Welcoming Olive to the Oak HC/FT Family!

Welcoming Olive to the Oak HC/FT Family!

Originally published on Oak HC/FT

Today, we led the Series D financing in Olive (formerly known as CrossChx), the leading healthcare provider of robotic process automation (“RPA”) tools. Through its eponymous platform, the company streamlines repetitive, high-volume tasks by leveraging the systems and tools that its customers already have in place without complex integrations. Leveraging AI, Olive helps hospitals and health systems reduce costs, eliminate clerical error, boost efficiency, and improve satisfaction.

Our investment in Olive is the result of our thematic pursuit for solutions that help drive efficiency and lower costs using automation technology. While Olive is not unique in providing RPA solutions, we have yet to come across another company with as much proven expertise in solving challenges unique to healthcare. Sean Lane, the CEO and founder of Olive, and his team have developed a platform that delivers an immense amount of value without needing to fundamentally change the way its customers do business.

We spoke with many of Olive’s customers all of whom confirmed how integral the technology has become to their day-to-day operations. Many users referred to Olive as another member of their team, describing the work “she” did, stating they couldn’t imagine their workflow without “her.” This is the sort of thing that really underscores how Olive goes far beyond a typical software solution.

The use cases for Olive within the healthcare ecosystem are seemingly endless and we see them as only continuing to grow as the company expands with next-generation technology like Pupil, the company’s process mining solution. We look forward to partnering with the company to support growth strategies and scale the business. Alongside Ascension Ventures, Drive Capital, SVB Capital, and the other existing investors participating in this round, we at Oak HC/FT could not be more excited to partner with Sean and his team on their journey.

Olive (f/k/a CrossChx) Closes $32.8 Million Series D Financing

Olive (f/k/a CrossChx) Closes $32.8 Million Series D Financing

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.

ABOUT OLIVE
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.

NCI Forms Innovative AI Partnership with CrossChx

NCI Forms Innovative AI Partnership with CrossChx

NCI, Inc. (“NCI”), a leading provider of advanced information technology (IT) solutions and professional services to U.S. Federal Government agencies, announced today that it has entered into an exclusive partnership with Columbus, Ohio-based CrossChx, Inc. Under the partnership, CrossChx will work with NCI to bring its artificial intelligence (AI) commercial capabilities to government customers, enhancing NCI’s quality of premier solutions while simultaneously creating new opportunities for NCI employees.

“We look forward to partnering with CrossChx to bring our customers an innovative new solution to increase efficiencies while delivering greater mission success,” said Paul A. Dillahay, president and CEO of NCI. “Our solutions will address human capital needs, especially for functions that allow people more opportunity to manage rather than manually operate those processes. This helps to remove elements of human error, boost workforce focus on solutions and innovation, and ultimately result in better outcomes for both our customers and employees.”

NCI’s AI capabilities will be unique in the market through a focus on scaling humans, an AI approach that uses continual machine learning and automated processes to build greater workforce and organizational results. Through this partnership, NCI intends to explore opportunities to improve the efficiency of its current operations, providing true interoperability and collaboration between customers, employees and AI systems.

NCI launched seven pilots in August 2017, utilizing the CrossChx AI platform to provide proof of concepts across areas such as fraud, waste and abuse, cybersecurity, machine-to-machine communication (M2M) and patient care coordination. NCI plans to deploy these capabilities in several customer environments beginning in 2018 and will have a patient care demonstration available at the HIMSS18 Conference and Exhibition in Las Vegas from March 5-9, 2018.

“CrossChx is excited for the opportunity to help NCI build out their AI capabilities,” said Sean Lane, co-founder and CEO of CrossChx. “We anticipate implementing AI solutions across all of NCI’s operations in order to help them increase speed and productivity for their clients. After finding immense success in helping healthcare facilities adopt operational AI with our solution Olive, we are eager to bring this technology to the federal government where we think it will make a significant impact.”

About NCI, Inc.:
NCI is a leading provider of enterprise solutions and services to U.S. defense, intelligence, health and civilian government agencies. The company has the expertise and proven track record to solve its customers’ most important and complex mission challenges through technology and innovation. With core competencies in delivering cost-effective solutions and services in areas such as agile digital transformation; advanced analytics; hyperconverged infrastructure solutions; fraud, waste and abuse; and engineering and logistics; NCI’s team of highly skilled professionals are expanding their portfolio to include game-changing technology offerings such as artificial intelligence for their government customers. Coupled with a refined focus on strategic partnerships, NCI is successfully bridging the gap between commercial best practices and mission-critical government processes. Headquartered in Reston, Virginia, NCI has approximately 2,000 employees operating at more than 100 locations worldwide. For more information, visit www.nciinc.com.

About CrossChx:
Founded in 2012, CrossChx is building operational artificial intelligence, which empowers humans to achieve more than ever before. Olive, the company’s AI solution, acts as the intelligent router between systems and data by automating repetitive, high volume tasks and workflows providing true interoperability for organizations. Headquartered in Columbus, Ohio, CrossChx has a mission to scale humans by allowing AI to operate existing systems and letting it do what machines do best. For more information, visit www.hireolive.com or email olive@crosschx.com.

Contacts
NCI, Inc.
Amanda Hall, 703-707-6677
Director, Corporate Communications
anhall@nciinc.com
or
CrossChx
Joel Chakra, 301-792-1720
Head of Product Marketing
joel.chakra@crosschx.com