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Automation-as-a-Service (AaaS) startup, Element5 has secured $30 Mn of funding in a Series B round. The round was led by Insight Partners.

The fresh capital will be deployed to accelerate the startup’s offerings and hire new talent in India to build a healthcare product. 

The latest investment comes after Element5 raised $15 Mn in a Series A funding round in August 2021. The round was also led by Insight Partners. Maxwell Investment Partners and LLC also participated in the round.

Founded in 2019 by Joe Randesi, Eric Gordon, and Bhavani Raman, Element5 deploys artificial intelligence (AI) and robotic process automation (RPA) to offer SaaS-based automated workflows for home-health, hospice, senior living, skilled nursing and other related healthcare verticals. 

The startup counts Buckeye, amedisys, CommonSpirit, and Graham Healthcare Group as its customers.

As per the statement, it is presently building a product in India to address the US healthcare markets.

It claims to have grown by 4X year-on-year (YoY). It has raised $48.5 Mn funding to date. It has a headcount of over 130, as per the website. 

In 2020, it reportedly secured $2.5 Mn of funding in a seed round to scale its operations and footprint. 

Other Deals In India’s AI Sector 

According to an IDC report, the Indian artificial intelligence market reached $3.1 Bn in 2020. It is expected to reach further to $7.8 Bn at a CAGR of 20.2% by 2025.

In March 2022, B2B SaaS startup Draup secured $20 Mn (about INR 152 Cr) from the US-based private equity firm HKW to accelerate its AI capabilities and expand product portfolio.

In January 2022, Delhi-NCR and Palo Alto-based contact centre software startup SaaS Labs raised $42 Mn in a Series B funding round led by Sequoia Capital India. 

Base 10 Partners and Eight Roads Ventures also participated in the round along with angel investors Amit Agarwal, Allison Pickens, Anand Chandrasekaran, and Michael Stoppelman.

In December 2021, SaaS-based platform for movement health industry, Spry secured $3 Mn in a seed funding round led by venture capital fund Together Fund.

Other investors in the round included FJ Labs, the VC firm of OLX cofounder Fabrice Grinda, Pareto, the early-stage venture capital firm by Shutterstock founder Jon Oringer, Knowledge Capital, AngelList, Whiteboard Capital, founders of Silicon Valley-based healthcare SaaS company Innovaccer, among others.