COLUMBUS, Ohio, March 31, 2020 – Olive, the company creating the AI workforce for healthcare, today announced the close of its $51 million funding round led by General Catalyst. The funding will enable Olive to accelerate its growth and further its mission of automating healthcare’s administrative processes so hospital employees can focus on delivering high-quality, cost-effective care. Ron Paulus, former president and CEO of Mission Health, a $2 billion integrated health system, will join the Board of Directors at Olive. Existing investors include Drive Capital, Oak HC/FT, Ascension Ventures and others.
Olive’s AI workforce automates healthcare’s most repetitive, high-volume administrative processes, across departments such as Revenue Cycle, Information Technology, Supply Chain, Clinical Administration, Human Resources and more, to deliver improved efficiency, reduced costs, and increased employee capacity. Driving efficiency in non-clinical work enables hospitals and healthcare leaders to focus more resources on the actions and activities that improve care.
The announcement comes on the heels of record growth for the company, with Olive’s presence growing in 2019 to over 500 U.S hospitals across 41 states, including 25 of the nation’s largest health systems.
“As a recent health system CEO, I appreciate the duress our hospitals are under as they focus on delivering the best patient care possible under challenging circumstances all while needing to keep the lights on,” said Dr. Ronald A. Paulus. “Olive’s reliable automation of essential back-office processes saves time, reduces errors and allows staff to focus on higher-order work. I am excited to be working closely with Olive’s management team to maximize the outsized positive impact we can have in healthcare on both the administrative and clinical fronts.”
Recent data reported by Olive found that nearly two-thirds of healthcare leaders plan to adopt automation technologies in the next two years, a significant uptick from the report issued less than 12 months ago.
“The AI workforce is here, and the days of disconnected bots that don’t learn from each other are over,” said Sean Lane, CEO of Olive. “The time is now and this investment enables us to accelerate our vision of the internet of healthcare – where when one Olive learns, all Olives learn. We’re on a mission to radically change the way healthcare leverages and views an AI workforce.”
To learn more about Olive, visit www.oliveai.com.
Olive is deploying the AI workforce built specifically for healthcare, delivering hospitals and health systems increased revenue, reduced costs and increased capacity. Olive automates repetitive, high-volume tasks and workflows, monitoring their performance, identifying improvements and finding opportunities for new work. Olive gives power back to providers through her ever-growing, unparalleled intelligence made up of shared memories, collective wisdom and global awareness, learning like a network so hospitals never have to solve the same problem twice. To learn more about Olive and our healthcare organization partners visit oliveai.com.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Canva, Gitlab, Gusto, Hubspot, Kayak, Monzo, Samsara, Snap, Stripe, and Warby Parker. For more: www.generalcatalyst.com.
About Drive Capital
Founded late in 2012, Drive Capital invests funds and expertise in promising companies with global market opportunities in the IT, financial services, consumer, and healthcare services industries, and helps those entrepreneurs build the next generation of innovative businesses. Drive Capital’s investments will be focused on the Heartland that stretches from Pittsburgh to Kansas City to Minneapolis and back.
Drive Capital’s founding partners, Mark Kvamme and Chris Olsen, are experienced venture capitalists, and have participated in several venture capital firms prior to founding Drive Capital.
About Ascension Ventures
Ascension Ventures is a strategic healthcare venture firm with four funds and more than $800 million in capital under management. The firm was launched in 2001 by Ascension, one of the nation’s leading Catholic and non-profit health systems, and today invests on behalf of thirteen of the nation’s leading community health systems. These health system limited partners collectively operate more than 460 hospitals, have 572,000 employees and generate $96 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. For more information visit www.ascensionventures.org.