Healthcare technology company Innovaccer announced its acquisition of Humbi AI, an actuarial software, services and analytics company used by providers, payers and life sciences companies.
Innovaccer’s cloud powers a slew of healthcare AI features like an AI-assisted care management system, contract management, ambient documentation, pre-visit summary and AI-suggested differential diagnoses.
Financial details of the deal were not disclosed.
The Humbi AI acquisition will help build out Innovaccer’s data analytics capabilities. The Nashville, Tennessee-based company combines healthcare data analytics and actuarial consulting to help healthcare organizations improve value-based contracts, manage risk and design benefits.
Humbi AI’s actuarial capabilities will be an integral component of Innovaccer's cloud platform, and the company plans to launch its own actuarial copilot, executives said in a press release.
“At Humbi AI, we believe actuarial intelligence is the key to turning complex healthcare data into strategic action,” Puneet Budhiraja, founder and CEO at Humbi AI, said in a statement. “By joining Innovaccer, we are amplifying our ability to help organizations navigate their most critical decisions with actuarial expertise and advanced analytics.”
Humbi’s trove of Medicare and Medicaid data will propel Innovaccer’s healthcare intelligence cloud. Moreover, its technology will aid in creating data-driven, value-based care contracts for providers, according to the company.
For payers, the solution will increase contract performance, payer benchmarking and provider network optimization. For life sciences, the actuarial tool will aid in drug commercialization, clinical effectiveness analysis and utilization metrics.
The company raised its series F financing in early January, at a staggering $275 million. It will use the investment to expand its collaboration with existing customers, introduce new AI and cloud capabilities and scale a developer ecosystem on the platform, executives said.
Innovaccer also bought two companies in 2024: Cured, a digital marketing and CRM platform for healthcare, and Pharmacy Quality Solutions, a pharmacy-payer performance technology.
“This acquisition is a pivotal moment in Innovaccer’s ongoing mission to transform healthcare by accelerating its shift to value-based care,” Abhinav Shashank, co-founder and CEO of Innovaccer, said in a statement. “Humbi AI’s actuarial expertise complements our existing platform, giving us the unique ability to help healthcare organizations design smarter value-based contracts, optimize drug commercialization, and manage performance in unprecedented ways.”
Over the past two years, the company has significantly grown its customer base, now serving six of the top 10 health systems and growing its public sector partnerships with San Mateo County and Alameda County. Innovaccer’s platform now supports more than 130 healthcare organizations.
The company reports 50% year-over-year revenue growth for the past five years, and it generated positive cash flow in the fourth quarter of 2024, Shashank said.