01 Dec, 2020, 09:00 ET
U.S.A., Dec. 1, 2020 /PRNewswire/ -- Olive announced today it closed $225.5 million in financing. The round was led by Tiger Global and joined by existing investors General Catalyst, Drive Capital and Silicon Valley Bank along with new investors GV, Sequoia Capital Global Equities, Dragoneer Investment Group and Transformation Capital Partners. Olive has now secured $385 million in financing in the last nine months and $448 million since the company's founding in 2012. This new round brings the company's valuation to $1.5 billion.
Throughout 2020, Olive has cemented itself as critical to the infrastructure of over 600 U.S. hospitals, including 22 percent of the top 100 health systems in the country. Olive's disruptive innovation will continue to intensely focus on addressing healthcare's most burdensome issues as the industry copes with more demands than ever. According to "The State of AI in 2020," a recent study released by McKinsey, COVID-19 has driven AI investment in healthcare faster than in any other industry. Since its $106 million in Series F financing mid-September, the company has announced Olive Helps, support of Tufts Medical Center's COVID-19 testing and an expanded leadership team, including the formation of the Cybernetics division.
This latest funding round will enable Olive to accelerate product development, and the company plans to announce more capabilities in 2021 to support the entire healthcare ecosystem. To help with this expansion, Olive has bolstered its executive team with two new hires:
- Ali Byrd joins as Chief Financial Officer, bringing nearly 25 years of software industry experience as an operator, advisor and investor charged with strategic and financial decision-making to support and extend Olive's market leading growth trajectory.
- Shoshana Deutschkron joins as Chief Marketing Officer, bringing more than two decades of experience in technology marketing and leading the charge to raise awareness of Olive's disruptive efforts aimed at fixing the broken healthcare system.
"For every dollar Olive makes, healthcare saves five. That amounts to pretty incredible cost savings throughout the industry, and it's helped us become an indispensable part of hospitals' recovery plan during the pandemic," said Sean Lane, CEO of Olive. "In the year ahead, we're setting our sights on the big picture -- investing in R&D to bring more solutions to hospitals and health systems that not only disrupt the industry, but also help to fix a broken system at a critical time for humanity."
To learn more about Olive, visit www.oliveai.com.
Olive's AI workforce is built to fix our broken healthcare system by addressing healthcare's most burdensome issues -- delivering hospitals and health systems 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 designed to drive connections, shining a new light on the broken healthcare processes that stand between providers and patient care. She uses AI to reveal life-changing insights that make healthcare more efficient, affordable and effective. Olive's vision is to unleash a trillion dollars of hidden potential within healthcare by connecting its disconnected systems. Olive is improving healthcare operations today, so everyone can benefit from a healthier industry tomorrow.
About Tiger Global Management, LLC
Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm's fundamentally oriented investments focus primarily on the global internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry's, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC, was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Livongo, Oscar, Snap, Stripe and Warby Parker. For more: www.generalcatalyst.com.
About Drive Capital
Drive Capital is a Columbus-based venture capital firm that is focused on investing in the world's next generation of market-defining companies. The firm started in 2013 and raised over $1B of funds to invest in startups solving problems in large markets. Drive is an investor in more than 40 companies outside of Silicon Valley, including Root Insurance, Duolingo, and Branch.
About Sequoia Capital Global Equities
Sequoia helps daring founders build legendary companies from idea to IPO and beyond. Sequoia Capital Global Equities (SCGE) extends Sequoia's technology investing efforts into the public markets. SCGE invests primarily in public companies and late-stage private companies, focusing on identifying disruptive technology themes and investing behind long-term winners in large markets undergoing secular disruption. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ's total value.
About Dragoneer Investment Group
Dragoneer is a San Francisco-based, growth-oriented investment firm with approximately $12 billion in long-duration capital from many of the world's leading endowments, foundations, sovereign wealth funds, and family offices. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm's track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, AmWINS, Ant Financial, ByteDance, Datadog, DoorDash, Farfetch, Livongo, Nubank, PointClickCare, ServiceNow, Slack, Spotify, Square, Twilio, Uber, Snowflake and others.
About Transformation Capital Partners
Transformation Capital Partners (http://transformcap.com/) is dedicated exclusively to supporting entrepreneurs building transformational digital health and technology-enabled service businesses. The firm invests at the commercial stage in companies that serve stakeholders across the healthcare system and was founded on the premise that healthcare requires a highly focused investment approach combining deep industry expertise and connectivity. Transformation is an investor in 16 companies including Health Catalyst, PatientPop, LetsGetChecked, Vera Whole Health, PatientPing, and Plushcare.
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