Olive, a startup that develops software used by hospitals to automate administrative healthcare tasks, has announced that it’s closed a new funding round of $225.5 million that values it at $1.5 billion. The round was led by the investment firm Tiger Global and joined by other investors including Alphabet’s GV, Dragoneer Investment Group, Sequoia Capital, and Health Catalyst.

With the new funding round, Olive has now raised a total of $448 million in outside funding, including $385 million this year alone. 

Olive’s newly-minted valuation of $1.5 billion marks it as one of the rare tech “unicorns” to emerge from the US state of Ohio. Before now, Ohio is known to have housed just one of such “unicorns”, being the insurance startup Root which went public this November.

The new funding round for Olive comes in a year that the Covid-19 pandemic has driven up the adoption of automation software by hospitals to give way for a focus on more intensive tasks. Olive says it now works with over 600 hospitals in the US, including 22 out of the top 100 health systems in the country.

Olive’s new round cements its status as one of the top-most funded healthcare startups in the US, more so for one founded only eight years ago.

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