Olive’s $51 Million Series E Preferred Stock

Wilmer Cutler Pickering Hale and Dorr represented General Catalyst Partners in its Series E preferred stock investment in Olive, a company creating AI workforce for healthcare.

Olive, the company creating the AI workforce for healthcare, announced the close of its $51 million funding round led by General Catalyst. The funding will enable Olive to accelerate its growth and further its mission of automating healthcare’s administrative processes so hospital employees can focus on delivering high-quality, cost-effective care. Ron Paulus, former president and CEO of Mission Health, a $2 billion integrated health system, will join the Board of Directors at Olive. Existing investors include Drive Capital, Oak HC/FT, Ascension Ventures and others.

Olive’s AI workforce automates healthcare’s most repetitive, high-volume administrative processes, across departments such as Revenue Cycle, Information Technology, Supply Chain, Clinical Administration, Human Resources and more, to deliver improved efficiency, reduced costs, and increased employee capacity. Driving efficiency in non-clinical work enables hospitals and healthcare leaders to focus more resources on the actions and activities that improve care.

Olive is deploying the AI workforce built specifically for healthcare, delivering hospitals and health systems increased revenue, reduced costs and increased capacity. Olive automates repetitive, high-volume tasks and workflows, monitoring their performance, identifying improvements and finding opportunities for new work.

General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society.

The WilmerHale team consisted of Jason Kropp (Picture), Mark Nylen, and Korey Cowan, with assistance from Kirk Nahra, Kim Wethly, Ciara Baker, Ariel Soiffer and Ali Jessani.

Involved fees earner: Ciara Baker – WilmerHale; Korey Cowan – WilmerHale; Ali Jessani – WilmerHale; Jason Kropp – WilmerHale; Kirk Nahra – WilmerHale; Mark Nylen – WilmerHale; Ariel Soiffer – WilmerHale; Kimberly Wethly – WilmerHale;

Law Firms: WilmerHale;

Clients: General Catalyst Partners;

Author: Ambrogio Visconti