The rise and fall of Olive AI: A timeline

Olive AI is no more.

More than a decade after launching, and two years after being valued at $4 billion, the healthcare automation company that served health systems around the country folded Oct. 31.

"We are deeply grateful to our customers, our team members, and our partners who have made this journey possible," the company said in an Oct. 31 message.

Here is a timeline of how Olive got to that point:

2012: Olive launched in Columbus, Ohio.

February 2019: Olive said it would add 100 tech jobs within the next two years as sales of its artificial intelligence-powered robot continued to rapidly increase.

September 2020: Olive secured $106 million in financing that included participation from St. Louis-based Ascension's venture capital arm, Ascension Ventures.

December 2020: Olive closed on a $225.5 million investment to bring its valuation to $1.5 billion and acquired Verata Health, an AI company focused on streamlining the revenue cycle for healthcare providers.

April 2021: Olive acquired Empiric Health, an AI clinical analytics spinoff from Salt Lake City-based Intermountain Health.

May 2021: Olive teamed up with electronics company Asus to bring AI medical coding assistants to more than 775 hospitals.

July 2021: Olive closed on a $400 million funding round, raising its valuation to $4 billion.

August 2021: Olive launched an in-house venture studio seeking to create companies and products for the healthcare industry, started a clearinghouse for clients nationwide through its acquisition of revenue cycle management vendor Healthcare IP, and teamed with Amazon Web Services to bring cloud automation to 950 hospitals.

June 2022: Olive launched a flagship revenue cycle management suite and froze hiring.

July 2022: Olive laid off 450 employees.

September 2022: Olive's CFO, chief product officer and payer market president all left the company.

October 2022: Olive said it lost 2 health system clients and was divesting some assets.

February: Olive laid off 215 employees.

March: Olive raised $852 million to date, making it the health IT company with the most venture capital funding ever.

April: Olive sold its utilization management business line to revenue cycle management firm Availity.

June: Olive sold its business intelligence line to health data platform BurstIQ.

August: Olive was sued by state economic development arm JobsOhio over allegations the company missed hiring goals it was supposed to meet in exchange for incentives.

Oct. 31: Olive shut down, selling its clearinghouse and patient access business units to health IT company Waystar and prior authorization business unit to AI startup Humata.

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