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Element5 Raises $ 30 Million in Series B Funding Round

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Automation-as-a-Service, Element5, has raised $ 30 million in a Series B funding round headed by Insight Partners.

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

“Reinvesting was a no-brainer for Insight,” claims 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”.

The company’s recent strategic investment aims to accelerate the adoption and deployment of advanced automation solutions across numerous service lines in the $ 400 billion post-acute care market.

“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”, adds Randesi

Post-acute care refers to a set of medical services that help people recover from illness or manage a chronic illness or disability. Element5 was founded in 2019 and provides pre-built workflow automation solutions for post-acute care companies using artificial intelligence (AI)-powered robotic process automation (RPA).

It enables these companies to automate their operations, removing extremely repetitive, logic-driven administrative work and allowing them to focus on higher-value tasks, increase operational efficiency, and address the current post-acute care staffing issue.

“Over the last two years, we have witnessed significant growth in the adoption of our automation technology”, says Joe Randesi, Co-Founder and CEO, Element5.

Element5 is used by home health, hospice, skilled nursing homes (SNF), and elder care institutions to automate daily activities like intake and admissions, revenue cycle management, clinical records, alerts and authorizations, and other administrative tasks. Element5 has raised a total of $ 48.5 million with the completion of the Series B fundraising round.

“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”, adds Raman.

Insight led Element5's $15 million Series A round in August 2021, and this is the company's second investment from them.

“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”, adds Randesi.

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