Olive, which has developed an artificial intelligence workforce for the health care industry, said it closed $225.5 million in financing to bring its valuation to $1.5 billion.
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Tiger Global led the round and was joined by existing investors General Catalyst, Drive Capital and Silicon Valley Bank along with new investors GV, Sequoia Capital Global Equities, Dragoneer Investment Group and Transformation Capital Partners.
Olive’s workforce of interconnected bots work to automate health care’s most redundant, data-heavy tasks, such as prior authorizations, insurance verifications and account updates.
“It looks like a human working really fast on the screen,” Olive’s CEO Sean Lane told Crunchbase News. “Olive learns how to use software, and we can train her to take on workflows in areas such as accounts receivable, supply chain and even the pharmacy.”
The new funding will go toward product development, with plans to announce additional capabilities in 2021, including a new AI co-worker and product to help hospitals get paid faster from insurance claims.
Meanwhile, Olive is on a good growth trajectory, Lane said. The company’s sweet spot is hospital systems that have 15 to 20 hospitals, and it is working now with more than 600 hospitals. In addition, its workforce grew–this year alone–from 180 to more than 400.
“We are committed to rolling out new products for health systems, as well as inside the payer market to bring more efficiency there, too,” Lane added.
Illustration: Li-Anne Dias
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