/Investor DB

TRANSFORMATION CAPITAL

Venture capitalActively deploying

Boston · Growth · 26 people tracked

Also known as Tranformation Ventures · TRANSFORMATION CAPITAL PARTNERS, L.P.

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Investment thesis

Transformation Capital invests solely in digital health, partnering with founders who aim to revolutionize healthcare. The firm positions healthcare as its sole purpose rather than one vertical among many, supporting companies across care delivery, health benefits, workforce staffing, diagnostics, mental health, and healthcare infrastructure. It works closely with portfolio founders to help realize a vision of a modernized, technology-enabled healthcare system.

Source: firm website, verified Sep 29, 2026.

Stage
Growth
HQ
Boston, Massachusetts, US
Instruments
Equity
Founded
2019
Last 12 months
13 investments
Private fund assets
$3.1B
VC funds
10
Tracked investments
150
Unicorns
1
IPOs
2
Acquisitions
7

Team · 26 people

from the firm's website & curated & public directories
Brendan Kish· Investment team (no title shown)in
Nicole Bleecker· Partner Acceleration team (no title shown)in

Founder mafia

3 people who came through TRANSFORMATION CAPITAL went on to found or lead other companies.

What they invest in

from 66 of 150 portfolio companies

Healthtech ×46Digital Health ×38AI & Machine Learning ×28SaaS ×25Enterprise Software ×23Medical Devices ×9Data & Infrastructure ×8B2B Marketplaces ×5

HQs:United States×51Australia×1Brazil×1Canada×1Germany×1Ireland×1

Who they back

founder profiles across 37 portfolio companies
35%
solo founders
13 of 37 mapped founding teams
47%
repeat founders
of 43 founders with career history
~4 yrs
old at investment
median across 19 dated deals

Founding team size:solo founder×132 founders×113 founders×74+ founders×6

Where their founders studiedfrom 41 founders with education data

Harvard Medical School ×4Brown University ×3Duke University ×3Harvard Business School ×3Carleton College ×2Columbia Business School ×2Massachusetts Institute of Technology ×2MIT Sloan School of Management ×2

What their founders studiedfrom 36 founders with field-of-study data

Computer Science ×10Business & Management ×6Medicine ×5Engineering ×4Politics & Policy ×4Finance & Accounting ×3Life Sciences ×3Mathematics & Statistics ×2

Where their founders worked beforefrom 43 founders with career history

Accolade, Inc. ×2Columbia University ×2Doblet ×2Enigma ×2H1 Insights ×2Partners In Health ×2Stanford University ×2

Accelerator rootsportfolio companies that came through a program

Y Combinator ×4

3 founders hold a PhD · 13 hold an MBA (of 42 with degree data)

Investments · 150 tracked

founders shown can be your intro path

By year:2026 · 132025 · 72024 · 52023 · 22022 · 122021 · 92020 · 42019 · 12018 · 12017 · 12013 · 156 dated

Health Catalysthealthcatalyst.comin𝕏NASDAQ: HCAT

Health Catalyst provides a data platform, analytics applications, and AI-powered insights that help healthcare organizations improve clinical, financial, and operational performance.

AI & Machine LearningData & InfrastructureDigital Health

Benjamin Albert(Chief Executive Officer and Director)Jason Alger(Chief Financial Officer)inLinda Llewelyn(Chief People Officer)inSteve Barlow(Founder)Tom Burton(Founder)

Co-investorsDecheng CapitalEPIC VENTURESFifty YearsKaiser Permanente VenturesNorwest Venture PartnersOSF Ventures+2 more

DexCaredexcarehealth.cominJun 2023✓ verified

DexCare provides patient access and scheduling navigation logic for health systems, enabling patients to find available appointments across multiple care entry points and improving utilization of existing capacity.

AI & Machine LearningDigital HealthEnterprise SoftwareHealthtechSaaSPhiladelphia, US

Sean O'Connor(Co-Founder & President)inMatt Blosl(Chief Executive Officer)inLynne Chou O?Keefe(Director)Aaron Martin(Director)Derek Streat(Executive Officer, Director)

Board seatTodd Cozzens· per SEC Form D

Co-investorsFrist Cressey VenturesICONIQAllumia VenturesDefine VenturesKaiser Permanente VenturesSPRINGROCK VENTURES+2 more

AgentAIagentai.appin✓ verified

AgentAI acquires medical billing companies and rebuilds them with AI agents that run the healthcare revenue cycle end to end, escalating to human specialty billers when needed.

AI & Machine LearningDigital HealthEnterprise SoftwareHealthtechSaaSLos Angeles, US

Co-investorsOceans VenturesSlow Ventures

Arbital Healtharbitalhealth.comin𝕏Jan 2024✓ verified

Arbital Health provides a platform for managing value-based care (VBC) contracts, unifying claims, utilization, benchmark, and contract data with actuarial tools, predictive models, and a conversational "Actuarial AI" for real-time performance monitoring and risk analysis.

AI & Machine LearningDigital HealthHealthtechSan Francisco, US

Brian Overstreet(Co-founder)inTravis May(Co-founder)in

BoardScott Rosen(Director)inIan Duncan(Director)

Co-investorsHealthy VenturesOctaveFlex Capital PartnersUnderdog Labs

Cleohicleo.comin𝕏Mar 2021✓ verified

Cleo is a family care platform offered as an employer benefit, providing personalized caregiving support across life stages including parenting, mental health, cancer, chronic conditions, and elder care.

