Element5 has raised $30 million Series B funding round which was led by Insight Partners.
The latest funding highlights the company’s second investment from Insight, which was valued at $15 million Series A in August last year.
The newest strategic investment is planned to focus on accelerating the adoption and deployment of advanced automation solutions across various service lines within the $400 billion post-acute care market.
With the closing of the current round, Element5 has evaluated the total capital of $48.5 million to date.
Element5 was founded by Joe Randesi, and Bhavani Raman in the year 2019. Element5 is an automation-as-a-service startup that uses artificial intelligence (AI)-powered robotic process automation (RPA). The technology permits post-acute care organizations to automate their processes, removing highly repetitive, logic-driven administrative work, enabling them to focus on higher-value tasks, and improvising operational efficiency.
Element5 has attained a dominant position as an automation provider for post-acute care that was named by CB insights as a Digital Health 150 company. Element5 automates everyday processes across intake & admissions, revenue cycle management, clinical records, notifications and authorizations, and a broad range of other operational tasks.
EXECUTIVE OPINION:
“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 organizations to embrace and operationalise the power of automation with the help of our talented development team in India," said Joe Randesi, Co-Founder and CEO, Element5.
Bhavani Raman, COO, and Co-founder, Element5, said, "Element5 is building a unique product for the US healthcare markets from India and we’re working relentlessly to accelerate the adoption of our product among our customer base. Our growth trajectory demands exceptional talent and we look forward to growing our team with individuals who are agile, passionate about software and eager to join us on an industry transformative journey."
