LeanTaaS Raises $130 Million to Strengthen Its Machine Learning Software Platform to Continue Helping Hospitals Achieve Operational Excellence
SANTA CLARA, Calif.--(BUSINESS WIRE)--LeanTaaS, Inc., a Silicon Valley software innovator that increases patient access and transforms operational performance for healthcare providers, announced a $130 million Series D funding round led by Insight Partners with participation from Goldman Sachs. The funds will be used to invest in building out the existing suite of products (iQueue for Operating Rooms, iQueue for Infusion Centers and iQueue for Inpatient Beds) as well as scaling the engineering, product and GoToMarket teams, and expanding the iQueue platform to include new products.
“LeanTaaS is uniquely positioned to help hospitals and health systems across the country face the mounting operational and financial pressures exacerbated by the coronavirus. This funding will allow us to continue to grow and expand our impact while helping healthcare organizations deliver better care at a lower cost,” said Mohan Giridharadas, founder and CEO of LeanTaaS. “Our company momentum over the past several years - including greater than 50% revenue growth in 2020 and negative churn despite a difficult macro environment - reflects the increasing demand for scalable predictive analytics solutions that optimize how health systems increase operational utilization and efficiency. It also highlights how we’ve been able to develop and maintain deep partnerships with 100+ health systems and 300+ hospitals in order to keep them resilient and agile in the face of uncertain demand and supply conditions.”
With this investment, LeanTaaS has raised more than $250 million in aggregate, including more than $150 million from Insight Partners. As part of the transaction, Insight Partners’ Jeff Horing and Jon Rosenbaum and Goldman Sachs’ Antoine Munfa will join LeanTaaS’ Board of Directors.
“Healthcare operations in the U.S. are increasingly complex and under immense pressure to innovate; this has only been exacerbated by the prioritization of unique demands from the current pandemic,” said Jeff Horing, co-founder and Managing Director at Insight Partners. “Even under these unprecedented circumstances, LeanTaaS has demonstrated the effectiveness of its ML-driven platform in optimizing how hospitals and health systems manage expensive, scarce resources like infusion center chairs, operating rooms, and inpatient beds. After leading the company’s Series B and C rounds, we have formed a deep partnership with Mohan and team. We look forward to continuing to help LeanTaaS scale its market presence and customer impact.”
Although health systems across the country have invested in cutting-edge medical equipment and infrastructure, they cannot maximize the use of such assets and increase operational efficiencies to improve their bottom lines with human based scheduling or unsophisticated tools. LeanTaaS develops specialized software that increases patient access to medical care by optimizing how health systems schedule and allocate the use of expensive, constrained resources. By using LeanTaaS’ product solutions, healthcare systems can harness the power of sophisticated, AI/ML-driven software to improve operational efficiencies, increase access, and reduce costs.
“We continue to be impressed by the LeanTaaS team. As hospitals and health systems begin to look toward a post-COVID-19 world, the agility and resilience LeanTaaS’ solutions provide will be key to restoring and growing their operations,” said Antoine Munfa, Managing Director of Goldman Sachs Growth.
LeanTaaS’ solutions have now been deployed in more than 300 hospitals across the U.S., including five of the 10 largest health networks and 12 of the top 20 hospitals in the U.S. according to U.S. News & World Report. These hospitals use the iQueue platform to optimize capacity utilization in infusion centers, operating rooms, and inpatient beds. iQueue for Infusion Centers is used by 7,500+ chairs across 300+ infusion centers including 70 percent of the National Comprehensive Cancer Network and more than 50 percent of National Cancer Institute hospitals. iQueue for Operating Rooms is used by more than 1,750 ORs across 34 health systems to perform more surgical cases during business hours, increase competitiveness in the marketplace, and improve the patient experience.
“I am excited about LeanTaaS' continued growth and market validation. As healthcare moves into the digital age, iQueue overcomes the inherent deficiencies in capacity planning and optimization found in EHRs. We are very excited to partner with LeanTaaS and implement iQueue for Operating Rooms,” said Dr. Rob Ferguson, System Medical Director, Surgical Operations, Intermountain Healthcare.
Concurrent with the funding, LeanTaaS announced that Niloy Sanyal, the former CMO at Omnicell and GE Digital, would be joining as its new Chief Marketing Officer. Also, Sanjeev Agrawal has been designated as LeanTaaS’ Chief Operating Officer in addition to his current role as the President. "We are excited to welcome Niloy to LeanTaaS. His breadth and depth of experience will help us accelerate our growth as the industry evolves to a more data driven way of making decisions," said Agrawal.
LeanTaaS provides software solutions that combine lean principles, predictive analytics, and machine learning to transform hospital and infusion center operations. The company’s software is being used by over 100 health systems across the nation which all rely on the iQueue cloud-based solutions to increase patient access, decrease wait times, reduce healthcare delivery costs, and improve revenue. LeanTaaS is based in Santa Clara, California, and Charlotte, North Carolina. For more information about LeanTaaS, please visit https://leantaas.com/, and connect on Twitter, Facebook and LinkedIn.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Goldman Sachs Growth
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. As part of MBD, Goldman Sachs Growth is the dedicated growth equity team within Goldman Sachs, with over 25 years of investing history, over $8 billion of assets under management, and 9 offices globally.
LeanTaaS and iQueue are trademarks of LeanTaaS. All other brand names and product names are trademarks or registered trademarks of their respective companies.