iCareManager Announces Growth Investment From Five Elms Capital

Investment to Accelerate iCareManager's Mission to be the System of Record for Intellectual and Developmental Disability and Human Services Providers

• iCareManager receives growth investment from Five Elms Capital to build a leading AI-native platform for intellectual and developmental disability (IDD) care providers
• Funding will modernize the platform, expand AI capabilities, extend go-to-market reach, and grow the senior leadership team
• High-quality customer support remains core to the strategy as iCareManager serves a growing provider base
• Five Elms brings deep experience scaling vertical AI-native software businesses

COLUMBIA, Md., Nov. 10, 2026 /PRNewswire/ -- iCareManager, a leading EHR and care management platform purpose-built for providers supporting people with intellectual and developmental disabilities (IDD), today announced a strategic growth investment from Five Elms Capital. The partnership will accelerate product innovation, expand AI capabilities, grow the leadership team, and extend iCareManager's reach to more provider organizations across the U.S.

IDD providers operate in one of healthcare's most complex environments, navigating state-specific Medicaid waivers, service authorizations, billing, EVV, medication management, and compliance amid workforce shortages and financial pressure. Since 2011, iCareManager has simplified these challenges with technology built specifically for the IDD community.

iCareManager is a unified platform that connects clinical care, service delivery, compliance, workforce management, and billing for human services providers. It brings person-centered planning, eMAR, documentation, scheduling, and Medicaid billing into one view, with built-in support for state-specific rules and EVV. White-glove onboarding and ongoing support help providers adopt it with confidence.

"Over the years, we've built iCareManager with a clear purpose: to make technology work better for the people who provide support and care," said Kamal Sheikh, Co-Founder and CEO of iCareManager. "We're now entering a new era where AI will fundamentally change how people work and interact with technology. The next generation of software won't just help people manage their work; it will increasingly work alongside them. Five Elms understands what we've built, the market we serve, and where we want to go. This partnership gives us the resources and expertise to accelerate that vision, continue innovating, and bring more value to the providers who rely on us every day."

With Five Elms Capital's investment, iCareManager plans to advance the modernization of its technology platform while expanding its next generation of AI-enabled capabilities. "So much of a provider's day runs through iCareManager, from support plans and medication administration to compliance and billing, all on a single record," said Zach Gornet, Vice President at Five Elms Capital. "The AI capabilities the team is building will take real administrative weight off direct support professionals so they can spend more time with the people they serve."

Building on its integrated foundation, iCareManager is developing practical, responsible AI tools that simplify documentation, surface relevant information, and support clinical and operational decisions, reducing administrative work so staff can spend more time on quality care.

"20 years inside the daily work of IDD and assisted living providers has given iCareManager a deep understanding of the data and information behind every service delivered, and that is where AI changes everything," said Babar Nawaz, Co-Founder & COO of iCareManager. "AI will never replace the human. It will replace the admin work and the tedious work, so staff can spend their time helping individuals and residents in a much better way. With Five Elms behind us, this is a game-changing moment for iCareManager. We now have the backing to bring better, safer technology and better AI to every provider out there. The next chapter is going to be very exciting, and we are just getting started."

As iCareManager enters its next phase of growth, its mission is unchanged: giving organizations that support people with intellectual and developmental disabilities technology that simplifies operations, strengthens compliance, and frees caregivers to spend more time with the people they serve.

Austin Gideon, Principal at Five Elms Capital, commented on the investment: "Five Elms backs category-defining software built by exceptional teams, and iCareManager is exactly that. The company has become essential for agencies supporting people with intellectual and developmental disabilities. We're proud to partner with the iCareManager team on the next phase of growth."

Vista Point Advisors acted as the exclusive financial advisor to iCareManager. 

About iCareManager

iCareManager is a cloud-based EHR and care management platform for IDD, assisted living, and human services providers. Founded in 2011 and headquartered in Columbia, Maryland, the platform unifies care planning, documentation, eMAR, incident reporting, staff management, attendance, and billing and claims in a single system, and is extended by AI products that automate documentation, medication safety, care planning, and claims. iCareManager is SOC 2 Type II certified and HIPAA compliant. For more information, please visit icaremanager.com. 

About Five Elms Capital

Five Elms Capital is a growth investor in vertical AI-native businesses disrupting legacy software. We provide capital and resources to help companies accelerate growth and further cement their role as industry leaders.

With over $3 billion in assets under management and a team of over 80 professionals, Five Elms has invested in more than 70 software platforms worldwide. Beyond providing capital, Five Elms delivers strategic and operational expertise, focused on executing initiatives that move the needle on AI, growth, retention, and product to set companies up for long-term success.

SOURCE Five Elms Capital