the platform ensures 99 percent uptime and ERA auto-posting compliant with 5010 standards. | Empiric Health is a San Francisco-headquartered digital health platform optimizing physician performance in episodic care. The service employs proprietary analytics to benchmark clinicians against peers, driving adherence to evidence-based protocols in orthopedics and cardiology. Empiric Health partners with health systems managing over 5 million covered lives to reduce costs by 20 percent through behavior change interventions. | Verata Health, now integrated into Olive, is a Nashville-based AI platform automating prior authorizations for healthcare providers and payers. The Frictionless Prior Authorization solution processes claims in real-time, replacing fax-based workflows with electronic submissions to insurers like UnitedHealthcare and Aetna. Deployed in over 100 hospitals, it reduces approval times from days to minutes. Acquired by Olive in 2021, Verata enhances revenue cycle management across U.S. health systems. |
| HQ Country | | | |
| HQ City | Oklahoma City, OK | Salt Lake City, UT | Minneapolis, MN |
| Deal Date | 10 Aug 2021 | 13 Apr 2021 | 3 Dec 2020 |
| Valuation | undisclosed | undisclosed | $120M |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Olive acquisitions and their M&A valuation multiples. Start Free Trial | |||
Olive Competitors
Olive competitors included listed companies like Doctor Care Anywhere, NextPlat, Cambridge Cognition and Nano X Imaging, and private ones like Hospify and Medics2You.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 United Kingdom | Publicly listed | $51M | $6M | $23M | 0.5x | |
| United States | Publicly listed | $54M | ($10M) | $22M | 0.2x | |
| United Kingdom | Publicly listed | $13M | ($895K) | $20M | 1.4x | |
| United States | Publicly listed | $13M | ($67M) | $19M | - | |
| Clitheroe | Private | - | - | $1M | - | |
| London | Private | - | - | $1M | - |
Olive Public Comps
Olive is defunct now, but its public comps included AnTix Holdings, Premier Health Of America, VSee Health, Telemedycyna Polska, Medondo Holding, Feedback, NRGene and Induct.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($2M) | - | - | (0.4x) | - | |||
| $73M | ($3M) | 0.4x | 0.4x | (11.4x) | - | |||
| $15M | ($9M) | 0.2x | 0.2x | (0.3x) | (1.0x) | |||
| $1M | ($329K) | 1.5x | - | (6.0x) | - | |||
| $2M | ($822K) | 2.7x | - | (5.6x) | - | |||
| $1M | ($8M) | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Olive competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Olive
| What happened to Olive? | Olive is not operational anymore and insolvent as of 31 October 2023. |
| When was Olive founded? | Olive was founded in 2012. |
| Where was Olive headquartered? | Olive was headquartered in Columbus, OH, United States. |
| Was Olive publicly listed? | No, Olive was a private, VC-backed company. |
| What was Olive's valuation? | Olive was last valued at $4B in its Series H in July 2021. |
| How much did Olive raise? | Olive raised $856M across 9 funding rounds. |
| What was Olive's last funding round? | Olive's last funding round was a $400M Series H in July 2021, led by Vista Equity Partners. |
| Who were Olive's investors? | Olive's investors included Drive Capital, General Catalyst, Khosla Ventures, Oak HC/FT, SVB Capital, Moonshots Capital, Tiger Global, Dragoneer, Vista Equity Partners, GV and 7 others. |
| Who were Olive's competitors? | Olive's competitors included Doctor Care Anywhere, NextPlat, Cambridge Cognition, Nano X Imaging, Hospify and Medics2You. |
| How many companies did Olive acquire? | Olive acquired 3 companies, including Healthcare IP, Empiric Health and Verata Health. |
| What was the largest acquisition by Olive? | The $120M acquisition of Verata Health in December 2020 was the largest acquisition Olive made. |
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