Automation service provider Element5 has raised $30 million in its Series B funding round from Insight Partners.
The startup plans to use the funds to promote the delivery of its post-acute healthcare solutions and more people on board in India. It also plans to double the strength of its engineering team in India.
US and Chennai-based Element5 was founded in 2019 by Bhavani Raman, Eric Gordon, Jeffrey McQuilliams, and Joe Randesi, It uses artificial intelligence (AI)-powered RPA to deliver a pre-built workflow automation solution for post-acute care organizations.
“Over the last two years, we have witnessed significant growth in the adoption of our automation technology. The next phase of our growth journey is focused on enabling more health organisations to operationalise the power of automation with the help of our talented development team in India”, said, Joe Randesi, Co-Founder and CEO of Element5.
The startup said it aims to accelerate the adoption and deployment of advanced automation solutions across various service lines within the $400 billion post-acute care market.
The company has a 100-member strong team in India, primarily in Chennai, consisting of engineers and product developers including RPA (Robotic Process Automation) developers, quality analysts and business analysts.
“After seeing the game-changing impact that Element5’s innovative solution has had on the post-acute care market in such a short period of time, reinvesting was a no-brainer for Insight”, said, Jared Rosen, Principal, Insight Partners.
With this fundraising, the company has raised $48.5 million so far. In August 2021, Element5 had raised $15 million in its Series A funding round from Insight Partners.
Element5 uses Robotic Process Automation (RPA) and Artificial Intelligence (AI) to interact with current systems and complete work on your behalf. Element5’s AI+RPA, often referred to as intelligent process automation or IPA, is delivered in the form of workflows. Accompanying each automated workflow are rich, powerful analytics that helps clients gain valuable insight into their business operations.