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Automation provider Element5 secures $30 mn in Series B funding from Insight Partners

The latest strategic investment is aimed at accelerating the adoption and deployment of advanced automation solutions across various service lines

FPJ Web Desk | Updated on: Wednesday, May 04, 2022, 10:01 AM IST

Founded in 2019, Element5 uses artificial intelligence (AI)-powered robotic process automation (RPA) to deliver pre-built workflow automation solutions for post-acute care organizations.
/Representative image |
Founded in 2019, Element5 uses artificial intelligence (AI)-powered robotic process automation (RPA) to deliver pre-built workflow automation solutions for post-acute care organizations. /Representative image |
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Element5, Automation-as-a-Service solution purpose-built for post-acute care, announced the completion of its $30 million Series B funding round led by Insight Partners.

The new funding represents the company’s second investment from Insight, who 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, it said in a press statement.

Joe Randesi, Co-Founder and CEO, Element5. “Over the last two years, we have witnessed significant growth in the adoption of our automation technology. The next phase of our growth journey is focused on enabling more health organizations to embrace and operationalize the power of automation with the help of our talented development team in India.”

Founded in 2019, Element5 uses artificial intelligence (AI)-powered robotic process automation (RPA) to deliver pre-built workflow automation solutions for post-acute care organizations. It allows post-acute care organizations 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.

Jared Rosen, Principal, Insight Partners, “We’re thrilled to have the opportunity to double down on Element5 and look forward to partnering with Joe and the team on scaling the company to the next level.”

"With this funding round, we are excited to scale our teams in India with some of the best talent in the market," said Bhavani Raman, COO, and Co-founder, Element5. "Element5 is building a unique product for the US healthcare markets from India and we’re working relentlessly to accelerate the adoption of our product among our customer base."

With the closing of the Series B funding round, Element5 has raised total capital of $48.5 million to date. Element5 is headquartered in San Jose, Calif. with its APAC headquarters in Chennai, India.

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Published on: Wednesday, May 04, 2022, 10:01 AM IST