Olive passes $4B valuation with new funding round

Olive, a startup developing software to automate administrative tasks for hospitals, recently doubled its valuation after raising a recent funding round. The Cleveland-based company recently passed a $4 billion valuation after raising $400 million in funding.

Cleveland, Ohio-based Olive was founded in 2012. The company touts its identically named AI assistant, which is tasked with handling repetitive tasks, such as managing prior authorizations or inventory. More recently, it has added features to pull up patients’ insurance and contact information as they register for appointments. 

In April, it acquired Empiric Health, which bought it new capabilities for supply chain and clinical analysis for surgeries.

The startup claims it has more than 900 hospital clients, including 20 of the top 100 U.S. health systems. It has also ballooned in size, with more than 800 employees. 

 Olive has raised funding at a rapid pace since the start of the pandemic. Since March of last year, it has raised a total of $832 million.

Olive was last valued at $1.5 billion in December, after closing a funding round led by Tiger Global Management. The most recent funding round was led by Vista Equity Partners, which invests in data and technology-enabled startups. 

 “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,” Monti Saroya, co-head of Vista’s Flagship Fund, said in a news release. “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.” 

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