Fundraising Fox

Substrate

YC S24

San Francisco, US · Founded 2024 · 2 employees · Hiring · 7 known investors

Substrate provides agentic AI software for healthcare revenue cycle management, automating claims processing, appeals, eligibility verification, and payment posting to recover revenue leakage and increase net revenue for providers and payers.

AI & Machine LearningEnterprise SoftwareHealthtechUnited States of AmericaAmerica / CanadaFully Remote

Founders & leadership· Y Combinator alumni (S24)

Substrate was founded in 2024 by Inderpal Singh and Ayo Omojola.

ISInderpal Singh
Inderpal Singhin𝕏FounderInderpal Singh led special projects teams at AngelList and HotelTonight before founding Substrate, which develops artificial intelligence for medical billing operations.
AOAyo Omojola
Ayo Omojolain𝕏FounderPreviously, he held product leadership roles at Carbon Health and Cash App.

Investors · 7

Y CombinatorSan Francisco · $500K
Founders FundreportedSan Francisco · $500K – $5M
General CatalystreportedSan Francisco · $30M
In-Q-TelreportedTysons · $100K – $2.5M
Long Journey VenturesreportedSan Francisco · $100K – $1M
Valor Equity PartnersreportedChicago

Also in the syndicate · 1

Allen & Co

Funding

SEC filings, press & company announcements

$100M disclosed across 1 of 2 rounds · 2025–2026

Source: company announcements and press reports — follow each round's link for the claim.

In the news

US startup Substrate raises $100m for development of lithography tools to challenge ASML - DCDdatacenterdynamics.com · Jun 2026Substrate raises $100M to do the impossible and reinvent the chipmaking industry - SiliconANGLEsiliconangle.com · Oct 2025Substrate Raised $100M to Make Computer Chips in the U.S.inc.com · Oct 2025What Is Substrate? A Thiel-Backed Chip Startup Seeking to Crack ASML’s Dominance - Bloombergbloomberg.com · Oct 2025Silicon Valley chip start-up raises $100mn to take on TSMC and ASMLft.com · Oct 2025

Frequently asked questions

What does Substrate do?
Substrate provides agentic AI software for healthcare revenue cycle management, automating claims processing, appeals, eligibility verification, and payment posting to recover revenue leakage and increase net revenue for providers and payers.
Who founded Substrate?
Substrate was founded by Inderpal Singh, Ayo Omojola in 2024.
Who are Substrate's investors?
Substrate's investors include Y Combinator, Founders Fund, General Catalyst, In-Q-Tel, Long Journey Ventures, Valor Equity Partners.
How much funding has Substrate raised?
Substrate has disclosed $100M raised across 1 of its 2 known rounds.
Where is Substrate headquartered?
Substrate is headquartered in San Francisco, US.