Fundraising Fox

TRANSFORMATION CAPITAL

Venture capitalActively deploying

Boston · Growth · 27 people tracked

Also known as Transformation Capital (Cayman · Transformation Capital Executive · Transformation Capital Partners · TRANSFORMATION CAPITAL PARTNERS, L.P.

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Investment thesis

Transformation Capital invests solely in the healthcare sector, describing healthcare not as part of its focus but as its entire purpose. The firm partners with companies transforming healthcare delivery, spanning areas such as patient-provider connectivity, fertility and lab workflow optimization, and healthcare staffing marketplaces.

Source: firm website, verified Aug 25, 2026.

Stage
Growth
HQ
Boston, Massachusetts, US
Instruments
Equity
Founded
2019
Last 12 months
9 investments
Private fund assets
$3.1B
VC funds
10
Tracked investments
133

Team · 27 people

from the firm's website

Founder mafia

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

What they invest in

from 41 of 133 portfolio companies

Healthtech ×28Digital Health ×24AI & Machine Learning ×17Enterprise Software ×14SaaS ×14Medical Devices ×6Data & Infrastructure ×4HR Tech ×4

HQs:United States×36Australia×1Ireland×1

Who they back

founder profiles across 21 portfolio companies
33%
solo founders
7 of 21 mapped founding teams
57%
repeat founders
of 14 founders with career history

Founding team size:solo founder×72 founders×73 founders×44+ founders×3

Where their founders studiedfrom 15 founders with education data

Duke University ×3Brown University ×2Harvard Medical School ×2The Harker School ×2

Where their founders worked beforefrom 14 founders with career history

Stanford University ×2

Accelerator rootsportfolio companies that came through a program

Y Combinator ×2

Investments · 133 tracked

founders shown can be your intro path

By year:2026 · 82025 · 32024 · 22023 · 12022 · 42021 · 12020 · 22017 · 12013 · 123 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

Co-investorsDecheng CapitalEPIC VENTURESFifty YearsKaiser Permanente VenturesNorwest Venture PartnersOSF Ventures+1 more

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 VenturesFlex Capital PartnersUnderdog Labs

Cleohicleo.comin𝕏✓ 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)Madhavi Vemireddy(CEO (as of 2025-2026); previously Chief Clinical Officer)Sarahjane Sacchetti(Former CEO)Tyler Hoersch(Chief Technology Officer)

BoardKarin Ajmani(Director / Board Member)

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

Aktanaaktana.cominOct 2020

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(Executive Officer, Director)Jin Huang(Executive Officer)Rob Willson(Executive Officer)Marc-david Cohen(Executive Officer)

BoardAnthony Glenning(Director)

Board seatJared Kesselheim· per SEC Form D

Co-investorsHLM Venture PartnersNorwest Venture PartnersStarfish VenturesUpfront VenturesB4 Capital

Alaffia Technology SolutionsFeb 2026SEC filingmedium confidence

New York, US

Adeyanju Ademiluyi(Executive Officer, Director)Adunola Akanni(Executive Officer, Director)

BoardAmish Jani(Director)in

Board seatTodd Cozzens· per SEC Form D · $40M raise · filed Feb 2026

Co-investorsFirstMark Capital

Assay DepotDec 2022SEC filingmedium confidence

Solana Beach, US

Kevin Lustig(Executive Officer, Director)Andrew Martin(Executive Officer, Director)

BoardParker Hinshaw(Director)Paul Stone(Director)

Board seatJared Kesselheim· per SEC Form D · $6M raise · filed Dec 2022

Capital Rx, Inc.Sep 2025SEC filingmedium confidence

New York, US

Board seatJared Kesselheim· per SEC Form D · $232.9M raise · filed Sep 2025

Co-investorsB4 CapitalEdison PartnersGeneral Catalyst

Care.Stat!, Inc.Jul 2025SEC filingmedium confidence

Sacramento, US

Owen Wurzbacher(Director)Jared Kesselheim(Director)Stephen Montalto(Executive Officer)Brandon Atkinson(Executive Officer, Director)William Hartfield Patterson, Jr.(Director)Jacob Zipfel(Executive Officer)

