Olive raises $225.5mn for healthcare AI

By William Smith
Columbus, Ohio-based Olive is a provider of AI and RPA solutions to healthcare organisations...

Columbus, Ohio-based Olive is a provider of AI and RPA solutions to healthcare organisations.

With the ongoing COVID-19 pandemic highlighting fragilities in the healthcare industry, the company doesn’t mince its words when it talks of fixing a “broken healthcare system”.

Olive says its SaaS solutions are focused on relieving burdens as demand increases, reducing costs and increasing capacity via AI insights into possible efficiencies. Systems include visualisation tools and intelligent automation that learns while deployed and bring in insights from other deployments.

The company says it is present in the infrastructure of 600 hospitals in the US, and 22 of the top 100 health systems.

Its latest round of venture funding was led by Tiger Global Management, alongside General Catalyst, Drive Capital, Silicon Valley Bank, GV, Sequoia Capital Global Equities, Dragoneer Investment Group and Transformation Capital Partners. That raised $225.5mn, bringing the company’s total funding to around $450mn since its foundation in 2012, cementing its place as a technology unicorn (a startup worth over $1bn) with a new valuation of $1.5bn.

In a press release, Sean Lane, CEO of Olive, outlined the revolutionary plans for the industry: "For every dollar Olive makes, healthcare saves five. That amounts to pretty incredible cost savings throughout the industry, and it's helped us become an indispensable part of hospitals' recovery plan during the pandemic. In the year ahead, we're setting our sights on the big picture -- investing in R&D to bring more solutions to hospitals and health systems that not only disrupt the industry, but also help to fix a broken system at a critical time for humanity."

The company said it would use the funding to accelerate the development of its products, with plans to unveil more capabilities in 2021 as part of its belief that the healthcare industry has $1trn of hidden potential within it.

(Image: Olive)

Share

Featured Articles

Catching up with Sophia: gender bias in AI

Gender bias in AI is discussed often. Here, Hanson Robotics’ robot, Sophia, shares how this bias is experienced by humans and robots alike

Artificial intelligence could be a stroke of genius for golf

AI has been besting humans for years with powerful expert systems like Deep Blue and AlphaGo. Now AIs are taking up golf – but this time to help humans win

Are we ready to hand humanity’s future over to AI?

AI could contribute up to US$5.2tn to the global economy by the end of the decade, all in the name of sustainability

A watershed moment: feeding the world with AgriTech

Data & Analytics

5 minutes with: Vikram Saxena, CEO, BetterCommerce

AI Applications

AI helps handle post-Covid ecommerce explosion, says EY

AI Applications