Microsoft’s corporate venture fund, M12, has announced today that it will invest in various startups in the country with a funding size of $2 million to $10 million. and to start with M12 (formerly, Microsoft Ventures) has chosen healthcare big data startup Innovaccer, marking its first investment in India.

Rashmi Gopinath, who is partner at M12, has made the announcement at Microsoft’s annual Media and Analyst Days in Bengaluru on Wednesday. Rashmi will be leading M12’s investments in India.

For Microsoft and M12, the top strategic priority focus areas will be artificial intelligence and machine learning, robotics, software as a service (SaaS), data analytics, and Internet of Things (IoT).

Founded in 2014, by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer is one the fastest growing and disruptive healthcare Big Data startup in Silicon Valley.

Abhinav Shashank, CEO of Innovaccer, said in a media statement, “We are excited to work with M12 and Microsoft in order to leverage their best-in-class technical, industry, and go-to-market expertise to help address needs for healthcare organisations across the world.”

The company has raised a total of $43.5 million capital in funding over three rounds. It last raised $25 million in May last year, from a Series B round led by Westbridge Capital with participation from Lightspeed Ventures.

In 2015, Innovaccer raised seed funding in a round led by Google’s Rajan Anandan, along with contribution from Seed accelerator 500Startups and redBus founder Phanindra Sama. This was followed by $15.6 million fundraise in July 2016, which was led by Sequoia Capital India.

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With offices in both India and the United States, Innovaccer offers a comprehensive Healthcare Data Platform and intelligent care application modules for over 10,000 healthcare providers across 500 practice locations. Leveraging machine learning and healthcare-related contextual expertise, Innovaccer enables its users to consolidate financial, claims, patient, and operational data together to provide what it calls a comprehensive 360-degrees view for better decision-making, care coordination, and reporting.

Nagraj Kashyap, Global head of M12 and Corporate Vice President of Microsoft, said. “India is a market rich with entrepreneurs creating world-class startups that are poised for success on a global scale. In working with these innovative startups, we believe together we will help disrupt enterprises and industries ripe for digital transformation.”

Rahul Sood along with David Raskino had launched Microsoft Ventures in 2013 and the name, ‘Microsoft Ventures’, was used as an umbrella for all of Microsoft’s accelerator and seed-stage funding operations, however as Sood departed Microsoft in 2014, the visibility of the name decreased thereafter.

It was in April last year, when Microsoft Ventures, officially changed its name to M12, to avoid confusion with a previous accelerator program of the same name. The M stands for Microsoft, and the 12 refers to the number of letters in the word entrepreneur.

M12 includes experienced venture capitalists and Microsoft veterans with team members on the ground in North America, Europe and Israel. Globally, M12 has invested in over 70 startups in areas ranging from cybersecurity and artificial intelligence to business SaaS and industrial drones.

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