Olive Attracts Additional $225.5 Million Investment to Fast-Track AI Workforce For Healthcare
Tiger Global, General Catalyst Lead Funding Round That Brings Olive’s Valuation to $1.5 Billion
Olive announced 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.
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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.”