Digital HealthHR TechWellness & FitnessSan Francisco, US

Chitra Akileswaran(Co-Founder & Chief Medical Officer)inMadhavi Vemireddy(CEO (as of 2025-2026); previously Chief Clinical Officer)inSarahjane Sacchetti(Former CEO)inTyler Hoersch(Chief Technology Officer)

BoardKarin Ajmani(Director / Board Member)

Co-investorsGreylock PartnersNew Enterprise Associates (NEA)Felicis VenturesForerunner VenturesGlynn Capital ManagementIngeborg Investments+5 more

Aktanaaktana.cominSeries C · Oct 2020 · $21M

Aktana provides a real-time orchestration platform for pharmaceutical marketing that coordinates digital and field engagement across channels to reach healthcare professionals at optimal times.

AI & Machine LearningEnterprise SoftwareSales TechSan Francisco, US

David J. Ehrlich(Executive Officer, Director)Derek Choy(Founder)inJin Huang(Executive Officer)Rob Willson(Executive Officer)Marc-david Cohen(Executive Officer)

BoardAnthony Glenning(Director)

Board seatJared Kesselheim· per SEC Form D

Co-investors1315 CapitalHLM Investment PartnersNorwest Venture PartnersStarfish VenturesUpfront VenturesB4 Capital

Capital Rxcap-rx.cominSep 2025

Judi Rx (formerly Capital Rx) is a transparent, fiduciary-aligned pharmacy benefits manager that prices drugs against the federal NADAC benchmark, passes through rebates, and charges a single flat administrative fee.

Digital HealthEnterprise SoftwareHealthtechInsurTechSaaSNew York, US

AJ Loiacono(Co-Founder & CEO)Ryan Kelly(Director)inA. J. Loiacono(Director, Executive Officer)

BoardLenard Marcus(Director)inKevin Hill(Director)

Board seatJared Kesselheim· per SEC Form D

Co-investorsB Capital GroupB4 CapitalKoru Capital9Yards CapitalB CapitalEdison Partners+3 more

Codametrixcodametrix.cominSeries B · Mar 2024 · $40M

CodaMetrix operates an AI-based contextual coding automation platform that converts clinical data and chargeable activities into billable, clinical, and demographic medical codes for hospitals and health systems.

AI & Machine LearningDigital HealthHealthtechBoston, US

Hamid Tabatabaie(Founder)inMark Pottle(Executive Officer)inJim Whelan(Mr. Whelan is the Chief Revenue Officer of the Issuer.)inKevin Schmitt(Mr. Schmitt is the Chief Engineering Officer of the Issuer.)inJay Aslam(Founder)Tara Bradley(Executive Officer)

Board seatTodd Cozzens· per SEC Form D

Co-investorsCU Healthcare Innovation FundFrist Cressey VenturesMartin VenturesSignalFireMass General Brigham Ventures

Kareokareo.comin𝕏Jul 2022SEC filingmedium confidence

Tebra provides an integrated electronic health record and medical billing platform for independent healthcare practices, including EHR tools, claims management, patient payments, and scheduling capabilities.

Digital HealthEnterprise SoftwareHealthtechSaaSIrvine, US

DANIEL RODRIGUES(Executive Officer, Director)JIM LIM(Director)PERRY WALLACK(Director)MICHAEL MATLY(Director)ROB REID(Director)DAVID COZZENS(Director)

Board seatTodd Cozzens· per SEC Form D · $25M raise · filed Jul 2022

Co-investorsEscalate Capital PartnersGolub GrowthSaints CapitalGreenspring AssociatesHLM Investment PartnersMontreux Equity Partners+3 more

Alaffiaalaffia.cominFeb 2026

Alaffia invests in and partners with African communities on development projects focused on education, maternal health, and environmental sustainability.

ConsumerImpact & Social Good

Olowo-n'djo Tchala(Founder)in

Co-investorsNew VoicesOssian CapitalTwine Ventures1984 Ventures Management, LlcAperture Venture CapitalFirstMark Capital+3 more

Alaffia Healthalaffiahealth.comin𝕏Series B · Feb 2026 · $55M

Alaffia offers Autodor, an AI platform that pre-processes prior authorization requests for health plan utilization management teams by extracting clinical data, applying policy-based logic, and generating human-reviewed case summaries.

AI & Machine LearningDigital HealthHealthtechInsurTech

TJ Ademiluyi(Founder)inAdun Akanni(Founder)

Co-investorsAnthemis VentureAperture Venture CapitalEntrepreneurs Roundtable Accelerator (ERA)FirstMark CapitalGingerbread CapitalRemarkable Ventures+5 more

Aminonarvii.com

Narvii.com is an independent information website that publishes articles about digital platforms, online communities, and popular apps.

Creator EconomyMedia & EntertainmentSocial

Alexander Smith(Editor-in-Chief)

Co-investorsBantam GroupHighland Capital PartnersOxford Finance LLC

Amino Labsamino.bio𝕏

Amino Labs produces hands-on biotechnology experiment kits designed to teach genetic engineering and bacterial transformation to beginners in educational and hobbyist settings.

