The post-acute technology platform Element5 has secured $30 million in a Series B investment round led by the venture capital and private equity firm Insight Partners. The company will use the influx of funds to expand their workforce and enhance their robotic process automation (RPA) and artificial intelligence solutions.
With the Series B round complete, Element5 has raised a total $48.5 million in capital to date. This is the company’s second investment from Insight Partners, which also led a $15 million Series A round last August.
Insight Partners is focused on the technology and software space. To date the firm has invested in more than 600 companies.
“[Insight Partners] has a lot of experience in post-acute. They’ve done significant post-acute care investments in the past, so they’re an investment firm that really understands the market that we’re in, which we thought was really important,” Element5 CEO Joe Randesi told Hospice News. “We struck a great relationship, and I think it was like a perfect win-win for both sides.”
RPA is an emerging technology in the post-acute space. Established in 2019, Element5 markets its RPA systems to home health, hospice, senior living, skilled nursing and other post-acute organizations. The company operates in the United States and maintains offices in India.
RPA uses robots to automate workflows and manage complex and repetitive tasks involving electronic health records (EHR), payer sites and financial systems. Providers can use these solutions to automate certain workflows in patient intake, authorizations and reauthorizations and revenue cycle management.
Following last year’s Series A round, Element5 expanded is product catalog and scaled its workforce to support rising demand, according to Randesi. The Series B investment will allow the company to build on that momentum, further advancing product development and facilitating more hiring.
“We’ve kind of put that infrastructure in place in Series A, and Series B is really going to allow us to basically build on that foundation,” Randesi said. “It’s allowing us to put a little bit more gas on it sooner than expected and really ramp up the staff and build more products for the market.”
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