The Venture Codex

Led · Series B · May 2023

Carrum Health provides surgical and cancer treatment guidance and coordination for self-funded employers through a Centers of Excellence network that offers all-inclusive pricing and a 30-day warranty. Members pay a fee for access to the network and care coordination. The company launched an oncology offering in partnership with Memorial Sloan Kettering Cancer Center and University of Chicago Medicine after the 2021 investment. Carrum reports a revenue compound annual growth rate of 90%–100% over the last three years and nearly doubled its book of business in 2022. It added six new partners including CVS, Included Health, Accolade, Rightway, SWORD Health and Virgin Pulse and says demand has surged in 2023. The company plans to invest aggressively in its oncology solution and continue expanding its core surgical offering. Carrum Health operates a platform that connects employer-sponsored insurance plans with surgical centers of excellence. It uses machine learning to collect and analyze data on surgical outcomes and care to identify centers of excellence across the U.S. The company offers self-insured employers bundled surgical pricing with no co-pays, deductibles or co-insurance; customers pay a fee and receive a 30-day warranty covering costs from complications or botched operations. Using Carrum can yield savings of up to 50% on surgical expenses, and employees access a mobile app providing virtual care before, during and after surgeries. Named customers include Quest Diagnostics and US Foods, and participating centers of excellence include Johns Hopkins HealthCare, Mayo Clinic and Tenet Healthcare. Carrum plans to expand its reach and add additional services in 2021; it raised $40 million in Series A funding to support sales and marketing, product expansion, and technology improvements. Carrum Health is a comprehensive bundled payment platform that connects self-insured employers to regional healthcare providers through standard bundled payment arrangements. Founded in 2014 and led by CEO Sachin Jain, the company operates from San Francisco and currently serves more than 400 employer groups on the U.S. West Coast. The platform manages acute care bundles intended to control costs and coordinate care for employers and employees. Carrum plans to expand its offering by adding additional acute care bundles in orthopedics, spine and cardiac care and by adding service lines such as bariatrics and maternity. The company will use new funding to enhance its technology and operations platform and to improve analytical insight capabilities.

Led · Series E · Jun 2022

Aledade partners with more than 2,400 independent primary care practices and community health centers across 46 states, supporting over 20,000 clinicians who care for nearly 3 million Medicare patients. Its platform combines data analytics, user-friendly workflows, coaching, and policy expertise to help physicians earn shared savings for improving patient outcomes rather than volume of services. In the 2024 Medicare Shared Savings Program (MSSP) performance year, 93 % of Aledade-affiliated accountable care organizations (ACOs) generated shared savings, compared with less than 70 % of non-Aledade participants. Those ACOs delivered $1 billion in savings in 2024 alone and more than $3 billion since the company’s launch in 2014. The company plans to accelerate shared-savings distributions to clinicians and expand its national footprint by leveraging additional working capital. Aledade is structured as a public benefit corporation, reinforcing its mission to improve care quality while lowering overall costs.

Participated · Series D · May 2022

Imply builds fully managed databases powered by the open-source Druid engine to enable real-time and historical analytics at low latency. Its product lineup includes Polaris, a cloud database service designed to simplify streaming, visualization, and other aspects of real-time analytics. The company positions itself as the enterprise version of Druid, emphasizing high concurrency and value for streaming and batch data use cases. Imply claims more than 150 customers, including Atlassian, Cisco ThousandEyes, InterContinental Exchange, and Reddit. The company plans to use recent funding for product development and to grow headcount from about 200 employees to 300 by year-end. Imply has raised $215 million in venture capital to date and declined to disclose current revenue. Imply builds an Analytics-in-Motion platform and commercial distribution around Apache Druid that serves as the engine for analytics-powered applications and internal BI/operational analytics. Its product emphasizes interactive sub-second queries, high ingestion throughput, real-time and historical data loads, and configurable price/performance for large-scale use. Imply says adoption of both its commercial offering and open-source Druid grew over the past year and the company has surpassed 100 enterprise and digital-native customers. The company intends to use the new funding to extend market leadership in the Analytics-in-Motion category and accelerate commercial momentum. Imply has expanded its executive team following the round and added a new board member from the lead investor. The company operates in North America, Europe, and Asia Pacific. Imply offers a cloud-native real-time analytics solution that uses Apache Druid as its engine to deliver sub-second queries, high-speed ingest, and intuitive visualizations for event-driven and streaming data. The company packages Druid with a responsive analytics UI, cloud-native deployment and management, performance monitoring, and enterprise-grade security, and can run self-hosted or as a managed service on public or private clouds. It natively integrates with streaming sources such as Apache Kafka and Amazon Kinesis and with file systems including HDFS, Amazon S3, and Google Cloud Storage. Imply says it grew ARR eightfold over the 24 months preceding the funding and cites adoption of Druid by companies like Netflix, Lyft, Pinterest, and Airbnb. The company will use the financing to accelerate product development and expand its go-to-market efforts, and it offers Imply Cloud and a free trial of its software. Founded in late 2015 and operating in North America, Europe, and Asia Pacific, Imply has raised $45.3 million in total funding. Imply provides an open event analytics platform based on Druid that includes visualizations and critical deployment, management, and security software. The platform handles vast amounts of streaming and historical data and can explain why data patterns exist. The company announced general availability of Imply Cloud, a service created to make Druid/Imply easier to use and manage. Co-founded by Fangjin Yang (CEO), Gian Merlino (CTO), and Vadim Ogievetsky (CPO), Imply is based in Millbrae, CA. It raised $13.3M in Series A funding and will use the proceeds to accelerate development of its operations analytics platform. The round underscores a push to expand the company's analytics and cloud offerings. Imply provides interactive analytics at scale centered around the open-source Druid data store. It launched a free and open-source analytics platform that repackages Druid and adds components to simplify installation, use, and management. The company also created Pivot, an open-source visual data explorer that lets users explore relations between dimensions and watch and analyze events as they happen. Imply is led by Fangjin Yang, Gian Merlino and Vadim Ogievetsky. The company launched with $2M in seed funding from Khosla Ventures and intends to use the funds to continue building the platform. Ari Zilka, former CTO of Hortonworks, joined Imply’s board as part of the launch.