BiotechEdTechSouthern Alberta, CA

Julie Legault(CEO)inJustin Pahara(Biotechnology Expert)

Co-investorsSOSVThe E14 FundAccelAspect VenturesCRV (Charles River Ventures)Highland Capital Partners+1 more

Annexus Healthannexushealth.comin𝕏Aug 2022 · $33M

Annexus Health provides tech-enabled software and services, including its AssistPoint platform, that help healthcare organizations, infusion centers, specialty pharmacies, life science companies, and charitable foundations connect patients with financial assistance and access resources.

Digital HealthHealthtechSaaSCranberry Township, US

Brad Frazier(Founder)in

Co-investorsCencora VenturesCerity Partners Ventures

Carecodecarecode.aiinPre-Seed · Dec 2024 · $4M

Carecode builds an AI assistant that schedules, confirms, and reschedules patient appointments 24/7 via WhatsApp, phone, and Instagram, plus an electronic medical record system with integrated agenda and financial tools.

AI & Machine LearningDigital HealthSaaS

Co-investorsBrave CapitalAndreessen HorowitzHippo Insurance

CareRevcarerev.comin𝕏Series A · Apr 2021 · $50MAcquired

CareRev operates a platform connecting healthcare facilities with nursing professionals to address medical staffing challenges.

B2B MarketplacesHealthtechHR TechMarketplacesRemote, US

William Patterson(CEO)inSofia Pessanha(COO)inStephen BunchSuzanne Griffin(Director of People Operations)inRobert Hemenway(Lead Technical Recruiter)Desiree Porter(Senior Technical Recruiter)

Co-investorsFundersClubStonewater VenturesY CombinatorAvlok CapitalCrystal Towers CapitalFour Cities+7 more

Certifycertify.com𝕏Dec 2013

Certify, now rebranded as Emburse Professional, provides configurable travel, invoice, and expense management software with automated expense reporting and spend controls.

Enterprise SoftwareFintechSaaSPortland, US

Robert Neveu(Manager and President)Alan Neveu(Manager and Chief Technology Officer)in

BoardStephen Johnson(Manager)William Benedict(Manager)John Bailey(Manager)

Co-investorsAlpine MeridianCEI VenturesTeamworthy VenturesArkitekt Venturesbloom venture partnersGeneral Catalyst+2 more

Certifycertifyos.cominJun 2025 · $40M

CertifyOS operates an API-first, UI-agnostic provider network management platform that automates licensing, enrollment, credentialing, and network monitoring for healthcare organizations and health plans.

Data & InfrastructureDigital HealthEnterprise SoftwareHealthtechSaaSNew York City, US

Anshul Rathi(Founder and Chief Executive Officer)inSimon Maas(Chief Operating Officer)inNick Helfrich(Chief Commercial Officer)in

Co-investorsGeneral CatalystHustle FundSemperVirens Venture CapitalUpfront VenturesArkitekt VenturesMax Ventures

Cleocleo.comin𝕏

Based on the page text, Cleo appears to be a supply chain software company focused on building tools for supply chain resilience, agility, and growth.

AI & Machine LearningLogistics & Supply ChainSaaS

Mahesh Rajasekharan(President & CEO)

Co-investorsH.I.G. CapitalH.I.G. Growth PartnersAccelFelicis VenturesFinancière Saint JamesGaingels+2 more

Convictionparachute-ai.com

Parachute provides AI governance and compliance software for hospitals, automating the evaluation, deployment, and monitoring of clinical AI systems to reduce risk and accelerate pilot programs.

AI & Machine LearningCrypto & Web3Enterprise SoftwareFintechHealthtechNew York City, US

Aria Vikram(CEO)inTony Yamin(CTO)in

Co-investorsY CombinatorPioneerGrace Beauty CapitalH.I.G. Growth PartnersInsight PartnersJaws Ventures+3 more

Datavantdatavant.cominSeries B · Oct 2020 · $40M

Datavant Connect is a data connectivity platform that enables healthcare and life sciences organizations to share and link datasets while maintaining privacy compliance through tokenization technology.

AI & Machine LearningData & InfrastructureDigital HealthEnterprise SoftwareHealthtech

Kyle Armbrester(Chief Executive Officer)in

Co-investorsFlex Capital PartnersGrand VenturesHealth Catalyst CapitalMerck Global Health Innovation FundMSD Global Health Innovation FundOctave+3 more

Datmadatma.comin𝕏Dec 2024

datma builds a platform for ingesting, harmonizing, and analyzing heterogeneous healthcare data across individual sites and federated networks.

AI & Machine LearningData & InfrastructureDigital HealthHealthtechBeaverton, US

Ganapati Srinivasa(Director)inNoah Nasser(Executive Officer, Director)in

BoardRussell Hirsch(Director)Mike Dixon(Director)Randy Ditzler(Director)

Co-investorsGenerator Ventures

Groupsjoingroups.comin𝕏

Groups provides medication-assisted treatment for opioid and substance use disorder, offering Suboxone treatment through in-person and virtual programs that accept insurance and Medicaid.

Digital HealthHealthtech

Co-investorsAlumni VenturesBessemer Venture PartnersKaiser Permanente VenturesOak HC/FTOptum VenturesRRE Ventures

Growgrow.incinMar 2026 · $150M

GROW Inc provides a technology platform and services for superannuation funds, offering product distribution, member online portals, and operational automation.

