Greenwich-based Oak HC/FT invests in health care IT startup

GREENWICH — Investment firm Oak HC/FT has contributed to a $106 million funding round for the fast-growing health care IT startup Olive.

General Catalyst and Drive Capital led the equity investment, while Ascension Ventures and SVB Capital also participated. Columbus, Ohio-based Olive has raised more than $220 million to date.

“The (artificial intelligence) workforce is the biggest impact to health systems in our lifetime,” Olive CEO Sean Lane said in a statement. “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.”

Olive works with clients to automate tasks in areas including revenue cycles, information technology, supply chains, clinical administration and human resources. The company said that it helps hospitals and other health care systems to work more efficiently and increase revenues.

Its AI-based workforce has been adopted by more than 600 hospitals, including 22 percent of the top 100 health systems in the country, according to company data.

The firm’s headcount has grown this year to more than 360 employees, including 67 additions last month.

Among other investments in the past year, Oak announced in late winter that it had co-led a $15 million funding round for Nashville-based Axial Healthcare, whose services help individuals who are at risk of substance addiction or in recovery.

Last December, Oak announced a $20 million allotment to AU10TIX, a Cyprus-based identity-verification company. At the same time, the firm disclosed it was leading a $15 million investment in Manhattan-based security-management firm Panorays.

Last October, it announced it was leading a $100 million funding round in financial-technology startup Rapyd.

Founded in 2014, Oak manages about $1.9 billion in assets. Its executive team includes co-founder and managing partner Annie Lamont, who is married to Gov. Ned Lamont.

The firm is headquartered at 3 Pickwick Plaza in downtown Greenwich, with other offices in Boston and San Francisco.