VC fundraising for healthcare software companies
Health tech VC moved through a sharp cycle and stabilised into a more disciplined market. Provider-facing software underwrites on real procurement traction with health systems, payer technology on contract size and renewal evidence, and life sciences software on R&D budget capture. Dedicated health tech firms do most of the work.
The investor set is mostly dedicated health tech seed and growth funds alongside health-fluent generalists, with selective participation from health system, payer and pharma corporate venture arms. Flow has direct relationships across the health tech specialists and the provider, payer and life sciences corporate venture arms that fund the category.
Flow has experience running VC fundraising processes for healthcare software companies across provider clinical and operational systems, payer technology, life sciences and clinical trial software, patient engagement and revenue cycle, and population health. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Healthcare software" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
ARR
Net retention
Providers / beds
Health system logos
Implementation backlog
Go-live timing
Gross margin
CAC payback
Compliance posture
Renewal rate
Healthcare software valuations in May 2026
Public healthcare software comps trade at 2.7x EV/Revenue. Median revenue multiple across healthcare software VC rounds was 15x in the last 12 months.
2.7x
Median EV/Revenue as of May 2026 for public healthcare software companies
10x
IDEXX Laboratories is the highest valued public healthcare software company based on EV/Revenue (excluding outliers)
3.3x
Median EV/Revenue across healthcare software M&A deals in the last 12 months
15x
Median EV/Revenue across healthcare software VC rounds in the last 12 months
Key recent healthcare software VC rounds
$700M Series B raised by Saviynt was the largest healthcare software VC round completed in the last six months.
See all healthcare software VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Saviynt |  | Saviynt is an El Segundo, California provider of cloud-native identity governance for enterprises. Its platform secures access to AWS, Salesforce, Workday, SAP, and Hadoop with risk-adaptive authentication and SOD controls. Adopted by 400 customers including PepsiCo and GE, it automates certifications reducing privileged accounts by 70 percent. Founded in 2010, Saviynt raised 80 million dollars in 2022 funding. | Carrick Capital PartnersKKR+2 | $700M | $3.0B | Series B | |
Mar-26 | Verily | | Verily is a South San Francisco-headquartered Alphabet subsidiary advancing precision health through devices, software, and data platforms. Founded in 2015, it develops products like the Verily Study Watch for continuous health monitoring and Project Baseline for longitudinal research. Verily collaborates with Mayo Clinic and Novartis on cardiovascular studies and immune response projects, generating clinical evidence via AI analytics. | AlphabetSeries X Capital+2 | $300M | - | Undisclosed stage | |
Mar-26 | findhelp | | findhelp is a technology platform that connects individuals to verified social services including food pantries, housing assistance, healthcare, and mental health support across all United States ZIP codes. It integrates with electronic health records and community systems used by hospitals and nonprofits to deliver real-time search results via web and mobile app. Headquartered in Austin, Texas, findhelp partners with organizations such as UnitedHealthcare, Humana, and state agencies to streamline referrals for essential needs. The platform maintains a database of over 600,000 programs nationwide and supports multilingual searches in English and Spanish. | The Rise Fund | $250M | - | Undisclosed stage | |
Mar-26 | eMed | | eMed is a New York-based telehealth provider offering on-demand clinical trials and chronic care management programs for GLP-1 medications targeting obesity and type 2 diabetes. The platform connects patients with board-certified clinicians via app-based consultations and at-home biometric kits shipped nationwide. eMed partners with Novo Nordisk for Wegovy distribution and ensures 95 percent adherence through remote monitoring. | Antonio GraciasAon+7 | $200M | $2.0B | Series A | |
Apr-26 | Aidoc |  | Aidoc is a provider of the aiOS clinical AI platform for medical imaging analysis. Headquartered in Tel Aviv, it processes CT scans and X-rays to detect urgent conditions like pulmonary embolism and stroke. Aidoc integrates with radiology workflows, PACS systems, and EHRs to prioritize cases and notify teams in real time across cardiology and vascular specialties. | General CatalystGoldman Sachs Asset Management+5 | $150M | - | Series E | |
