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US/Chennai based automation-as-a-service solution provider Element5 gets $30 million series B funding

Our Bureau | | Updated on: May 03, 2022

Bag of fund and a hourglass on a laptop | Photo Credit: William_Potter

Company witnessed significant growth in adoption of automation technology

Element5, a US/Chennai based automation-as-a-service solution purpose-built for post-acute care, has completed its $30 million Series B funding round led by Insight Partners. The new funding represents the company’s second investment from Insight, which also led Element5’s $15 million Series A in August 2021. The latest strategic investment is aimed at accelerating the adoption and deployment of advanced automation solutions across various service lines within the $400 billion post-acute care market, says a company press release.

Joe Randesi, Co-Founder and CEO, Element5, said over the last two years, the company had witnessed a significant growth in adoption of its automation technology. The next phase of the company’s growth journey is focused on enabling more health organisations to embrace and operationalise the power of automation with the help of the talented development team in India.

Element5 uses artificial intelligence (AI)-powered robotic process automation (RPA) to deliver pre-built workflow automation solutions for post-acute care organisations. Its technology allows post-acute care organisations to automate their processes, eliminating 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 and primarily based out of Chennai. The India team includes software developers, testers and business analysts among other roles, the release said.

Bhavani Raman, COO, and Co-founder, Element5, said the company is building a ‘unique’ product for the US healthcare markets from India.

With the closing of the Series B funding round, Element5 has raised total capital of $48.5 million, the release said.

Published on May 03, 2022
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