Element5, an Automation as a Service solution leveraging AI and RPA for post-acute care, today announced the closing of its Series A round of funding led by global private equity and venture capital firm Insight Partners. The fundraising round also saw participation from industry leaders, Maxwell Investment Partners, LLC. Element5 will use the financing to accelerate growth of their world-class product for post-acute care, while strengthening its market foothold through customer expansion and scaling of global operations.
“Without a doubt, Element5 is changing the way that post-acute care is provided and experienced,” said Jared Rosen, Vice President at Insight Partners. “The company’s impressive growth speaks to the market fit and need for its verticalized RPA solution. Insight is thrilled to be a part of Element5’s journey and looks forward to playing a role in the company’s continued growth.”
As part of Insight Partners’ investment, Jared Rosen is joining the board of directors at Element5.
Founded in 2019, Element5 uses Artificial Intelligence (AI) and Robotic Process Automation (RPA) to deliver SaaS-based automated workflows for home-health, hospice, senior living, skilled nursing and other allied healthcare verticals. Element5 delivers end-to-end workflow automation that uses software robots, which log into everyday systems and perform daily administrative tasks exactly like a human would, helping teams save hours on repetitive clicks.
“One of the biggest challenges in post-acute care is the insane amount of manual, repetitive tasks that teams deal with to run an operation. A myriad of factors contributes to this problem, including constant regulatory and compliance challenges,” said Joe Randesi, co-founder & CEO, Element5. “Element5 is changing the way work gets done across organizations by helping teams spend less time on mundane, repetitive tasks and more time caring for patients. We’re excited to close this round of funding as this investment will help Element5 propel a new era of post-acute care operations.”
Element5 simplifies the adoption of RPA with end-to-end workflows that are purpose-built for post-acute care. With Element5’s Automation-as-a-Service offering, organizations can rapidly deploy automated workflows across patient intake, authorizations, medical records, revenue cycle management and analytics. An integrated automation hub provides data-driven insights by delivering detailed analytics on operational outcomes, efficiency, tasks status and more.
With the closing of the Series A funding round, Element5 has raised a total capital of $18.5 million. Element5 is headquartered in San Jose, California with its APAC headquarters in Chennai, India.