Participated · Equity · Dec 2021

Dialpad is an AI-powered cloud communications and collaboration platform offering a unified business phone system, team messaging, video meetings and an AI-powered contact center in a single application. The company emphasizes a native AI-first approach, including its Voice Intelligence (Vi) transcription model and searchable call archives, to deliver its TrueCaaS™ unified communications solution. Dialpad says more than 7,000 brands and millions of people use its platform, and it has analyzed over two billion minutes of data; headcount increased roughly 50% year-over-year to nearly 1,000 employees. The company will use the $170 million financing to further develop and apply native AI across its platform and to hire data engineering, natural language processing, machine learning and customer-facing talent to support rapid global growth. Recent corporate moves include acquisitions of Kare Knowledgeware and Koopid and a partnership with T‑Mobile for Business, alongside expansion into Australia, New Zealand, Japan and EMEA. Dialpad has received industry recognition in reports including IDC MarketScape, the Gartner Magic Quadrant, Frost & Sullivan and multiple G2 categories. The company is based in San Francisco and has raised $418 million in capital to date, with the latest round valuing it at $2.2 billion. Dialpad offers an AI-powered single platform for voice, video, messaging and contact centers, built on Google Cloud Platform and powered by its proprietary Voice Intelligence engine. Its Voice Intelligence provides real-time coaching, automated note-taking, sentiment and transcription analytics to help businesses and contact centers improve customer experiences and employee productivity. The company reports more than 70,000 businesses use its platform, and its partnership with SoftBank has helped migrate over 1,000 customers and 50,000 users in Japan to cloud telephony. Dialpad plans to expand product availability and CCaaS offerings in Japan and the broader APAC region through a deepened strategic relationship with SoftBank. The company cites demand from the pandemic-driven shift to remote work as accelerating adoption of cloud communications. Financially, Dialpad has raised $250 million to date at a valuation over $1.2 billion. Dialpad provides business-centric voice, video and contact-center services for enterprises. The company has emphasized AI across its products, launching VoiceAI in 2018 and offering Voice Intelligence (Vi) features such as automated note-taking, call transcripts and sentiment analysis. Recently Dialpad acquired video conferencing service Highfive, adding deeper expertise in mobile video and conferencing room devices. Dialpad reports an annual run rate of more than $100 million and serves over 70,000 customers, including Uber, Motorola Solutions, Domo and Xero. The company employs about 500 people and says it is continuing to invest in real-time speech recognition, natural language processing and voice analytics to support its platform. Dialpad operates a business communications platform that includes cloud calling and conferencing (UberConference) alongside VoiceAI for voice transcription, sentiment analysis and analytics. VoiceAI was launched shortly after Dialpad acquired TalkIQ in May. The company announced an Alexa integration in April and is working with voice-driven devices as it pursues AI and IoT opportunities to expand the platform. Dialpad says it has over 50,000 customers, including WeWork, Stitch Fix, Uber and Reddit, and added over 10,000 customers since its last funding round in September 2017. The company plans to use the new funding to continue investing in artificial intelligence across the Dialpad platform. Dialpad competes with large incumbents and other cloud-meeting providers such as Google, Cisco, GoToMeeting (LogMeIn), Zoom and BlueJeans. Dialpad offers an all cloud communications service that includes voice, video, messaging and meetings and is built on the Google Cloud Platform. The platform integrates with Microsoft Office 365 and Google’s G Suite. Dialpad serves international enterprise, educational and SMB customers and reports over 48,000 business customers and more than 65 percent of the Fortune 500 using the service. The company lists customers including Uber, Motorola Solutions, Vivint Solar, Xero, Financial Times, Betterment, PagerDuty, Stripe and Quora. Dialpad said it is beginning a North American expansion effort. Financially, the company has raised $70 million to date and added $17 million in this follow-on financing to fund growth.

Participated · Series E · Dec 2021

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.