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San Francisco-based health data analytics company Innovaccer announced it acquired virtual cardiovascular care company Story Health.
Innovaccer, founded in 2014, works with life sciences companies, government organizations, providers and payers.
The company offers a suite of tools aimed at improving value-based care, reducing the administrative burden, and improving patient engagement and workflows using health analytics and data.
Fellow California-based company Story Health, founded in 2020, offers telehealth, health coaches, AI and connected devices to provide patients with continuous specialty care for heart-related and other chronic conditions.
It also allows doctors to access patient data and receive personalized recommendations based on a physician's historical prescribing patterns.
Innovaccer, founded in 2014, will utilize Story Health's platform to offer agentic care, where AI agents will help specialty care teams with non-clinical tasks and assist with patient engagement between visits.
"When we built Story Health, we believed specialty care needed more than software, it needed an operating model. Most platforms stop at insights. Story Health goes all the way to action. Joining forces allows us to scale nationally and turn continuous, AI-assisted specialty care into the new normal," Tom Stanis, cofounder and CEO of Story Health, said in a statement.
THE LARGER TREND
In January, Innovaccer secured $275 million in Series F funding, comprising both primary and secondary investments.
That same month, Inovaccer acquired actuarial software, analytics and services company Humbi AI, which is used by providers, payers and life sciences companies.
Last year, Innovaccer acquired a 100% stake in Cured, a digital marketing and customer relationship management platform for healthcare, and Pharmacy Quality Solutions, which provides payers and pharmacies with technology to deliver insights and guidance to support medication management for Medicaid, Medicare and commercial populations.
In 2023, Innovaccer laid off 245 workers, or about 15% of its workforce, marking its second round of layoffs in less than six months. It laid off 90 employees, making up 8% of its workforce in late 2022.
In 2021, Innovaccer secured two large funding rounds, including a $105 million Series D and a $150 million Series E.
Over the last few years, Story Health has formed partnerships with numerous providers, including Kettering Health, Intermountain Health, Zing Health, Guidehealth, Saint Luke's Mid America Heart Institute, ChristianaCare, West Virginia University's Heart and Vascular Institute, Pearl Health and Sprinter Health.
In 2022, Story Health garnered $22.6 million in a Series A funding round.
