Olive raises $225.5 million

Ohio-based provider of AI to healthcare providers Olive announced it closed $225.5 million in financing. The round was led by Tiger Global and 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 has now secured $385 million in financing in the last nine months and $448 million since the company’s founding in 2012. This new round brings the company’s valuation to $1.5 billion.

Olive’s AI workforce automates healthcare’s most repetitive, high-volume administrative processes, across departments such as Revenue Cycle, Information Technology, Supply Chain, Clinical Administration, Human Resources and more, to deliver improved efficiency, reduced costs, and increased employee capacity. This latest funding round will enable Olive to accelerate product development, and the company plans to announce more capabilities in 2021 to support the entire healthcare ecosystem.

“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.” – Sean Lane, CEO of Olive.