Enterprise SoftwareFintechSaaS

John(Chief Executive Officer)Adam(Chief Strategy Officer)James(Chief Financial Officer)Sarah(Chief Transformation Officer)Claudia(Chief Technology Officer)Glenna(Chief Superannuation Operations Officer)

Co-investorsAirTree VenturesHitachi VenturesFive V CapitalBCIMenlo VenturesSignalFire+1 more

Growgrow.comin𝕏Mar 2026 · $150Macquired by Epicor Software Corp.

Grow offers a no-code business intelligence platform that combines ETL, data warehousing, visualization, and alerts, letting teams connect and blend data from 100+ sources and build dashboards and KPI metrics without SQL.

Data & InfrastructureEnterprise SoftwareSaaS

Co-investorsKickstartToba CapitalBCIMenlo VenturesSignalFireTCV

Grow Therapygrowtherapy.comin𝕏Mar 2026 · $150M

Grow Therapy provides online mental health therapy services designed to be more accessible, affordable, and user-friendly than traditional therapy.

B2B MarketplacesHealthtechMental HealthSaaS

Jake Cooper(Founder)inManoj Kanagaraj(Founder)inAlan Ni(Founder)in

Co-investorsBCICold Start VenturesEvio VCMenlo VenturesPLUS CapitalReshape+6 more

H1h1.coin𝕏Series B

H1 operates an AI-driven platform that integrates healthcare data to identify and match doctors for clinical trials, patient care, medical affairs, and referrals.

AI & Machine LearningDigital HealthHealthtechNew York City, US

Ariel Katz(Founder)inIan Sax(Founder)inZachary Feuerstein(Vice President of Product)Don Pinkus(CPO)inDavid seidenfrau(Vice President - Engineering)David Street(Product Engineering Manager)

Co-investorsBoxGroupCommunitas Capital PartnersDorm RoomGlynn Capital ManagementHealthX VenturesIVP (Institutional Venture Partners)+9 more

HappyCohappy.coinSeries B · Jan 2022 · $52M

HappyCo builds an operations and AI platform for multifamily property management, covering inspections, work orders, lease audits, and maintenance operations for onsite teams, technicians, and corporate offices.

AI & Machine LearningEnterprise SoftwarePropTechSaaS

Andrew Mackenzie-RossJindou LeeinJustin MorrisoninMatt Jacobsonin

Co-investors500 GlobalCamber CreekCerity Partners VenturesFolklore VenturesMasco VenturesNavitas Capital+8 more

Headspaceheadspace.comin𝕏Sep 2017

Headspace is a mental health app that delivers personalized support through meditation, mindfulness, AI-powered guidance, coaching, therapy, and psychiatry services for individuals and organizations worldwide.

Digital HealthHealthtechMental HealthWellness & FitnessSanta Monica, US

Andy(Co-founder)Richard Marsh Pierson(Executive Officer, Director)Andrew David Puddicombe(Executive Officer, Director)Sean Brecker(Executive Officer)inTom Pickett(Chief Executive Officer)inAndy Puddicombe(Founder)

Co-investors1435 CapitalAdvance Venture PartnersAdvancit CapitalBessemer Venture PartnersBreyer CapitalCity Light+18 more

HopSkipDrivehopskipdrive.comin𝕏Sep 2022 · $37M

HopSkipDrive operates a marketplace and software platform connecting students and other individuals needing support to vetted caregivers for transportation, while providing school districts with tools like RouteWise AI to optimize their transportation operations.

B2B MarketplacesEdTechLogistics & Supply ChainMobility & TransportationSaaSLos Angeles, US

Carolyn Yashari Becher(Founder)inJoanna McFarland(Founder)inJanelle McGlothlin(Founder)in

BoardGreg Bettinelli(Director)in

Co-investors1843 CapitalAlumni VenturesBascom VenturesBBG VenturesBuilders + BackersDisney Accelerator+13 more

Intelycareintelycare.comin𝕏

IntelyCare operates a healthcare talent marketplace that connects nurses with care settings including hospitals, clinics, and other healthcare facilities.

B2B MarketplacesFuture of WorkHealthtechHR TechQuincy, US

Ike Nnah(Executive Officer, Director)inDavid Coppins(Executive Officer, Director)inPrince Nnah(Director)

Co-investorsEastward Capital PartnersEndeavour VisionEquitage Ventures, L.L.C.First Trust Capital PartnersGenerator VenturesKaiser Permanente Ventures+4 more

Jeeniejeenie.comin𝕏Series A · Mar 2022 · $12M

A platform that connects clients with interpreters, offering competitive per-minute pricing and flexible workflow integration across devices.

Digital HealthEnterprise SoftwareHealthtechMarketplacesSaaSBerlin, DE

Kirsten Brecht-Baker(CEO & Co-Founder)inDr. Richard Brecht(Co-Founder)

Co-investorsCity LightSpringTime VenturesArdent Venture

Judijudi.healthinSeries B · Feb 2021 · $50M

Judi Health administers medical, dental, vision, and pharmacy benefits on a unified platform designed for health plans and employers.

Digital HealthEnterprise SoftwareHealthtechInsurTechSaaS

AJ Loiacono(Co-Founder & CEO)

Co-investorsAlumni VenturesB Capital GroupBasecamp FundEdison PartnersEmerald Development ManagersF-Prime Capital+2 more

Ketryxketryx.cominSeries B · Sep 2025 · $39M

Ketryx builds a software platform for developing and validating regulated AI and safety-critical software, helping MedTech, biotech, and life sciences companies meet standards such as ISO 13485, IEC 62304, and ISO 14971.

