Healthcare automation firm Element5 raises $30 mn
US and Chennai-based automation service provider Element5 on Tuesday said it has raised $30 million in its Series B round led by Insight Partners
Chennai: US and Chennai-based automation service provider Element5 on Tuesday said it has raised $30 million in its Series B round led by Insight Partners, and it will use the money to boost the delivery of its post-acute healthcare solutions and on-board more people in India.
Element5's 100-member strong team in India, primarily in Chennai, has engineers and product developers, including RPA (robotic process automation) developers, quality analysts and business analysts, among others.
"Over the last two years, we have witnessed significant growth in the adoption of our automation technology. The next phase of our growth journey is focused on enabling more health organisations to operationalise the power of automation with the help of our talented development team in India," said Joe Randesi, Co-Founder and CEO, Element5. The company plans to double its engineering team strength in India.
Insight also led Element5's $15 million Series A funding in August last year. The latest investment, said the company, is aimed at accelerating the adoption and deployment of advanced automation solutions across various service lines within the $400 billion post-acute care market.
Founded in 2019, Element5 uses artificial intelligence (AI)-powered RPA to deliver pre-built workflow automation solutions for post-acute care organisations.
"After seeing the game-changing impact that Element5's innovative solution has had on the post-acute care market in such a short period of time, reinvesting was a no-brainer for Insight," said Jared Rosen, Principal, Insight Partners.
With this round, Element5 has raised $48.5 million to date.