U.S.A., Sept. 17, 2020 /PRNewswire/ -- Olive
continues to expand its healthcare AI workforce, announcing today
it secured $106 million in financing,
led by an equity investment from General Catalyst and Drive
Capital, along with Ascension Ventures, Oak HC/FT and
SVB Capital. Olive has raised over $220 million to date.
Olive's AI workforce has been adopted by over 600 hospitals,
including 22% of the top 100 health systems in the country.
Olive has seen a massive surge in the demand for AlphaSites,
which are onsite command centers that rapidly deploy and manage AI
workers to capture value for health systems. Olive's team has grown
this year to over 360 employees, adding 67 new Olivians in the
month of August 2020 alone. In May,
the company announced an innovative work model called The Grid,
which expanded Olive's footprint across the country to draw top
talent and strategically deploy resources as close to customers as
possible.
Olive Works as an extension of
your human workforce to automate tasks across departments such as
revenue cycle, information technology, supply chain, clinical
administration, and human resources. With Olive's support,
hospitals and healthcare systems are able to work more efficiently,
increase revenue, and expand the capacity and ROI of their human
workforce.
"The AI workforce is the biggest impact to health systems in our
lifetime," said Sean Lane, CEO of
Olive. "Olive has become a piece of critical infrastructure for
hospitals and a trusted, reliable product that expands human
capacity at a time when resources are more precious than ever. The
AI workforce has become the 'new normal'. And while we are excited
about this latest investment, we're just getting started."
To learn more about Olive, visit www.oliveai.com.
About Olive
Olive is deploying the AI workforce built
specifically for healthcare, delivering hospitals and health
systems increased revenue, reduced costs, and increased capacity.
Olive automates repetitive, high-volume tasks and workflows,
monitoring their performance, identifying improvements, and finding
opportunities for new work. Olive gives power back to providers
through her ever-growing, unparalleled intelligence made up of
shared memories, collective wisdom, and global awareness, learning
like a network, so hospitals never have to solve the same problem
twice. To learn more about Olive and our healthcare organization
partners, visit oliveai.com.
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: 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 Ascension Ventures
Ascension Ventures is a
strategic healthcare venture firm with four funds and more than
$800 million in capital under
management. The firm was launched in 2001 by Ascension, one of the
nation's largest Catholic and non-profit health systems, and today
invests on behalf of twelve of the nation's leading community
health systems. These health system limited partners collectively
operate more than 460 hospitals, have 572,000 employees and
generate $96 billion in annual
revenue. AV collaborates with these partners to identify, invest
in, and support strategically aligned private companies that are
transforming the healthcare industry and enhancing the experience
for patients, their families and caregivers. For more information,
visit ascensionventures.org.
About Oak HC/FT
Founded in 2014, Oak HC/FT is
the premier venture growth-equity fund investing in Healthcare
Information & Services ("HC") and Financial Services Technology
("FT"). With $1.9 billion in assets
under management, we are focused on driving transformation in these
industries by providing entrepreneurs and companies with strategic
counsel, board-level participation, business plan execution and
access to our extensive network of industry leaders. Oak HC/FT is
headquartered in Greenwich, CT,
with offices in Boston and
San Francisco. Follow Oak HC/FT on
Twitter, LinkedIn, and Medium.
About SVB Capital
For more than 35 years, SVB
Financial Group (NASDAQ: SIVB) and its subsidiaries have helped
innovative companies and their investors move bold ideas forward,
fast. SVB Financial Group's businesses, including Silicon Valley
Bank, offer commercial, investment and private banking, asset
management, private wealth management, brokerage and investment
services and funds management services to companies in the
technology, life sciences and healthcare, private equity and
venture capital and premium wine industries. Headquartered in
Santa Clara, California, SVB
Financial Group operates in centers of innovation around the world.
Learn more at svb.com.
Media Contact:
Rachel Forsyth
oliveai@finnpartners.com
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SOURCE Olive