AI & Machine LearningDigital HealthEnterprise SoftwareMedical DevicesSaaSSomerville, US

Erez Kaminsky(President)Erez Kaminski(CEO & Founder)inJan Pöschko(CTO & Founder)inMary Brook Delano(Chief Business Officer)inBrian Katzman(Chief Marketing Officer)in

BoardHabib Haddad(Director)in

Co-investors53 StationsLightspeed Venture PartnersThe E14 FundUbiquity Ventures

Kyruuskyruushealth.comin

Kyruus Health provides a provider and location data management solution that consolidates, cleanses, and standardizes health systems' data into a single source, using AI and automation to maintain accuracy.

Data & InfrastructureDigital HealthHealthtechSaaSBoston, US

Julie Yoo(Executive Officer, Director)inGraham Gardner(Founder)in

BoardRobert Paull(Director)inRobert Higgins(Director)Bryan Roberts(Director)Donald Trigg(Director)

Co-investorsF-Prime CapitalFrancisco PartnersVenrockHighland Capital PartnersLux CapitalMcKesson Ventures+1 more

Latentlatenthealth.cominSeries A · Apr 2026 · $80M

Latent builds software to optimize the prescription fulfillment process for health systems, enabling faster access to medications for patients.

AI & Machine LearningDigital HealthEnterprise SoftwareHealthtechInsurTechSan Francisco, US

Rishabh Jain(Founder)inSri Somasundaram(Founder)inRish Jain(Founder)Sriram Somasundaram(Founder)

Co-investorsavraConvictionGeneral CatalystMcKesson VenturesSpark CapitalY Combinator+4 more

Let’s Get Checkedletsgetchecked.comin𝕏Jun 2021 · $150M

LetsGetChecked provides at-home healthcare including lab testing, virtual consultations, and prescription fulfillment, backed by its own manufacturing, logistics, and lab analysis infrastructure plus proprietary clinical and analytics software.

Digital HealthHealthtechMedical DevicesDublin, IE

Dr. Robert Mordkin(Chief Medical Officer)Oonagh O'Brien(Chief Executive Officer)inRonan Ryan(Chief Operations Officer)Mike Tesar(Chief Technology Officer)Michael Rummel(Chief Laboratory Officer)inPeter Foley(Founder)

Co-investorsFlucas VenturesK2 HealthVenturesOak HC/FTOptum VenturesIllumina Ventures

Lightforcelf.coin

LightForce develops generative braces using artificial intelligence and 3D printing technology to create individualized orthodontic appliances tailored to each patient.

Advanced ManufacturingAI & Machine LearningHardwareHealthtechMedical DevicesBoston, US

Alfred Griffin, DMD, PhD(Chief Product Officer / Founder)Dr. Lou Shuman, DMD, CAGS(Co-founder)Erica Rogers(Chief Executive Officer)inAlfred Griffin(Founder)Lou Shuman(Founder)

Co-investorsKleiner PerkinsAlly Bridge GroupAM VenturesDIAMatrixMatter Venture Partners+3 more

Local Infusionmylocalinfusion.cominJan 2025

Local Infusion provides technology-enabled infusion care services that combine clinical support with streamlined operations to reduce costs and improve patient experience.

AI & Machine LearningDigital HealthHealthtechAustin, US

BoardMatthew Wenger(Director)

Co-investorsMeridian Street Capital

Memora Healthmemorahealth.comin𝕏Series A · Feb 2022 · $40MAcquired

Memora Health develops a conversational AI assistant for healthcare that handles routine patient messages and triages complex clinical concerns to care teams.

AI & Machine LearningDigital HealthHealthtechSan Francisco, US

Manav Sevak(CEO)inNisarg Patel(CPO)inKunaal Naik(CTO)inOmar Nagji(Senior Vice President, Growth)Alisha Potter(Technical Recruiter)Shao Fang(Vice President, Engineering)

Co-investorsAndreessen HorowitzC3 VenturesDorm RoomGeneral CatalystGrant Park VenturesShrug Capital+19 more

Nayyanayya.comin𝕏Series C · Feb 2022 · $55M

Nayya operates an AI-powered platform that integrates health and financial data from multiple sources to help employees manage their benefits and personal well-being.

AI & Machine LearningEnterprise SoftwareHealthtechHR TechNew York, US

Sina Chehrazi(Founder)Akash Magoon(Founder)inSina C.(Founder)in

BoardCaroline Xie(Director)Victoria Treyger(Director)in

Co-investors37 AngelsADP VenturesBow CapitalCameron VenturesEarl Grey CapitalEntrepreneurs Roundtable Accelerator (ERA)+10 more

Nira Medicalniramedical.comin

Nira Medical consolidates independent neurology practices across the United States to improve patient access to neurological care.

Digital HealthHealthtechMedical Devices

Co-investorsSilversmith Capital PartnersSV Health Investors

Norstellanorstella.comin𝕏

Norstella is a global pharma intelligence provider that unites companies including Citeline, Evaluate, MMIT, Panalgo, and The Dedham Group to supply data, advisory services, and analytics for strategic and commercial decision-making in the pharmaceutical industry.

