Olive (company)

Olive is an enterprise automation company that provides artificial intelligence technology for business processes in the healthcare industry including revenue cycle, supply chain and pharmacy operations. The company is headquartered in Columbus, Ohio and introduced a distributed workforce model called The Grid in May 2020 with locations in 43 states in the United States. 
Olive provides automation services to 950 hospitals in over 40 states in the U.S. Olive has secured $832 million in financing since March 2020, and $902 million since the company’s inception in 2012. 
== Background ==
Sean Lane, the CEO of the company, was an intelligence officer in the Air Force prior to founding Battlefield Telecommunications Systems (BTS) where he developed a product used for military field intelligence. Following a heightened awareness of drug abuse in his hometown, he noticed the need for connected enterprise systems that could communicate to share patient information and automate the manual tasks done by healthcare’s front-line workers. He started CrossChx in 2012, which provided a global patient identity product. The company later rebranded as Olive when it shifted its focus to developing automation technology, which launched to healthcare customers in 2017. The company’s automation products manage administrative tasks in healthcare organizations including revenue cycle, supply chain, clinical administration, information technology, and human resources. 
Olive deploys its technology to health system customers through an AI-as-a-Service model which provides support and intelligence to the user’s application of Olive’s technology. 
In October 2020, the company introduced Olive Helps, a cybernetic application that enhances the speed, quality, and impact of healthcare user’s work. Since February 2021, Olive provides its technology platform - including automation, intelligence, network tools, and AI co-worker technology services - to Circulo, Inc., an insurtech startup for the Medicaid population. 
== Funds raised ==
Olive raised $51 million in April 2020 followed by $106 million in financing from General Catalyst and Drive Capital along with Ascension Ventures, Oak HC/FT and SVB Capital, in September 2020. By December 2020, the company was valued at $1.5 billion after another funding round of $225.5 million led by Tiger Global Management and new investors including Alphabet Inc.’s GV, Sequoia Capital, Dragoneer Investment Group, and Transformation Partners. In July 2021, Olive raised $400 million in a funding round led by Vista Equity Partners and Base10 Advancement Initiative, bringing the company to a $4 billion valuation. 
== Acquisitions ==
Olive acquired Verata Health, a provider of artificial intelligence software that helps with initiating prior authorizations and retrieving payer rules by connecting to electronic health record (EHR) databases in the U.S., in December 2020. 
In April 2021, Olive acquired Empiric Health, an AI-powered clinical analytics and services company, giving Olive access to operating room data; and in August 2021, it acquired Healthcare IP, a revenue cycle management company to provide clearinghouse and claims management automation services. 
Category:Industrial automation
Category:Companies established in 2012 
Category:Companies based in the Columbus, Ohio metropolitan