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San Francisco-based health data analytics company Innovaccer announced a strategic partnership with Saudi Arabia-based cooperative insurance company Tawuniya to speed up the adoption of value-based care and population health management in Saudi Arabia.
Innovaccer aims to improve value-based care, reducing the administrative burden and enhancing patient engagement and workflows using health analytics and data.
The company's data activation platform transforms raw data from disparate sources into actionable insights while AI-powered assistants automate low-value tasks to help reduce the burden on care teams.
The two companies, via a memorandum of understanding, agreed to combine Innovaccer’s healthcare data unification and analytics with Tawuniya’s experience in health insurance and risk management.
Additionally, the companies said plans are in place to develop a "connected ecosystem that rewards outcomes over activity, promotes preventive health and supports Saudi Arabia’s Vision 2030 agenda for a more sustainable and patient-centered healthcare system."
Through the partnership, Innovaccer’s population health tools will allow data unification, risk stratification, predictive analytics and AI-based workflows to reinforce Tawuniya’s plans in population health and value-based insurance models.
The companies said that by linking broken data systems across the organization, the partnership will help build a cohesive perspective of population health and allow stakeholders to make quicker, data-driven decisions that could improve quality of care and optimize cost.
"Tawuniya plays a central role in shaping how care is financed, delivered and experienced in Saudi Arabia," Abhinav Shashank, cofounder and CEO of Innovaccer, said in a statement.
"Together, we aim to move beyond claims and costs, to connect insights across the health continuum and enable value-based care models that improve both outcomes and sustainability. This partnership represents the next step in building the data and intelligence foundation for Vision 2030."
THE LARGER TREND
In October, Innovaccer joined forces with NVIDIA to accelerate innovation in multimodal AI for healthcare.
Via the collaboration, Innovaccer adopted NVIDIA’s full-stack AI platform, including NeMo Guardrails, NeMo Framework, Riva Parakeet NIM, Triton Inference Server and TensorRT-LLM, to accelerate speech, text and multimodal intelligence across healthcare workflows.
Deployed on GPU-powered AWS and virtual private cloud environments, the integration boosts scalability, safety and performance across Innovaccer’s generative AI initiatives.
That same month, Innovaccer launched Galaxy by Innovaccer, the company's AI-powered platform that helps payers manage risk adjustment and HEDIS across both value-based care and fee-for-service models.
According to the company, Galaxy by Innovaccer is built with specialized AI agents and interoperable data architecture that allows for navigating complex regulatory and financial environments.
Also in October, Innovaccer partnered with Olympia Orthopaedic Associates (OlyOrtho), a provider of full-service musculoskeletal care in Southwest Washington.
The aim of the partnership is to help automate OlyOrtho’s referral and scheduling operations with AI-powered tools, allowing them to scale access, improve throughput and lower manual administrative work.
In September, Innovaccer acquired virtual cardiovascular care company Story Health.
Innovaccer utilizes Story Health's platform to offer agentic care, where AI agents will help specialty care teams with non-clinical tasks and assist with patient engagement between visits.
In February, Innovaccer landed unicorn status after raising a $105 million in Series D funding. The round brought the company’s total funding to $225 million with a $1.3 billion valuation.
Its Series C funding round was announced a year ago and raised $70 million.
In January, Innovaccer secured $275 million in a Series F funding round, which was a combination of primary and secondary funding. The round brought the company's total funding to $675 million.
The Series F funds were used to expand the company's work with its existing customers, scale a developer ecosystem within its platform, and introduce new AI and cloud capabilities.
In 2021, Innovaccer announced a $150 million Series E round at a $3.2 billion valuation, which, according to the company, was driven by rapid customer adoption of the Innovaccer Health Cloud.
That same year, Innovaccer closed a round of growth funding at a $1.3 billion post-money valuation. It was the company's first financing announcement since its Series C round in 2020 in which the company raised a total of $70 million in capital.
In 2018, Innovaccer secured $25 million capital in its Series B round of funding.
The company used the funds to continue building on its product suite and go-to-market capabilities, including improving its data platform by doubling down on its machine learning capabilities and adding to its 200-plus connectors to healthcare data systems such as EHRs, HIEs, claims and lab systems.
