iCareManager Secures Five Elms Investment to Expand AI Platform

Investment targets IDD care technology

iCareManager, an electronic health record and care management platform for intellectual and developmental disability, assisted living and human services providers, announced the investment on November 10, 2026. Financial terms were not disclosed in the announcement.

The Columbia, Maryland-based company said the partnership will support product innovation, technology modernization and broader go-to-market efforts across the United States. Five Elms Capital describes itself as a growth investor in vertical AI-native businesses and said it has more than $3 billion in assets under management, a team of over 80 professionals and investments in more than 70 software platforms worldwide.

Vista Point Advisors acted as the exclusive financial advisor to iCareManager.

Platform connects care, compliance and billing

Founded in 2011, iCareManager is designed for providers managing complex operational requirements, including state-specific Medicaid waivers, service authorizations, billing, electronic visit verification, medication management and compliance. The company says its unified platform connects clinical care, service delivery, compliance, workforce management and billing.

Its features include person-centered planning, documentation, scheduling, electronic medication administration records, incident reporting, staff management, attendance and Medicaid billing. The platform also provides built-in support for state-specific rules and electronic visit verification. iCareManager says white-glove onboarding and ongoing support are intended to help providers adopt the system.

“So much of a provider's day runs through iCareManager, from support plans and medication administration to compliance and billing, all on a single record,” Zach Gornet, vice president at Five Elms Capital, said in the announcement.

AI development focuses on administrative work

With the investment, iCareManager plans to develop practical AI tools that simplify documentation, surface relevant information and support clinical and operational decisions. The company says its AI products extend into documentation, medication safety, care planning and claims, with the goal of reducing administrative work for staff.

Kamal Sheikh, co-founder and CEO of iCareManager, said the company wants software to work alongside people as AI develops. Babar Nawaz, co-founder and COO, said the intended role of AI is to handle administrative and tedious tasks while staff spend more time helping individuals and residents.

For providers, the announcement points to further automation within an existing system that combines care records, operational processes and billing. iCareManager said its mission remains helping organizations simplify operations, strengthen compliance and free caregivers to spend more time with the people they serve. The company is SOC 2 Type II certified and HIPAA compliant.