Mar-26 | Grow Therapy | | Grow Therapy is a New York-headquartered online platform connecting clients with licensed mental health providers across all 50 U.S. states. It handles credentialing, billing, and insurance claims for in-network therapists, integrating with Aetna, Cigna, Medicare, Medicaid, and UnitedHealthcare among 100-plus payers. The service delivers matched referrals, business tools, peer communities, and continuing education events to independent practitioners. Supporting thousands of therapists serving over 1 million clients, Grow Therapy raised $178 million from investors including Sequoia Capital and Goldman Sachs Alternatives. | BCIGoldman Sachs Growth Equity+5 | $150M | $3.0B | Series D | |
Mar-26 | Qualified Health | | Qualified Health is a provider of AI governance infrastructure for generative models in healthcare. Its platform monitors algorithm performance, enforces compliance, and builds domain-specific agents for diagnostics and administration. Qualified Health collaborates with major U.S. health systems on secure deployments. New York-based, the company addresses regulatory needs under HIPAA and FDA guidelines for clinical AI applications. | Anthology FundCathay Innovation+9 | $125M | - | Series B | |
Feb-26 | G | Guoke Ion |  | Guoke Ion integrates advanced medical technologies with financial services to enhance healthcare delivery and resource optimization in China. | Legend CapitalXiamen Itg Group+1 | $115M | - | Series A |
Apr-26 | Chapter | | Chapter is a Brooklyn-headquartered Medicare navigation platform assisting seniors with health coverage selection. It evaluates all plan options from insurers like UnitedHealthcare and Humana to recommend coverage matching individual needs at lowest costs. The service employs independent advisors free from carrier commissions to align recommendations with consumer interests. | 8VCAddition+7 | $100M | $3.0B | Series E | |
Mar-26 | SFO Technologies |  | SFO Technologies is a provider of software development, manufacturing, software testing, consulting services, quality training, and hardware design. The firm delivers solutions to aerospace and defense, communications, energy, industrial, healthcare, and transportation industries. | Amicus Capital PartnersAnicut Capital+2 | $82M | - | Undisclosed stage | |
Apr-26 | AcuityMD | | AcuityMD is a software platform that aggregates clinical utilization data to accelerate medical device commercialization for orthopedics and spine companies. Boston-headquartered, it analyzes procedure volumes and surgeon preferences from electronic health records across U.S. hospitals. The platform equips sales teams with market intelligence on over 10 million procedures, enabling targeted account planning and evidence-based launches. | Atreides ManagementBenchmark+3 | $80M | $955M | Series C | |
Mar-26 | Latent | | Latent is a Boston-headquartered clinical AI platform partnering with health systems like Mass General Brigham to automate prior authorizations and 340B compliance. It processes appeals and pharmacy workflows to shorten patient time-to-therapy nationwide. | ConvictionGeneral Catalyst+4 | $80M | $600M | Series A | |
Jan-26 | Apella Technology | | Apella Technology is a San Francisco-headquartered AI platform capturing operating room data via sensors for surgical analytics. Founded in 2019, it processes video, audio, and biometric feeds to deliver insights on procedure efficiency, trainee performance, and real-time decision support. Hospitals use the system to benchmark surgeries against peer data and comply with accreditation standards from bodies like The Joint Commission. | Casdin CapitalHighlandX+7 | $80M | - | Series B | |
May-26 | Commure | | Commure is a San Francisco-headquartered healthcare technology company that delivers an interconnected platform for hospital and health system operations. Its suite of applications includes ambient AI-assisted clinical documentation, revenue cycle automation, staff safety monitoring, and care coordination tools. The platform integrates seamlessly with electronic health record systems through partnerships like the MEDITECH Alliance and enables enterprise-wide AI deployments such as ambient scribing and clinician workflow automation. Commure supports provider networks by offering licensing, implementation services, and content integration to streamline clinical and administrative workflows across large-scale organizations. | General CatalystKirkland & Ellis+2 | $70M | $7.0B | Undisclosed stage | |
Mar-26 | Sage | | Sage is a software platform for senior living communities providing operations management tools. Developed for U.S. facilities, it collects resident data for analytics on care delivery, staffing, and outcomes. Features include task assignment, staff communication, and compliance reporting to enhance caregiver efficiency and personalized resident support. | Goldcrest CapitalGoldman Sachs Asset Management+1 | $65M | - | Series C |
VC investors active in healthcare software
Y Combinator is the most active VC investor across healthcare software, having invested in 129 startups in the last three years.
