In a significant development in the healthtech sector, San Francisco-based Innovaccer has raised $275 million in Series F funding to further its mission of unifying healthcare data and becoming a leading provider of AI solutions. The round, which includes primary and secondary components, brings the company's post-money valuation to approximately $3.45 billion, a slight uptick from its previous valuation of $3.2 billion.

Innovaccer's platform is designed to integrate patient data from various sources, including electronic health records (EHRs), insurance companies, pharmacies, and laboratories. The company has already made significant strides in this space, with six of the top ten healthcare systems in the US as customers, and is now expanding its reach to insurers, pharmaceuticals, and government organizations.

The company's suite of applications, built on its cloud-based infrastructure, includes value-based care, population health management, and customer relationship management (CRM) tools. Innovaccer is now set to introduce multiple AI co-pilots and agents, including an AI medical scribe, a tool to simplify prior authorizations, and another to help with denied claims.

Innovaccer's co-founder and CEO, Abhinav Shashank, envisions the company as a "one-stop shop for healthcare AI solutions," allowing customers to access a range of AI tools from a single platform. To achieve this goal, Innovaccer plans to develop some AI solutions in-house while partnering with or acquiring other promising AI products.

The company's focus on AI solutions has resonated with investors, including Rashmi Gopinath, who praised Innovaccer for being proactive in integrating AI solutions. Gopinath believes that the rapid advancements in generative AI will be a huge tailwind and momentum driver for the company.

Innovaccer's revenue has been growing steadily, with a 50% increase every year for the past five years. The company is on track to hit $250 million in annual recurring revenue (ARR) this year and is aiming to reach $400 million to $500 million in ARR before considering an initial public offering (IPO).

Shashank is optimistic about Innovaccer's future, stating that if the company executes its vision well, it will have an opportunity to become the biggest healthcare business within five years. With its latest funding round and expanding platform, Innovaccer is well-positioned to achieve its ambitious goals and make a significant impact in the healthcare industry.