AI & Machine LearningData & InfrastructureDigital HealthHealthtech

Co-investorsWarburg PincusWCAS

Oliveoliveai.comin𝕏Dec 2020 · $230Macquired by Waystar Holding

Olive was a Columbus, Ohio-based healthcare automation company that used AI and robotic process automation to handle administrative tasks like prior authorizations and revenue cycle workflows for hospitals.

AI & Machine LearningHealthtechSaaS

Co-investorsDrive CapitalLRVHealthOak HC/FTAscension VenturesGeneral Catalyst

Omics Data Automation, Inc.omicsautomation.com𝕏

Datma provides a federated data collaboration platform connecting health systems and labs with pharmaceutical companies for secure access to real-world clinical and molecular data.

BiotechData & InfrastructureDigital HealthHealthtech

Parachute Healthparachutehealth.cominMay 2018

Parachute Health operates a shared digital network that connects healthcare providers, suppliers, and payors to order and deliver home medical equipment, replacing manual fax and phone workflows with clean, complete, and trackable orders.

Digital HealthHealthtechSaaSNew York, US

David Gelbard(Founder)in

BoardLee Perlman(Member of Board of Managers)Trevor Nelson(Member of Board of Managers)Peter Segall(Member of Board of Managers)inAnthony Welters(Member of Board of Managers)

Co-investorsAlumni VenturesBasecamp FundInsight PartnersJMI EquityLeft Lane CapitalWormhole Capital

PatientPingpatientping.com𝕏

PatientPing connects patient behavioral and physical health data across providers, health plans, and government agencies to automate care coordination and reduce unnecessary utilization.

Digital HealthEnterprise SoftwareHealthtechBoston, US

Jay Desai(Executive Officer, Director)inJeff Smith(CEO, Bamboo Health)in

BoardJon Lim(Director)inKrishna Yeshwant(Director)in

Co-investorsAndreessen HorowitzF-Prime CapitalGV (Google Ventures)

Patientpointpatientpoint.comin𝕏

Co-investorsACE & Company

PlushCareplushcare.com𝕏

PlushCare is a telehealth service that connects patients with board-certified primary care doctors and therapists through an app for virtual appointments, prescriptions, and ongoing care.

Digital HealthHealthtechMental HealthSan Francisco, US

James Wantuck(Co-founder)Ryan McQuaid(Co-founder)inJames Wantuck, MD(Founder)in

BoardJeff Richards(Director)in

Co-investorsFOUNDER.orgFounders Circle CapitalLightspeed Venture PartnersMoonshots CapitalNotable CapitalBrookfield Asset Management+3 more

Protenusprotenus.cominacquired by Bluesight

Bluesight (formerly Protenus) provides AI-powered software for hospital pharmacy and compliance teams, covering RFID inventory tracking, drug diversion surveillance, purchasing optimization, 340B compliance, drug shortage management, and patient privacy monitoring.

AI & Machine LearningDigital HealthEnterprise SoftwareHealthtechBaltimore, US

Nicholas Culbertson(Executive Officer, Director)Harry Totonis(Director)Michele Kang(Director)

BoardRobert Lord(Executive Officer, Director)in

Co-investorsArthur VenturesF-Prime CapitalKaiser Permanente VenturesKube VCLionBirdMemorialCare Innovation Fund+1 more

Qualifiedqualified.io𝕏Mar 2026 · $125M

Qualified provides automated coding assessments and a developer-friendly IDE for evaluating technical competency.

Developer ToolsHR TechSaaS

Jake Hoffner(Founder)in

Co-investorsBisk VenturesHinge CapitalMichelson 20MM FoundationCathay InnovationFlare Capital PartnersFrist Cressey Ventures+10 more

Qualified Healthqualifiedhealthai.cominSeries B · Jul 2026 · $130M

Qualified Health AI provides AI infrastructure and governance solutions for health systems to deploy generative AI safely and deliver measurable value across clinical, operational, and financial workflows.

AI & Machine LearningDigital HealthHealthtechSan Carlos, US

Justin Norden(Founder)inKedar Mate(Co-Founder and Chief Medical Officer at Qualified Health | Faculty at Weill Cornell Medicine)inShantanu Phatakwala(Co-Founder | Chief Commercial Officer at Qualified Health)inBeau Norgeot(Co-Founder | Chief AI Officer at Qualified Health)inNirav Shah(Founder)Justin Norden, MD, MBA, MPhil(Co-Founder and CEO at Qualified Health | Adjunct Professor at Stanford Medicine)in

Co-investorsHealthier CapitalCathay InnovationFlare Capital PartnersFrist Cressey VenturesGreatPoint VenturesMenlo Ventures+4 more

Radrad.securityin

Security platform generating behavioral fingerprints to detect zero-day attacks across software supply chain and cloud infrastructure.

Brooke M.(Founder)inJimmy Mesta(Founder)in

Co-investorsCheyenne VenturesGula Tech Adventures.406 Ventures

Rad AIradai.comin𝕏Series C · Jan 2025 · $60M

Rad AI develops generative AI models and automation solutions specifically designed for radiology and healthcare workflows.

AI & Machine LearningEnterprise SoftwareHealthtechMedical DevicesSan Francisco, US

Dr. Jeff Chang(Co-founder)inDoktor Gurson(Founder)inJeff Chang(Founder)

BoardStuart Peterson(Director)inBruce Armstrong(Director)in

Co-investorsAlpha PartnersArray Ventures Management LlcArtis VenturesCity LightCorewell Health VenturesCrosscourt Ventures+12 more

Rapidsosrapidsos.comin

RapidSOS operates a safety network that connects public safety agencies, enterprises, and consumer/corporate devices to provide critical context and pre-arrival intelligence to emergency responders and 911 dispatchers.