See all healthcare software VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | Beacon HealthMocha CareOverdrive Health+2 | 129 | Pre-seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | KlarisNihin MediaZeya Health+2 | 45 | Pre-seed | |
General Catalyst | | General Catalyst invests in early-stage to growth companies across healthcare, fintech, enterprise software, and consumer sectors from offices in Cambridge, San Francisco, and New York. The firm manages over $25 billion in assets, backing unicorns like Airbnb, Stripe, and Canva. It supports applied AI initiatives through dedicated funds and provides operational expertise via its Resilience platform. | CommureAidocYuzu Health+2 | 41 | Seed | |
Right Side Capital Management | | Right Side Capital Management is a quantitative pre-VC investment firm targeting capital-efficient tech startups. Operating from the US, it focuses on seed rounds under $500K in sectors like SaaS and fintech. Since 2012, the firm has built diversified portfolios using data-driven processes. Managing directors, experienced founders from the 1990s tech era, provide operational support structured like a startup funding others. | Lanyard HealthLab SymplifiedOrigin Speech Therapy+2 | 28 | Pre-seed | |
Alumni Ventures | | Alumni Ventures is a Manchester, New Hampshire-headquartered venture capital firm managing diversified portfolios for 10,000 accredited investors. Operations run 50 funds targeting seed through Series B stages in AI, biotech, and climate tech. Sourcing draws from 1,000 university alumni networks with co-investments alongside Sequoia and a16z across 1,400 portfolio firms. | AnomalyWhen InsuranceSalvo Health+2 | 27 | Seed | |
Techstars | | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | Koda HealthPlexis.aiTrackiMed+2 | 26 | Pre-seed | |
Andreessen Horowitz | | Andreessen Horowitz is a Menlo Park-headquartered venture capital firm founded in 2009 that targets seed through late-stage investments in software infrastructure, consumer internet, enterprise applications, fintech, cryptocurrency, and biohealthcare. The firm has backed Airbnb, Coinbase, GitHub, Lyft, and Stripe, maintaining offices in San Francisco and Santa Clara. | Turquoise HealthEase HealthAradigm Health+2 | 22 | Series A | |
Flare Capital Partners | | Flare Capital Partners is a venture capital firm based in Boston that invests in early-stage digital health companies across the United States. The fund targets software platforms in behavioral health, chronic care management, and telehealth, with portfolio companies like Headway and Midi Health. Since 2014, Flare has committed over $400 million to 50-plus startups, drawing from healthcare operator limited partners including Mayo Clinic and Cleveland Clinic. | PhotonKeebler HealthQualified Health+2 | 22 | Series A | |
Bessemer Venture Partners | | Bessemer Venture Partners is a global venture capital firm that invests in early-stage technology companies building enduring software and internet platforms. San Francisco-headquartered with offices in New York, London, Tel Aviv, and Bangalore, the firm manages investments in sectors like SaaS, fintech, and cybersecurity. Its portfolio features companies including Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast. Founded in 1911, Bessemer Venture Partners has supported over 140 IPOs and acquisitions, maintaining a presence across North America, Europe, and Asia. | AmperosAvantosHouse Rx+2 | 20 | Series A | |
Bpifrance |  | Bpifrance is a Paris-headquartered public investment bank owned by the French state and Caisse des Dépôts that finances SMEs, mid-caps, and innovation projects. It offers loans, equity, guarantees, and export financing through funds like Large Venture and InnoBio, operating via 50 regional offices across France. | SquareMindLa FraiseHublo+2 | 19 | Seed |
Founders and investors we've worked with
We've supported winning builders across healthcare software and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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