Healthtech company Innovaccer announced that it has closed a new round of growth funding led by Tiger Global Management at a post money valuation of $1.3 billion post-money valuation. The round also saw participation from existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, and M12 (Microsoft's Venture Fund) and new investor OMERS Growth Equity.

While the quantum of the new investment stayed under wraps, the company said in a statement that this is the first financing since its series C capital raise. The company has raised a total capital of $225 million till date.

Founded in 2014 by Sandeep Gupta, Abhinav Shashank, and Kanav Hasija, Innovaccer is on a mission to help healthcare organizations care as one. With its Data Activation Platform, Innovaccer connects healthcare data across a myriad of systems and settings, delivering unified patient records and actionable insights that result in better patient outcomes and lower costs. Innovaccer’s solution has been deployed across over 1,000 locations in the U.S., enabling more than 37,000 providers to transform care delivery.

Along with the fund raise announcement, the company also launched the Innovaccer Health Cloud, a PaaS offering that allow customers and partners to develop interoperable applications that improve patient engagement and operational performance.

Abhinav Shashank, Co-founder & CEO, Innovaccer, said, "Healthcare is on the brink of a massive transformation. Over the last ten years, we have spent billions of dollars digitizing healthcare information with great success. That was step #1 of the journey. Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data but also provides a platform on which new digital services and solutions can be built with native interoperability. This is exactly what Innovaccer is doing with the launch of Innovaccer Health Cloud."

The San Francisco based company that also has a center in Noida mentioned in a statement that it has grown dramatically since its founding, forecasting a 5-year CAGR of over 100% by the end of 2021, with growth across provider, payer, and life sciences sectors all accelerating.

John Curtius, Partner, Tiger Global "At Tiger Global, we look for large market opportunities that are in the early stages of penetration. Innovaccer stands to become a meaningful beneficiary of the generational architectural shift taking place in healthcare information technology.”