Columbus startup Olive shuts down after raising over $850 million

Today, Olive announced the sale of its core business units: Clearinghouse and Patient Access to Waystar, and the Prior Authorization unit to Humata Health. Following these sales, Olive will wind down its remaining operations.

Established in 2012, Olive secured over $856 million in investments from notable backers such as General Catalyst, Drive Capital, Ascension Ventures, Oak HC/FT, and SVB Capital. The company’s AI was designed to simplify high-volume administrative tasks across various healthcare departments, enhancing efficiency and reducing costs. Over 600 hospitals utilized this platform.

Bottom Line: “If 900 million can’t make a reasonable product nothing will.”