AI workforce company, Olive secured $106 Million to transform Healthcare Payments

Olive, a Columbus based healthcare AI workforce company, has now secured $106 million in funding.

Olive is founded by Sean Lane. It works as an extension of the human workforce for healthcare and hospital systems. The company helps automate tasks across departments such as information technology, clinical administration, revenue cycle, and human resources.

Its AI workforce has been adopted by more than 600 hospitals which include 22% of the top 100 health systems in the country. The company has a team of more than 360 employees, notes the announcement.

Sean Lane, CEO of Olive, said, "The AI workforce is the biggest impact to health systems in our lifetime. Olive has become a piece of critical 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 while we are excited about this latest investment, we’re just getting started."

The round was backed by from the Drive Capital and General Catalyst, along with the SVB Capital, Oak HC/FT, and Ascension Ventures. To date, the company has secured around $220 million in investment. 

The announcement notes that Olive intends to use newly raised funds to continue to expand its healthcare AI workforce to help transform healthcare payments.