Automation-as-a-service provider Element5 raises $30M in Series B round of funding
San Jose-based automation-as-a-service (AaaS) service provider Element5 raised $ 30 million (approximately Rs 228 crore) in a series of Series B-funded round-headed by New York-based investor, Insight Partners.
Prior to this, Element5 raised $ 15 million in the Series A round of August 2021 from Maxwell Investment Partners and Insight Partners. The current round brings in up to $ 48.5 million.
Founded in 2019 by Joe Randesi, Eric Gordon, and Bhavani Raman, Element5 uses artificial intelligence (AI)-powered robotic process automation (RPA) to deliver automated workflow automation solutions for aftercare organizations.
Post-acute care refers to a variety of medical care services that support the continuation of a person’s recovery from illness or the management of chronic illness or disability.
Startup technology allows post-acute care organizations to create their own procedures, eliminating repetitive, mind-driven management work, allowing teams to focus on high-value tasks, improve operational efficiency and combat the ongoing problem of post-operative care staff, he said. .
Through this round of funding, AaaS Implementation will focus on accelerating the adoption and distribution of innovative flexible solutions across the various service lines within the $ 400 billion after-care care market.
“We are enriched by the trust and support provided by Insight Partners who share our common vision, which is to eliminate the need for manual, repetitive after-patient care,” said Joe Randesi, Co-founder and CEO of Element5.
“The aftercare industry needs to improve efficiency and ways to overcome chronic staff shortages. Over the past two years, we have seen significant growth in the adoption of our technology and the next phase of our growth journey focuses on empowering additional health organizations to adopt and use automated power to reduce administrative costs and improve patient outcomes, ”Joe adds.
Over the past 12 months, Element5 claims to have secured a top position as an automated after-patient care provider and has been named CB by the company Health Digital 150. Element5 also has its headquarters in Chennai, India.
The startup also said that leading health care providers, hospice, SNF, and high-end residential areas rely on Element5 to implement day-to-day procedures for all admissions, revenue cycle management, clinical records, notices and accreditation, and a wide range of others. work activities.
Commenting on the investment, Eric Gordon, Founder and Chief Executive Officer of Element5, said: “Element5 introduces an automated period and aftercare providers see a huge benefit in our contributions. This round of funding is a testament to the desperate need of customers in this market. ”
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