Funding turbocharges growth of new instant claim payment solution and public release of Olive Helps, healthcare's superhuman sidekick
Company creates "The Olive Scholarship" as part of Base10's Advancement Initiative
U.S.A., July 1, 2021 /PRNewswire/ -- Olive, the automation company creating the Internet of Healthcare, announced today it closed a $400 million funding round, bringing the company to a $4 billion valuation. The round was led by Vista Equity Partners ("Vista"), a leading global investment firm focused on enterprise software, data, and technology-enabled businesses, with additional investment from the Base10 Partners Advancement Initiative. As a Base10 Advancement Initiative portfolio company, Olive will contribute to scholarship and financial aid awards for America's Historically Black Colleges and Universities, which will become known as The Olive Scholarship.
Olive's AI workforce connects patients, providers and payers to automate burdensome workflows and support human workforces, and has been a catalyst for healthcare's pace of digital transformation pulling ahead of other industries. A recent McKinsey study, "The State of AI in 2020," found that healthcare was the top industry adopting AI. This latest round of funding will allow Olive to further scale product development, reaching more healthcare providers who can use Olive's technology to drive life-changing outcomes. Olive has now secured $832 million in financing since March 2020, and $902 million since the company's inception in 2012.
"Olive is the leading force for rapid product development to better empower the humans in healthcare. She is being hired at health systems and insurance companies across the country at lightning speed," said Sean Lane, CEO of Olive. "Olive's widespread adoption as mission-critical tech makes it clear that now is the time for the healthcare industry to pull into the lead position for enterprise AI adoption."
"At Vista, we believe in the transformative power of technology and see incredible potential in Olive's ability to connect healthcare providers in new ways," said Monti Saroya, Co-Head of Vista's Flagship Fund and Senior Managing Director. "We believe the company's AI capabilities are poised to deliver true disruption to the healthcare industry through automating and optimizing workflows, improving interoperability and turning critical data into actionable insights. We look forward to working closely with Olive's management team as they continue to execute on their vision."
Olive's enterprise AI is now in place at more than 900 hospitals in over 40 U.S. states, including more than 20 of the top 100 U.S. health systems. To drive true transformation Olive is leveraging network efforts as it connects healthcare, delivering constantly growing intelligence across the industry through a series of new products, as well as acquisitions and a platform that developers are able to build off of.
Olive doubles down on innovation and expanding its ecosystem to transform healthcare
Since the company's most recent valuation of $1.5 billion in December 2020, Olive strengthened its position in the clinical intelligence space with its acquisition of Empiric Health and took aim at accelerating the provider payments process with Olive Assures. This month, the company is making available Olive Helps, healthcare's superhuman sidekick that improves the speed, quality and impact of healthcare workers, as a free download to the public. Additionally, the company is opening its software to a community of developers – from individuals to companies large and small – with the goal of making it the first true platform for healthcare. Its developer's kit, called the "Loop Development Kit," is available for anyone to get their solutions in front of the nation's leading healthcare users and help be part of the technology community transforming healthcare.
Hiring talent from across the country on a flexible "Grid" model
To enable these new product developments, funding will also be used to recruit new talent across the country as Olive rapidly scales its product, data and engineering talent, among other roles. Over the course of 2021, Olive is expected to more than double its number of employees. The company has a flexible workforce model called "The Grid" that launched in May 2020 and was recommitted to recently with Olive empowering employees to live and work wherever they choose. When The Grid model launched about a year ago Olive had approximately 230 employees in less than 20 states. The company now has approximately 800 employees spread across 43 states.
Olive is the automation company creating the Internet of Healthcare. The company is addressing healthcare's most burdensome issues through automation -- delivering hospitals, health systems and payers increased revenue, reduced costs, and increased capacity. People feel lost in the system today and healthcare employees are essentially working in the dark due to outdated technology that creates a lack of shared knowledge and siloed data. Olive is driving connections to shine new light on healthcare processes, improving operations today so everyone can benefit from a healthier industry tomorrow.
About Vista Equity Partners
Vista is a leading global investment firm with more than $75 billion in assets under management as of December 31, 2020. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista's investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future—a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.
About Base10 Partners
Base10 is a San Francisco-based venture firm investing in Automation for the Real Economy. Founded by Adeyemi Ajao and TJ Nahigian, the firm focuses on Automation impacting many sectors of the Real Economy, including transportation, hardware manufacturing, logistics, and construction. Portfolio companies include The Pill Club, Chili Piper, Popmenu, and Pangaea. Base10's Advancement Initiative is a first-of-its-kind venture fund that donates 50% of profits to America's Historically Black Colleges and Universities. The Advancement Initiative invests in leading pre-IPO companies including Brex, Plaid, Attentive, and Nubank. Connect via base10.vc.
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