iCareManager Secures Growth Investment From Five Elms Capital to Expand AI Platform for IDD Providers

iCareManager has received a strategic growth investment from Five Elms Capital, the company announced on November 10, 2026. The Columbia, Maryland-based EHR and care management platform for intellectual and developmental disability providers said the funding will accelerate product innovation, expand AI capabilities, grow the leadership team and extend its reach to more provider organizations across the U.S. PR Newswire published the announcement.

iCareManager's Platform and AI Plans

iCareManager has served IDD providers since 2011 with a unified platform that connects clinical care, service delivery, compliance, workforce management and billing. The platform brings person-centered planning, eMAR, documentation, scheduling and Medicaid billing into one view, with built-in support for state-specific rules and EVV. Providers navigate state-specific Medicaid waivers, service authorizations, billing, EVV, medication management and compliance amid workforce shortages and financial pressure.

Kamal Sheikh, Co-Founder and CEO of iCareManager, said: "We're now entering a new era where AI will fundamentally change how people work and interact with technology. The next generation of software won't just help people manage their work; it will increasingly work alongside them."

With the investment, iCareManager plans to advance modernization of its technology platform and expand its next generation of AI-enabled capabilities. The company is developing AI tools that simplify documentation, surface relevant information and support clinical and operational decisions, reducing administrative work so staff can spend more time on quality care.

Babar Nawaz, Co-Founder and COO, said: "AI will never replace the human. It will replace the admin work and the tedious work, so staff can spend their time helping individuals and residents in a much better way."

Five Elms Capital is a growth investor in vertical AI-native businesses. Zach Gornet, Vice President at Five Elms Capital, said 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." Austin Gideon, Principal at Five Elms Capital, said the company "has become essential for agencies supporting people with intellectual and developmental disabilities." Five Elms Capital previously announced a $15 million Series A growth investment in UrgentIQ, an AI-native platform for urgent care centers, on September 11, 2026, according to PR Newswire.

iCareManager's Scale Across the U.S.

According to akta.pro company records, more than 15,000 providers use the iCareManager platform, which has a presence in more than 30 states and serves more than 30,000 individuals through those providers. The same records show iCareManager launched a four-product AI companion suite in 2025 covering EHR analytics, billing, medication administration and EMR generation, and published an AI thought-leadership and feature roadmap through 2026 covering AI risk detection, responsible AI, documentation assistants and healthcare AI governance.

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