California-based Element5, with offices in Chennai, has raised $15 million in its Series A funding round led by global private equity and venture capital firm Insight Partners. The round also saw participation from Maxwell Investment Partners.
According to the official statement, the proceeds will be utilised by the startup to accelerate the growth of its product for post-acute care and also strengthen its market foothold through customer expansion and scaling of global operations.
Founded in 2019 by Joe Randesi, Eric Gordon, and Bhavani Raman, Element5 leverages artificial intelligence (AI) and robotic process automation (RPA) to deliver SaaS-based automated workflows for home-health, hospice, senior living, skilled nursing, and other allied healthcare verticals.
It automates complex administrative tasks for post-acute care thereby freeing the healthcare personnel from time-consuming and repetitive processes. It delivers end-to-end workflow automation using software robots that log into everyday systems and perform daily administrative tasks like a human being.
Joe Randesi, Co-founder and CEO, Element5, said:
“One of the biggest challenges in post-acute care is the insane amount of manual, repetitive tasks that teams deal with to run an operation. A myriad of factors contributes to this problem, including constant regulatory and compliance challenges. Element5 is changing the way work gets done across organisations by helping teams spend less time on mundane, repetitive tasks and more time caring for patients.”
“We’re excited to close this round of funding as this investment will help Element5 propel a new era of post-acute care operations,” he said.
According to the startup, its automation-as-a-service offering can help organisations rapidly deploy automated workflows across patient intake, authorisations, medical records, revenue cycle management, and analytics. Its integrated automation hub provides data-driven insights by delivering detailed analytics on operational outcomes, efficiency, tasks status, and more.
The official statement also revealed that the startup has now raised a total of $18.5 million with this funding round.
“Without a doubt, Element5 is changing the way that post-acute care is provided and experienced. The company’s impressive growth speaks to the market fit and needs for its verticalised RPA solution. Insight is thrilled to be a part of Element5’s journey and looks forward to playing a role in the company’s continued growth,” said Jared Rosen, Vice President at Insight Partners in a statement.