Olive Adds $106MM to Transform Healthcare Payments with AI Workforce

Rhea-AI Summary

Olive has successfully raised $106 million in financing, primarily led by General Catalyst and Drive Capital, bringing its total funding to over $220 million. Over 600 hospitals have adopted Olive's AI solutions, including 22% of the top 100 health systems in the U.S. The company continues to expand its team, adding 67 employees in August 2020 alone. Olive's AI workforce aims to enhance operational efficiency and increase revenue for healthcare systems, establishing itself as a critical infrastructure component in the sector.

Positive

• Raised $106 million in financing, total funding exceeds $220 million.
• Adopted by over 600 hospitals, including 22% of top 100 health systems.
• Expanded workforce by 67 employees in August 2020.

Negative

• None.

U.S.A., Sept. 17, 2020 /PRNewswire/ -- Olive continues to expand its healthcare AI workforce, announcing today it secured $106 million in financing, led by an equity investment from General Catalyst and Drive Capital, along with Ascension Ventures, Oak HC/FT and SVB Capital. Olive has raised over $220 million to date.

Olive's AI workforce has been adopted by over 600 hospitals, including 22% of the top 100 health systems in the country.

Olive has seen a massive surge in the demand for AlphaSites, which are onsite command centers that rapidly deploy and manage AI workers to capture value for health systems. Olive's team has grown this year to over 360 employees, adding 67 new Olivians in the month of August 2020 alone. In May, the company announced an innovative work model called The Grid, which expanded Olive's footprint across the country to draw top talent and strategically deploy resources as close to customers as possible.

Olive Works as an extension of your human workforce to automate tasks across departments such as revenue cycle, information technology, supply chain, clinical administration, and human resources. With Olive's support, hospitals and healthcare systems are able to work more efficiently, increase revenue, and expand the capacity and ROI of their human workforce.

"The AI workforce is the biggest impact to health systems in our lifetime," said Sean Lane, CEO of Olive. "Olive has become a piece of critical infrastructure for hospitals and a trusted, reliable product that expands human capacity at a time when resources are more precious than ever. The AI workforce has become the 'new normal'. And while we are excited about this latest investment, we're just getting started."

To learn more about Olive, visit www.oliveai.com.

About Olive
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, Deliveroo, Guild, Gusto, Hubspot, Illumio, Livongo, Oscar, Snap, Stripe, and Warby Parker. For more: generalcatalyst.com.

About Drive Capital
Drive Capital is a Columbus-based venture capital firm that is focused on investing in the world's next generation of market-defining companies. The firm started in 2013 and raised over $1B of funds to invest in startups solving problems in large markets. Drive is an investor in more than 40 companies outside of Silicon Valley, including Root Insurance, Duolingo, and Branch.

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 largest Catholic and non-profit health systems, and today invests on behalf of twelve 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 ascensionventures.org.

About Oak HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $1.9 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 SVB Capital
For more than 35 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group's businesses, including Silicon Valley Bank, offer commercial, investment and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life sciences and healthcare, private equity and venture capital and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at svb.com.

Media Contact:
Rachel Forsyth
oliveai@finnpartners.com

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SOURCE Olive

FAQ

What recent funding did SIVB contribute to Olive?

SIVB, through SVB Capital, participated in a $106 million financing round for Olive.

How many hospitals are using Olive's AI technology?

Olive's AI workforce has been adopted by over 600 hospitals.

What percentage of the top 100 health systems use Olive?

22% of the top 100 health systems in the U.S. are using Olive's technology.

How many employees did Olive add in August 2020?

Olive added 67 new employees in August 2020.

What is the total funding raised by Olive to date?

Olive has raised over $220 million to date.