Automation-as-a-Service solution provider Element5 raises $ 30 million in funding

Chennai: Automation as a service solution provider Article 5 Tuesday said it raised $ 30 million in a Series B funding round led by Insight Partners. The company said its latest strategic investment aims to accelerate the adoption and implementation of advanced automation solutions across various service lines within the $ 400 billion mark. acute post market.

Post-acute care refers to a range of medical care services that support an individual’s continued recovery from illness or the management of a chronic illness or disability. Founded in 2019, Element5 uses artificial intelligence (AI) -powered automation of robotic processes (RPA) to provide pre-built workflow automation solutions for post-acute care organizations.

It enables these organizations to automate their processes, eliminate highly repetitive and logic-driven administrative work, enable them to focus on higher value activities, improve operational efficiency, and combat the ongoing post-acute health workforce crisis.

“Over the past two years, we have seen significant growth in the adoption of our automation technology,” said Joe Randesi, co-founder and CEO of Element5. “The next phase of our growth journey is focused on enabling more healthcare organizations to embrace and operate the power of automation with the help of our talented development team in India.”

home health, hospice, qualified nursing facility (SNF) and senior housing facilities use Element5 to automate day-to-day processes between hiring and admissions, revenue cycle management, medical records, notifications and authorizations, and other operational tasks. With the closing of the Series B funding round, Element5 raised a total capital of $ 48.5 million.

“With this round of funding, we are thrilled to expand our teams in India with some of the best talent in the market,” said Bhavani Raman, COO and co-founder, Element5. “Element5 is building a unique product for the US healthcare markets from India and we are working relentlessly to accelerate the adoption of our product among our customer base.”

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The company is headquartered in San Jose, California and its APAC headquarters in Chennai. There are over 100 members in India who are mainly based in Chennai. The Indian team includes software developers, testers and business analysts, among other roles.

The new funding represents the company’s second investment by Insight, which also led Element5’s $ 15 million Series A in August 2021. “The reinvestment was a no-brainer for Insight,” said Jared. Rosen, Principal, Insight Partners. “We are thrilled to have the opportunity to double Element5 and look forward to partnering with Joe and the team to take the company to the next level.”

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