Market Overview

Olive (f/k/a CrossChx) Closes $32.8 Million Series D Financing


Funding led by Oak HC/FT and Ascension Ventures to enable company to
accelerate product development and scale its technology to healthcare
organizations nationwide

CrossChx rebrands itself as Olive to reflect commitment to building
meaningful AI-enabled robotic process automation solutions for healthcare

Olive, Inc., the premier healthcare-focused robotic process automation
and artificial intelligence company, announced today that it has raised
a $32.8 million Series D round from Oak HC/FT and Ascension Ventures
with participation from existing investors. The round will help the
company scale its eponymous AI solution, Olive, throughout healthcare
organizations nationwide and invest in new capabilities such as
Pupil, its process mining tool, that will be launched at alpha
sites this summer.

"Hospital operations have grown unsustainably complex as providers must
adopt new technologies, workflows, and regulations with increasing
frequency in order to provide best-practice care," added John Kuelper,
Investment Director at Ascension Ventures. "Olive's cutting-edge process
mining and automation technologies are enabling our firm's health system
partners to continually optimize clinical and administrative operations
so caregivers can spend more of their time on patient care."

"Olive arrives at a time when healthcare organizations are burdened with
improving efficiency, reducing costs, and enhancing the patient
experience," said Sean Lane, Founder and CEO of Olive. "Olive handles
repetitive, high-volume tasks, which allows employees to get back to
patient care and presents healthcare organizations with value that could
not otherwise be realized."

"As the first healthcare automation solution on the market using AI to
streamline repetitive tasks and workflows by working with existing
systems, Olive is uniquely positioned to counteract the ever-increasing
cost of healthcare and humanize the cumbersome process," said Billy
Deitch, Principal at Oak HC/FT. "We are excited to partner with Olive to
deploy its innovative technology at scale."

Billy Deitch, Principal at Oak HC/FT, and John Kuelper, Investment
Director at Ascension Ventures, will join the company's board of

Earlier this year, Olive divested its legacy Connect platform and
related products including Connect biometrics, Queue registration kiosk,
and the CrossChx Connect mobile app to DHS Group.


Olive is a healthcare-specific artificial intelligence and process
automation company that empowers healthcare organizations to improve
efficiency and patient care while reducing costly administrative errors.
Its eponymous AI solution, Olive, acts as the intelligent router between
systems and data by automating repetitive, high-volume tasks and
workflows, providing true interoperability. Olive has helped healthcare
organizations reduce data and billing errors, eliminate denials for no
coverage, improve cash collections by reducing days in A/R, and more. To
learn more and receive updates, visit


Founded in 2014, Oak HC/FT (
is the premier venture growth-equity fund investing in Healthcare
Information & Services ("HC") and Financial Services Technology ("FT").
With $1.1 billion in assets under management, we are focused on driving
transformation in these industries by providing entrepreneurs and
companies with strategic counsel, board-level participation, business
plan execution and access to our extensive network of industry leaders.
Oak HC/FT is headquartered in Greenwich, CT with offices in Boston and
San Francisco. Follow Oak HC/FT on Twitter,
and Medium.


Ascension Ventures (
is a strategic healthcare investment firm with four funds and more than
$800 million in capital under management. The firm was launched in 2001
by Ascension, the nation's largest Catholic and non-profit health
system, and today invests on behalf of thirteen of the nation's leading
community health systems. These health system limited partners
collectively operate 474 hospitals, have 578,000 employees and generate
$88 billion in annual revenue. AV collaborates with these partners to
identify, invest in, and support strategically aligned private companies
that are transforming the healthcare industry and enhancing the
experience for patients, their families, and caregivers.

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