SAN JOSE, Calif. (May 3, 2022)—Element5, an automation-as-a-service solution purpose-built for post-acute care, today announced that it has raised $30 million in a Series B funding round led by New York-based global venture capital and private equity firm 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.
“We’re overwhelmed with the trust and support provided by Insight Partners who share our common vision, which is to eliminate the need to perform manual, repetitive work for post-acute care,” said Joe Randesi, co-founder and CEO, Element5. “The post-acute care industry demands improvements in operational efficiency and a means to overcome chronic staffing shortages. Over the last two years, we have witnessed significant growth in the adoption of our automation technology and the next phase of our growth journey is focused on enabling more health organizations to embrace and operationalize the power of automation to reduce administrative costs and enhance patient outcomes.”
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. Today’s ever-increasing regulatory demands continue to strain and burden teams, forcing them to spend hours manually performing administrative work. Element5 technology allows post-acute care organizations to automate their processes, eliminating highly repetitive, logic-driven administrative work. This enables teams to focus on higher-value tasks, improve operational efficiency and combat the ongoing post-acute care staffing crisis.
“After seeing the game-changing impact that Element5’s innovative solution has had on the post-acute care market in such a short period of time, reinvesting was a no-brainer for Insight,” said 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.”
“We believe that it takes far too many clicks to complete even some of the simplest tasks in post-acute care workflows,” said Eric Gordon, co-founder and chief revenue officer, Element5. “Element5 is ushering in the era of automation and post-acute care providers are witnessing tremendous value through our offerings. This round of funding is a testament to the enthusiastic demand from customers in this market.”
Over the course of the last year, Element5 has gained a dominant position as an automation provider for post-acute care and was named by CB insights as a Digital Health 150 company. Leading home-health, hospice, SNF and senior living facilities trust Element5 to automate everyday processes across intake and admissions, revenue cycle management, clinical records, notifications and authorizations among a broad range of other operational tasks.
With the closing of the Series B funding round, Element5 has raised $48.5 million in total capital to date. Element5 is headquartered in San Jose, Calif., with its APAC headquarters in Chennai, India.
Visit e5.ai for more information.