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Healthtech unicorn Innovaccer has more doubled its valuation in its latest Series E funding round of $150 million, and is now valued at $3.2 billion.

Innovaccer was the second Indian startup to cross the billion-dollar valuation mark in February this year with a valuation of $1.3 billion.

The latest Series E round of funding was led by Mubadala Capital, with participation from existing investors B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, Tiger Global Management, and new investors Whale Rock Capital Management, Avidity Partners, and Schonfeld Strategic Advisors.

Innovaccer plans to use the fresh funds to invest in R&D and recruit new hires as it rapidly scales its customer experience, product, and engineering talent.

The startup, which was founded in 2014 by Sandeep Gupta, Abhinav Shashank, and Kanav Hasija, is now headquartered in San Francisco with an India centre in Noida. Innovaccer was also on YourStory‘s Tech30 list of emerging startups in 2015.

The startup attributed the rise in its valuation to the rapid customer adoption of its health cloud platform which brings together different forms of data generated in a healthcare system into a single view, thereby enabling better care at a lower cost.

“We’ve reached a turning point in healthcare, where the world of fragmented, fee-for-service ‘sick care’ is giving way to a new world of integrated, value-based, preventive care,” said Abhinav Shashank, Co-founder and CEO of Innovaccer.

The co-founder believes the information in the healthcare ecosystem among hospitals, patients, insurance companies, and pharmaceutical firms is very fragmented and Innovaccer’s platform creates a friction-free flow of information.

“We have been investors in Innovaccer since 2019, and believe that the company has all the necessary pillars to define the new gold standard of how the Health Cloud should be implemented by providers, payers, and life sciences companies,” said Alaa Halawa, Partner and Head of the US ventures business at Mubadala Capital.

“Our collaboration with Innovaccer is creating a new generation of clinical decision support tools across a wide range of use cases that will empower clinicians to deliver more precise, personalised care,” said Sukhveer Singh, Global Head of Healthcare Insights, Roche Information Solutions.