Olive Announces an Additional $106MM in Financing Led by General...

Olive Announces an Additional $106MM in Financing Led by General Catalyst and Drive Capital

By Healthcare Tech Outlook | Tuesday, September 29, 2020

Olive secures $106 million in financing to fuel Olive’s growth, and its plans to mobilize their AI workforce across the country.

FREMONT, CA: Olive expanding its healthcare AI workforce, secures  $106 million in the financing, led by an equity investment from General Catalyst and Drive Capital, along with Ascension Ventures, Oak HC/FT and SVB Capital. Olive has r bags raised more than $220 million to date. Olive’s AI workforce has been embraced by over 600 hospitals, including 22 per cent of the top 100 health systems in the country.

Olive has seen a significant surge in demand for AlphaSites, which are onsite command centers that rapidly implement and manage AI workers to gain value for health systems. Olive’s team has grown this year to more than  360 employees, adding 67 new Olivians in August 2020 alone. In May, the company trumpeted an innovative work model called The Grid, which widened Olive’s footprint across the country to draw top talent and strategically implement resources as close to customers as possible.

Olive Works as an extension of the human workforce to automate tasks across departments like revenue cycle, information technology, supply chain, clinical administration, and human resources. With Olive’s support, hospitals and healthcare facilities can work more efficiently, boost revenue, and expand the capacity and ROI of their human workforce.

The AI workforce is the major impact to health systems in the lifetime. Olive has become a piece of vital 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 the company is excited about this latest investment.

Olive is implementing the AI workforce developed specifically for healthcare, offering hospitals and health systems accelerated revenue, reduced costs, and improved capacity. Olive automates repetitive, high-value tasks and workflows, monitoring their performance, identifying betterments, and finding opportunities for new work. Olive offers power back to providers through its ever-growing, unparalleled intelligence made up of shared memories, collective wisdom, and global awareness, learning like a network. Hence, hospitals never have to remediate the same problem twice.

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