Element5 Secures $ 30 million B Finding From Insight Partners
Kochi, May 4 : Element5, the world’s first Automation-as-a-Service solution purpose-built for post-acute care, has announced the completion of its $30 million Series B funding round led by Insight Partners. The new funding represents the company’s second investment from Insight, who also led Element5’s $15 million Series A in August 2021, a release said on Wednesday. The latest strategic investment is aimed at accelerating the adoption and deployment of advanced automation solutions across various service lines within the $ 400 billion post-acute care market. Joe Randesi, Co-Founder and CEO, Element5, said “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 organizations to embrace and operationalize the power of automation with the help of our talented development team in India.” Founded in 2019, Element5 uses artificial intelligence (AI)-powered robotic process automation (RPA) to deliver pre-built workflow automation solutions for post-acute care organizations. Element5 technology allows post-acute care organizations to automate their processes, eliminating highly repetitive, logic-driven administrative work, enabling them to focus on higher-value tasks, improve operational efficiency and combat the ongoing post-acute care staffing crisis. Element5’s team in India is over 100 members strong and primarily based out of Chennai. The India team includes software developers, testers and business analysts among other roles. “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. “We’re thrilled to have the opportunity to double down on Element5 and look forward to partnering with Joe and the team on scaling the company to the next level.” Bhavani Raman, COO, and Co-founder, Element5. “Element5 is building a unique product for the US healthcare markets from India and we’re working relentlessly to accelerate the adoption of our product among our customer base. Our growth trajectory demands exceptional talent and we look forward to growing our team with individuals who are agile, passionate about software and eager to join us on an industry transformative journey.” Over the course of the last year, Element5 has gained a dominant position as an automation provider for post-acute care and was named by CB insights as a Digital Health 150 company. With the closing of the Series B funding round, Element5 has raised total capital of $ 48.5 million. Element5 is headquartered in San Jose, Calif, with its APAC headquarters in Chennai, India.
