Olive AI
Olive was a healthcare RPA-and-AI company that hit a $4B valuation in 2021 after raising over $900M from General Catalyst, Tiger Global, and Vista. Customer hospitals reported the bots underdelivered and were difficult to maintain. After multiple layoff rounds in 2022 and 2023, Olive sold its two remaining business units to Waystar and Humata Health in October 2023 and shut down. The brand is gone; the website now serves a single sunset notice.
Reason for Shutdown
Olive sold its remaining product lines in Oct 2023 and wound down operations. CEO Sean Lane confirmed the shutdown publicly.
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ð Timeline
Raises $400M at $4B valuation
https://www.fiercehealthcare.com/tech/olive-raises-400m-valuing-startup-at-4b
Lays off 35% of staff
https://www.cnbc.com/2023/02/14/olive-ai-cuts-35percent-of-staff.html
Sells assets to Waystar and Humata Health; shuts down
https://www.beckershospitalreview.com/healthcare-information-technology/olive-ai-is-shutting-down.html
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â Frequently Asked Questions
What happened to Olive AI?
Olive shut down in October 2023 after burning through more than $900M. It sold two business units to Waystar and Humata Health, then dissolved.
Was Olive's tech actually AI?
Mostly robotic process automation with some ML layered on top. Customers complained the 'AI' was thinner than the marketing implied.
Who bought Olive's customers?
Waystar acquired the prior authorization product; Humata Health acquired the utilization management product.
What killed Olive?
Customer churn, high implementation cost, an overhyped product, and a 2022-23 capital crunch that ended bridge-financing options.