Participated · Series F · Jan 2025

Innovaccer built a cloud-based data infrastructure that connects to major EHR systems and unifies patient, payer, pharmacy, and lab data to support applications for value-based care, population health management, and CRM. The company counts six of the U.S.’s top ten healthcare systems as customers and has expanded sales into insurers, pharmaceuticals, and government organizations. Innovaccer spent roughly two years and more than $100 million building EHR connectivity that underpins its platform. The company plans to layer multiple AI co-pilots and agents on top of that infrastructure, including an AI medical scribe, a prior-authorization simplification tool, and a denied-claims assistant, and intends to develop some solutions in-house while partnering with or acquiring other AI products. Innovaccer’s revenue has increased about 50% year-over-year for the past five years, and it is on track to hit $250 million in annual recurring revenue this year. CEO Abhinav Shashank says the company won’t seriously consider an IPO until it reaches $400–$500 million in ARR. Innovaccer offers a cloud software layer that connects to existing electronic health record systems, enabling healthcare providers to fetch, analyze, and activate siloed patient data without replacing legacy systems. Its platform creates a 360-degree patient view and gives clinicians deeper, near-real-time visibility into patient health by aggregating data from EHRs and patient-held sources. The San Francisco-headquartered startup, which began its journey in India, has amassed more than 50 customers including Banner Health, Roche, One Medical, CommonSpirit and Sentara. Innovaccer is focused on the U.S. market for the near term but plans to expand internationally in the future. The company was valued at $3.2 billion after a $150 million Series E and has raised over $375 million to date. It will use the new capital to accelerate research and development and to hire across product, engineering and customer-experience teams. Innovaccer provides a cloud-based data activation platform that connects healthcare data across systems to deliver unified patient records and enable interoperable applications. The company’s solution is deployed across 1,000 locations in the U.S. and has added customers such as Dignity Health, Cancer Treatment Centers of America, Embright, Valley Integrated Provider Network, and Lee Health in 2020. Innovaccer plans to use the new capital to launch Innovaccer Health Cloud, which combines its data activation platform and allows providers and partners to build interoperable third-party applications for improved patient engagement and outcomes. The company said it aims to achieve a five-year CAGR of 100% by the end of 2021. Financially, Innovaccer was valued at $1.3 billion following the latest financing and has previously raised capital including a $70 million Series C in February 2020. Innovaccer is a San Francisco-based healthcare technology company that leverages AI and analytics to automate routine workflows and reduce manual overhead. Its core product is a Data Activation Platform that unifies patient data via 200+ pre-built connectors from health plans, providers, pharmacies, labs and hospitals. The platform has made records available to more than 25,000 providers, helped unify over 3.8 million patient records and generated more than $400M in customer savings. Customers include healthcare institutions, government organizations and enterprises such as Catholic Health Initiatives, MercyOne, Orlando Health, Hartford Healthcare and Stratifi Health. Founded in 2014 by Abhinav Shashank and Kanav Hasija, the company plans to use new funding to expand its business reach and further strengthen the Data Activation Platform. Innovaccer aims to grow to 100 million unified patient records accessible to 500,000 care team members over the next few years. Innovaccer provides a healthcare data platform that simplifies complex data from across points of care, streamlines information, and delivers insights and predictions to support organizational goals. Its platform includes 200+ connectors to systems such as EHRs, HIEs, claims, and lab systems. Products have been deployed across more than 500 locations and are used by over 10,000 providers at institutions, government organizations, and enterprises. The company plans to use new funding to continue building the platform, improve AI-assisted decision support capabilities, and add to its connector set. Innovaccer was founded in 2014 and is led by CEO Abhinav Shashank, operating from San Francisco with offices across the United States and Asia. The company lists customers including Hartford Healthcare, University of California, Mercy ACO Iowa, and others.

