Element5 raises $30 million in Series B funding

CHENNAI: San Jose and Chennai-based

Element5

, an automation-as-a-service solution for post-acute care, has raised $30 million in a

Series B funding

round led by

Insight Partners

.


The new funding represents the company’s second investment from Insight that also led Element5’s $15 million Series A in August 2021. With the closing of the Series B funding round, Element5 has raised a total capital of $48.5 million.

Founded in 2019, Element5 uses artificial intelligence (AI)-powered robotic process automation (RPA) to deliver workflow automation solutions for post-acute care organizations to help them eliminate 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, primarily based out of Chennai, and includes software developers, testers and business analysts among other roles.

Element5 said it would use the funds to accelerate adoption and deployment of advanced automation solutions across various service lines within the $400 billion post-acute care market.

“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 operationalise the power of automation with the help of our talented development team in India,"

Joe Randesi

, co-founder and CEO, Element5, said.

"With this funding round, we are excited to scale our teams in India with some of the best talent in the market," Bhavani Raman, COO, and co-founder, Element5, said. "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."