Silicon Valley software innovator LeanTaaS closed a $40 million Series C3 funding round led by Goldman Sachs, LeanTaaS announced in a press release on Thursday (Dec. 12).
LeanTaaS helps hospitals and health systems to increase access, as well as lower costs, through prescriptive and predictive analytics. The investment by Goldman Sachs is in addition to the $61 million invested by Insight Partners over the three prior funding rounds. The total amount raised is $101 million.
Founded in 2010 by Mohan Giridharadas, LeanTaaS is a predictive analytics company that taps data science to improve healthcare provider performance, using cloud-based solutions to solve problems like resource utilization. LeanTaaS uses the cloud-based iQueue platform, which taps optimization algorithms to match the demand for expensive healthcare resources like operating rooms, ambulatory clinics and more.
“LeanTaaS’ iQueue represents a rare nexus of product leadership, robust ROI and fast time to value for hospitals. As software-focused investors, we have found the product’s impact on customers to be very impressive in general — but, in particular, considering how hard it is to deliver value with true SaaS products in healthcare environments,” said Peter Segall, managing director of Insight Partners.
The new funding will finance the continued expansion of the LeanTaaS iQueue platform, which currently consists of three solutions: iQueue for Infusion Centers, iQueue for Operating Rooms and iQueue for Clinics. The money will also be used to hire of key leaders in engineering, data science, product management, sales and marketing. This year, the company has nearly doubled the size of its team. New hires have topped 85 people in the last 10 months.
Healthcare spending has grown from $75 billion in 1970 — as measured by Kaiser Family Foundation analysis of National Health Expenditure Data — to as much as $3.5 trillion in 2018. Spending has been growing at double-digit percentages through the past few years, far outpacing economic growth.
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