AI & Machine LearningEnterprise SoftwareGovTechNew York, US

Nicholas Horelik(Founder)inMichael Martin(Founder)inNick Horelik(Founder)

BoardDan Nova(Director)Matthew Bozik(Director)

Co-investorsAcrew CapitalAlumni VenturesApax DigitalAvanta VenturesBasecamp FundCity Light+18 more

Scientistscientist.comin𝕏acquired by GHO Capital Partners · Sep 2025

Scientist.com operates an online marketplace and platform for life science research, helping scientists find providers, scope projects, compare proposals, manage compliance, and track spend.

AI & Machine LearningB2B MarketplacesBiotechSaaS

Kevin Lustig(Founder)inDan Kaganin

Co-investors5AM VenturesBootstrap Venture Partners

Smarter Dxsmarterdx.comin𝕏Series B · Apr 2022 · $50M

SmarterDx provides a clinical AI platform that helps hospitals and health systems improve documentation, coding, and revenue cycle management by accurately capturing the complexity of patient care.

AI & Machine LearningEnterprise SoftwareHealthtechMedical DevicesNew York, US

Michael Gao, MD(CEO and Co-founder)Josh(Co-founder and Chief Product Officer)Joshua Geleris(Executive Officer, Director)Michael Gao(Executive Officer, Director)inParimal(Chief Clinical Officer)

Co-investorsBessemer Venture PartnersEast Post Road VenturesFlare Capital PartnersFloodgateSwitch VenturesVirtue Ventures

Solsticesolstice.usin𝕏Jun 2026 · $21Macquired by Perch Energy · Feb 2026

Solstice connects households and businesses to local solar farms through a software platform that qualifies subscribers based on energy needs rather than credit scores, enabling bill savings through solar credits.

CleantechClimate TechEnergySaaSBoston, US

Sandhya Murali(Co-Founder & CEO)inSteph Speirs(Co-founder)inKirk Arnold(Director)

BoardSchuyler Lance(Director)

Co-investorsAmerican Family Insurance Institute for Corporate and Social ImpactDorm RoomE8 AngelsSE VenturesSustainVCTechstars+6 more

Sword Healthswordhealth.comSeries B · Jan 2021 · $25M

Physical therapy and musculoskeletal care

Virgílio ("V") Bento(Founder)inAndre Eiras dos Santos(Founder)Ivo Gabriel(Founder)Márcio Colunas(Founder)Virgilio Bento Marcio Colunas(Founder)Virgílio Bento(Founder)

Co-investorsArmilar Venture PartnersBond Capital ManagementDraycottEarl Grey CapitalFaberFounders Fund+11 more

Talkiatrytalkiatry.comin𝕏Series B · Jul 2022 · $75M

Talkiatry is a telehealth platform that connects patients with psychiatrists for remote mental health care.

Digital HealthHealthtechMental HealthNew York, US

Robert Krayn(Founder)inGeorgia Gaveras(Founder)

Co-investorsAndreessen HorowitzGreyMatterLeft Lane CapitalRelevance VenturesBlisceSofina

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Alaffia Technology SolutionsAssay DepotCare.Stat!, Inc.HQC HoldingsRecover TogetherAaron PatzerAbhishek GuptaAJ LoiaconoAlfred C. Griffin, IIIAmino HealthAnshul RathiAriel KatzAris SaxenaBen LererBoston Health Economic HoldingsBrad FrazierBrandon AtkinsonBrian OverstreetCitizen HealthColleen NicewiczCooper ZelnickDan BrillmanDan BurtonDan RodriguesDavid A. ViveroDavid GelbardDerek StreatDoktor GursonDonald TriggErez KaminksiFarid VijGraham GardnerHamid TabatabaieJake CooperJay DesaiJerrica KirkleyJoe BaffoneJohn AsaloneJohn VitalieJoseph Menzin PhdJustin NordenKevin LustigKirsten Brecht BakerKyle ArmbresterLongevity Health PlanLouis VillalbaMadhavi VemireddyManav SevakMatt BloslMatthew LevesqueMatthew WetschlerMichael MartinMike ColletteMike GallupMike MengMosaic HealthNick CulbertsonNoah NasserPete McCabePeter FoleyPlumePlume ClinicQuadrant4Rishabh JainRyan McQuaidSarah LiebelSean LaneSiddharth NambiarSina ChehraziSolstice HealthSriram SomasundaramTaylor JusticeTebraTJ AdemiluyiTom PickettTravis MayTsion LenchoVidoc Security LabVirgílio BentoVitalWill FurnessWoody BaumZorik Gordon Pwkun

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Exits · 9

2 IPOs · 7 acquisitions · showing 6

Health CatalystNASDAQ: HCATGrowacq. by Epicor Software Corp.Oliveacq. by Waystar HoldingProtenusacq. by BluesightScientistacq. by GHO Capital PartnersSolsticeacq. by Perch Energy