Led · Series A · Dec 2024

1m has developed a SaaS-based platform purpose-built to help healthcare systems manage financial, operational, and regulatory risk by integrating data, analytics and monitoring tools into existing risk management workflows. The platform delivers timely, high-ROI decision support and anomaly detection, with end-to-end risk assessment workflow tools that reduce administrative burdens. It provides continuously updated, healthcare-specific risk datasets to flag emerging threats and quantifies operating and balance sheet risks for integration with long-term financial and strategic planning. Leadership-friendly dashboards surface risk management program outputs to drive engagement, and the product includes built-in risk mitigation support via proprietary data monitoring and anomaly detection tools. The company is led by former Goldman Sachs healthcare investment bankers Jeff Ellis and Chris Giuliano. 1m plans to use the new funding to expand go-to-market efforts, enhance its intellectual property, and hire technical talent.

Participated · Equity · Oct 2023

Capital Rx operates a cloud-native pharmacy benefit management (PBM) platform that adjudicates prescription drug claims and provides price transparency to employers, insurers, and other payers. The company is now broadening its technology to handle medical claims as well, positioning itself as an end-to-end claims processor across both pharmacy and medical benefits. By unifying these workflows, Capital Rx aims to give payers better visibility into total healthcare spending and negotiate more favorable rates. Management says the fresh capital will accelerate product expansion and support additional hiring to meet customer demand. The firm reports an oversubscribed funding round and cites strong interest from new and existing investors. A spokesperson disclosed that Capital Rx now carries a $3.25 billion valuation, underscoring investor confidence in its growth trajectory. Although detailed revenue or user metrics were not provided, the company emphasized that the additional funds will enable it to scale its platform nationwide.

Participated · Series B · Dec 2021

Babyscripts offers a mobile clinical solution for remote monitoring in pregnancy, combining a mobile app with internet-connected devices, digital education, and customized risk-specific experiences. The platform enables providers and payers to manage patients via risk-based care modules, remote monitoring, and automated care elements. Babyscripts reports managing more than 200K unique pregnancies across 30 states and says its tools can allow providers to manage up to 90% of pregnancies virtually. The solution is delivered via a joint deployment model that incorporates payers sponsoring platform use at participating sites to identify and triage member risk and improve care coordination. The company emphasizes targeting and reducing systemic racial and ethnic inequities in maternal and infant outcomes. Babyscripts intends to use the new funding to accelerate rollout of its Virtual Maternity Care solution across U.S. providers and to develop models specifically designed for payers; the company has raised $37M to date. Babyscripts offers a virtual maternity care platform that pairs medical-device kits (blood pressure, weight, captured blood sugars) with a mobile app to monitor and alert clinicians to maternal health issues. The platform can automate roughly 40%–50% of prenatal care and has been shown to accelerate diagnoses (for example, preeclampsia detected 13 days faster than standard care at a site). Babyscripts is used by 75 health systems across 32 states and monitors about 250,000 women annually; more than 70% of its patients are on Medicaid. The company expanded product lines from a single device to multiple targeted kits and recently launched a mental health product while developing a substance use disorder experience. Babyscripts has formed partnerships with public health departments, managed Medicaid plans and providers to enable local payment and broader deployment. The company grew enrollments 10x during the pandemic and has 45 employees, with plans to double headcount in the next 12–18 months to support product, payer growth, clinical expertise, implementation and customer success. Babyscripts builds a clinically validated virtual care platform that allows OBGYNs to deliver a new model of prenatal and postpartum care using internet-connected devices for remote monitoring. The platform offers risk-specific experiences and the company says it can allow providers to manage up to 90% of pregnancies virtually. Babyscripts has spent six years developing what it describes as the most-implemented mobile clinical solution for remote monitoring in pregnancy and was named to CB Insights' 2020 Digital Health 150. The company emphasizes partnering with physicians and health systems to guide product development and improve maternal outcomes. Its stated mission is to eliminate maternal mortality and expand access to care. Recent health-system partnerships are intended to align Babyscripts' roadmap with customer needs and support scaling of its virtual maternity care solutions. Babyscripts offers a clinically-validated virtual care obstetrics platform that uses internet-connected devices for remote monitoring to support prenatal and postpartum care. The core product delivers risk-specific experiences to allow OBGYNs to manage a large portion of pregnancies remotely. The system is designed to detect risk more quickly and automate elements of care, enabling providers to manage up to 90% of pregnancies virtually. Led by CEO and co-founder Anish Sebastian, the company has spent the last four years building this platform. Babyscripts recently acquired iBirth, expanding its offering to include a provider-delivered, co-branded pregnancy app and a more holistic pregnancy and postpartum program. Financially, Babyscripts raised $500K from Inova Health System, which will support deployment of the platform. Babyscripts develops a mobile app and remote-monitoring devices that track blood pressure and weight and deliver neonatal care information to expecting mothers. The company works with hospitals and healthcare providers to distribute its devices and software, creating a channel between patients and OBGYNs throughout pregnancy. Using remote monitoring, Babyscripts says it can tailor treatments to risk profiles and enable providers to manage up to 90% of pregnancies virtually. The platform is already being used to monitor 160,000 pregnancies across 20 states, and the company reports average patient engagement of six app or monitoring interactions per week. Leadership says the company will use funding to continue acquiring market share and build additional products for pregnancy patients, including postpartum and early-stage pediatric services through expanded offerings.

