Five Elms backs iCareManager to build AI-native IDD care platform
What's the deal? iCareManagerDealroom has a profile for this one. Try Dealroom →, a Columbia, Maryland-based electronic health record and care-management platform for providers supporting people with intellectual and developmental disabilities (IDD), has raised a growth equity round led by Five Elms CapitalDealroom has a profile for this one. Try Dealroom →. The company announced the investment on November 10, 2026. Terms were not disclosed.
What's the endgame? iCareManager wants to be the system of record for IDD and human-services providers. Founded in 2011, it brings person-centered planning, electronic medication administration, documentation, scheduling, and Medicaid billing into a single platform with built-in support for state-specific rules and electronic visit verification.
Where the money goes: The company plans to modernize its platform, expand AI capabilities, extend its go-to-market reach, and grow its senior leadership team. It is developing tools to simplify documentation and reduce administrative work.
"The AI capabilities the team is building will take real administrative weight off direct support professionals so they can spend more time with the people they serve," said Zach Gornet, vice president at Five Elms Capital.
Why now? IDD providers operate in one of healthcare's most complex environments, navigating state-specific Medicaid waivers, service authorizations, billing, and compliance amid workforce shortages and financial pressure. iCareManager co-founder and chief executive officer Kamal Sheikh framed the raise around a shift in how software works: "The next generation of software won't just help people manage their work; it will increasingly work alongside them."
Who's backing it? Five Elms Capital recently closed a $1.1 billion software fund, giving it capacity for growth investments and experience scaling vertical, AI-native software businesses. Its involvement is the clearest signal of the deal's significance, as the amount and terms remain undisclosed.
The signal: IDD-care software vendors are racing to add AI and data capabilities — competitor CentralReach has expanded its payor strategy and invested in AI and outcomes-focused tools. The iCareManager round is a bet on modernizing a specialized care-management platform, though the undisclosed terms make its scale hard to compare with other deals.
Read more: prnewswire.com
Image credit: Generated with Gemini