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has TRANSFORMATION CAPITAL made?
TRANSFORMATION CAPITAL has 150 tracked investments, 9 of which have exited, including 23 dated in the last 24 months.
What stage does TRANSFORMATION CAPITAL invest at?
TRANSFORMATION CAPITAL invests at the Growth stage.
What sectors does TRANSFORMATION CAPITAL focus on?
TRANSFORMATION CAPITAL focuses on Digital Health, Healthtech, Medical Devices.
Where is TRANSFORMATION CAPITAL located?
TRANSFORMATION CAPITAL is headquartered in Boston, US.
Does TRANSFORMATION CAPITAL lead rounds?
TRANSFORMATION CAPITAL has led 11 of the 21 rounds where its role is on record.
Who does TRANSFORMATION CAPITAL co-invest with?
TRANSFORMATION CAPITAL most often shares deals with Kaiser Permanente Ventures, City Light, F-Prime Capital, among 215 tracked co-investors.
What size deals does TRANSFORMATION CAPITAL back?
Across 20 deals with disclosed amounts, TRANSFORMATION CAPITAL has joined rounds of $10M – $230M (median $45M).

From the blog

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Transformation Capital has recently written about two AI-enabled healthcare platforms: Scientist.com, which streamlined research services procurement for life sciences, and SmarterDx, which automates hospital revenue capture through clinical documentation improvement. AI summary

Media · Podcasts & interviews

featuring the team

Entrepreneurship Speaker Series: Julie Vaughan Murchinson, Transformation Capital, Health Evolution

Case Western Reserve University · Julie Vaughan Murchinson

Learning About Leadership from the Olympics | Todd Cozzens, Transformation Capital

The Gary Bisbee Show · Todd Cozzens

Developing an Interest in Healthcare | Todd Cozzens, Transformation Capital

The Gary Bisbee Show · Todd Cozzens

The Philosophy Behind Sequoia Capital | Todd Cozzens, Transformation Capital

The Gary Bisbee Show · Todd Cozzens

Joining Marquette Medical | Todd Cozzens, Co-founder & Managing Partner, Transformation Capital

The Gary Bisbee Show · Todd Cozzens

The Mind of an Entrepreneur | Todd Cozzens, Co-founder & Managing Partner, Transformation Capital

The Gary Bisbee Show · Todd Cozzens

Images

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Co-investors · 56

General Catalyst

General Catalyst is a venture capital firm operating as a partnership focused on company building and accelerating the growth of the businesses it backs.

$30M
Kaiser Permanente Ventures

Kaiser Permanente Ventures is the corporate venture capital arm investing in healthcare companies that address real needs and deliver value for patients, providers, healthcare delivery systems, and communities.

$2M – $5M
Andreessen Horowitz

Andreessen Horowitz (a16z) is a venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz, known for pioneering the platform model with a large team of operators supporting founders across stages.

$500K – $50M
Alumni Ventures

Alumni Ventures (AV) is a venture capital firm that co-invests alongside lead VCs in startups, backing founders with capital and access to a large investor and operator community.

$100K – $10M
SignalFire

SignalFire is a seed-stage venture capital firm that combines a full-team support model with its data-driven Beacon AI platform to back founders.

$250K – $15M
Accel

Accel is a venture capital firm that partners with exceptional teams, positioning itself as a first partner to founders globally.

$500K – $100M
Menlo Ventures

Menlo Ventures is an early-stage venture capital firm backing transformative technology companies, with a strong current emphasis on artificial intelligence across enterprise, healthcare, and consumer markets.

$1M – $20M
FirstMark Capital

FirstMark Capital is a venture capital firm that backs founders and accelerates them through a platform providing access to networks, customers, and top talent.

$500K – $8M
Sequoia Capital

Sequoia Capital is a venture capital firm that partners with founders to build technology companies.

$100K – $50M
Bessemer Venture Partners

Bessemer Venture Partners is a global venture capital firm that partners with entrepreneurs across enterprise, consumer, and healthcare sectors from early stages through growth.

$50K – $100M
Khosla Ventures

Khosla Ventures is a venture capital firm that backs bold, early-stage, technology-driven companies across deep tech and other sectors, providing hands-on 'venture assistance' to help founders build category-defining businesses.

$100K – $20M
Felicis Ventures

Felicis is a venture capital firm that backs early-stage founders, investing primarily at Seed and Series A across artificial intelligence, cybersecurity and defense, global resilience and energy, and health and bio.

Both backed · 3
$500K – $15M
▶44 more co-investors

Norwest Venture PartnersGV (Google Ventures)Lightspeed Venture PartnersB Capital GroupSapphire VenturesLux CapitalThe Chernin Group (TCG Crypto)Left Lane CapitalEnergy Impact PartnersKickstartDefine VenturesSilversmith Capital PartnersEdison PartnersFounders FundNotable CapitalSpark CapitalIVP (Institutional Venture Partners)Tiger Global ManagementBond Capital ManagementAcrew CapitalTribe CapitalTenaya CapitalWhat If VenturesConvictionDrive CapitalArtis VenturesUnderscore VCInvariantes FundBlisceCamber CreekHippo InsuranceParkway Venture CapitalIllumina VenturesFirst Round CapitalHeadline8VCNexus Venture PartnersThreshold VenturesGeneral Partnership23andMeWildcat Venture PartnersTransmedia CapitalCoelius CapitalPresight Capital

Firms observed investing alongside TRANSFORMATION CAPITAL, from public investor directories. Shared companies are the overlap with TRANSFORMATION CAPITAL's recorded portfolio.

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