Funding led by Oak HC/FT and Ascension Ventures to enable company to accelerate product development and scale its technology to healthcare organizations nationwide
CrossChx rebrands itself as Olive to reflect commitment to building meaningful AI-enabled robotic process automation solutions for healthcare
COLUMBUS OH, July 30, 2018—Olive, the premier healthcare-focused robotic process automation and artificial intelligence company, announced today that it has raised a $32.8 million Series D round from Oak HC/FT and Ascension Ventures with participation from existing investors. The round will help the company scale its eponymous AI solution, Olive, throughout healthcare organizations nationwide and invest in new capabilities such as Pupil, its process mining tool, that will be launched at alpha sites this summer.
“Hospital operations have grown unsustainably complex as providers must adopt new technologies, workflows, and regulations with increasing frequency in order to provide best-practice care,” added John Kuelper, Investment Director at Ascension Ventures. “Olive’s cutting-edge process mining and automation technologies are enabling our firm’s health system partners to continually optimize clinical and administrative operations so caregivers can spend more of their time on patient care.”
“Olive arrives at a time when healthcare organizations are burdened with improving efficiency, reducing costs, and enhancing the patient experience,” said Sean Lane, Founder and CEO of Olive. “Olive handles repetitive, high-volume tasks, which allows employees to get back to patient care and presents healthcare organizations with value that could not otherwise be realized.”
“As the first healthcare automation solution on the market using AI to streamline repetitive tasks and workflows by working with existing systems, Olive is uniquely positioned to counteract the ever-increasing cost of healthcare and humanize the cumbersome process,” said Billy Deitch, Principal at Oak HC/FT. “We are excited to partner with Olive to deploy its innovative technology at scale.”
Billy Deitch, Principal at Oak HC/FT and John Kuelper, Investment Director at Ascension Ventures, will join the company’s board of directors.
Earlier this year, Olive divested its legacy Connect platform and related products including Connect biometrics, Queue registration kiosk, and the CrossChx Connect mobile app to DHS Group.
Olive is a healthcare-specific artificial intelligence and process automation company that empowers healthcare organizations to improve efficiency and patient care while reducing costly administrative errors. Its eponymous AI solution, Olive, acts as the intelligent router between systems and data by automating repetitive, high-volume tasks and workflows, providing true interoperability. Olive has helped healthcare organizations reduce data and billing errors, eliminate denials for no coverage, improve cash collections by reducing days in A/R, and more. To learn more and receive updates, visit www.oliveai.com.
ABOUT OAK HC/FT
Founded in 2014, Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). With $1.1 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn and Medium.
ABOUT ASCENSION VENTURES
Ascension Ventures is a strategic healthcare investment firm with four funds and more than $800 million in capital under management. The firm was launched in 2001 by Ascension, the nation’s largest Catholic and non-profit health system, and today invests on behalf of thirteen of the nation’s leading community health systems. These health system limited partners collectively operate 474 hospitals, have 578,000 employees and generate $88 billion in annual revenue. AV collaborates with these partners to identify, invest in, and support strategically aligned private companies that are transforming the healthcare industry and enhancing the experience for patients, their families, and caregivers.