Participated · Series B · Sep 2021

Xealth is a Seattle-based company that develops digital health enablement solutions for health systems. Its platform allows providers to prescribe and monitor digital health content, apps, and services as easily as medications. The platform incorporates custom data and analytics so health systems can track, analyze, and evaluate digital health use through its integration platform. Led by CEO Mike McSherry, Xealth reports 12 million orders sent, 100,000 providers engaged, and three million patients reached to date. The company received an investment from Morningside Ventures and intends to use the funds to expand operations and its development efforts. The amount and instrument of the investment were not disclosed in the announcement. Xealth provides a platform that centralizes integration, prescribing, monitoring and governance for digital health tools within clinician workflows. The platform is tightly integrated with EHRs and has full integrations with the largest EHR vendors. It is available to more than 100,000 physicians and its deployments demonstrate a 50–80% reduction in integration and deployment costs while driving substantial patient engagement. Xealth is backed by health systems and strategic investors, including Cerner, Novartis, Philips, ResMed, McKesson Ventures, Threshold Ventures and LRV Health. The company plans to use the new funding to roughly double its team and to fund product innovation, including enhancements to its intelligence engine to better match tools to patients and scale deployments across the U.S. Spun out of Providence St. Joseph Health in 2017 and based in Seattle, Xealth has raised $52.6 million to date. Xealth provides a platform that enables health systems to organize, integrate, deploy and activate digital health tools and programs. Through the platform, clinicians can find and order digital health tools directly from the EHR workflow, send those digital orders to patients' smartphones or desktops, monitor patient engagement and analyze the effects of more engaged patients. The company raised an additional $3M in its Series A, bringing the round to $14M total, and intends to use the funds to advance development and deployment of its platform for digital health programs. Xealth spun out of Providence St. Joseph Health in 2017 and is led by CEO Mike McSherry; it is based in Seattle, Washington. It works with health systems including UPMC, the Froedtert and the Medical College of Wisconsin health network, Duke Health and other leading health systems. Xealth is a digital prescribing platform that enables clinicians to integrate, prescribe and monitor digital health tools for patients from their EHR workflows. Its platform supports patient education, online third-party apps and programs, device monitoring, and non-clinical services such as ride shares, food delivery and e-commerce recommendations. Care teams and physicians can monitor patient engagement and analyze the effects of more engaged patients. Originally incubated and spun out of Providence St. Joseph Health in 2017 and led by CEO Mike McSherry, the company is based in Seattle, WA. Xealth works with health systems including UPMC, the Froedtert and the Medical College of Wisconsin health network, Baylor Scott and White, and Duke. The company raised $11m in a Series A to accelerate expansion of its platform. Xealth is launching a digital prescribing and analytics platform that lets physicians and clinicians prescribe and track educational health content, disease-management apps, and monitoring devices directly from their EMR charting interface. The platform aggregates and filters a variety of content sources into a care provider’s existing EMR workflow, simplifying creation of a customized patient experience. Clinicians can discuss digital tools during appointments, track patient usage afterward, and schedule reminders to encourage engagement. Patients access prescribed digital health tools through their health system’s secure patient portal. Xealth was founded in 2016 by Mike McSherry and was incubated within Providence’s Digital Innovation Group. The company has raised $8.5M to support launch and expansion with participating health systems planning broader integration and use of third-party digital solutions.