Board seatJared Kesselheim· per SEC Form D · $21.2M raise · filed Jul 2025

Codametrixcodametrix.cominMar 2024

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(Director, Executive Officer, Promoter)Mark Pottle(Executive Officer)Jim Whelan(Mr. Whelan is the Chief Revenue Officer of the Issuer.)Kevin Schmitt(Mr. Schmitt is the Chief Engineering Officer of the Issuer.)Jay Aslam(Mr. Aslam is the Chief Data Science Officer of the Issuer.)Tara Bradley(Executive Officer)

Board seatTodd Cozzens· per SEC Form D

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

DexCaredexcarehealth.cominJun 2023

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.

HealthtechSaaSPhiladelphia, US

Board seatTodd Cozzens· per SEC Form D

Co-investorsFrist Cressey VenturesKaiser Permanente VenturesSPRINGROCK VENTURESDefine Ventures

HQC HoldingsSep 2020SEC filingmedium confidence

HQC Holdings, renamed Health Catalyst in 2017, supplies data and analytics software and services to healthcare organizations.

Salt Lake City, US

Jeffrey P. Selander(Executive Officer)Brent Dover(Executive Officer)Daniel D. Burton(Executive Officer, Director)

BoardPromod Haque(Director)

Board seatTodd CozzensMichael Dixon· per SEC Form D · $50M raise · filed Sep 2020

Co-investorsSorenson 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 PartnersOpenView Venture PartnersSilver Lake Partners

Recover TogetherMay 2021SEC filingmedium confidence

HealthtechBurlington, US

Jeffrey DeFlavio(Director)Colleen Nicewicz(Executive Officer, Director)Matthew Taylor(Executive Officer)

BoardNancy Brown(Director)Steve Kraus(Director)

Board seatJared Kesselheim· per SEC Form D · $60M raise · filed May 2021

Co-investorsRRE LeadersRRE Ventures

Aaron Patzer
Abhishek Gupta
AgentAI
AJ Loiacono
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

Alfred C. Griffin, III
Amino Health
Annexus Healthannexushealth.comin𝕏

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)

Co-investorsCencora Ventures

Anshul Rathi
Ariel Katz
Aris Saxena
Ben Lerer
Brad Frazier
Brandon Atkinson
Brian Overstreet
CareRevcarerev.comin𝕏Acquired

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

B2B MarketplacesHealthtechHR TechMarketplacesRemote, US

William Patterson(Founder/CEO)inSofia Pessanha(Founder/COO)in

Co-investorsFundersClubY Combinator

Certifycertify.comin𝕏Dec 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)

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

Co-investorsCEI VenturesTeamworthy VenturesGeneral CatalystUpfront Ventures

Citizen Health
Cleo
Colleen Nicewicz
Cooper Zelnick
Dan Brillman
Dan Burton
Dan Frogel, MD
Dan Rodrigues
Datavantdatavant.comin

Datavant operates a health data collaboration platform and data network that connects, protects, and activates patient-level data across the U.S. healthcare ecosystem.

AI & Machine LearningData & InfrastructureDigital Health

Co-investorsFlex Capital PartnersGrand VenturesHealth Catalyst CapitalSixth StreetTensility Venture Partners

David A. Vivero
David Gelbard
Derek Streat
Doktor Gurson
Donald Trigg
Erez Kaminksi
Farid Vij
Graham Gardner
Groups
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 VenturesBCIMenlo VenturesSignalFireTCV

Growgrow.comin𝕏Mar 2026 · $150Macquired by Epicor

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 & CEO)inManoj Kanagaraj(Cofounder)Manoj Kanagaraj, MD(Founder)inAlan Ni(Founder)in

Co-investorsBCICold Start VenturesEvio VCMenlo VenturesPLUS CapitalReshape+6 more

H1
Hamid Tabatabaie
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)in

BoardScott Kriens(Director)

Co-investorsAdvance Venture PartnersBessemer Venture PartnersBreyer CapitalCity LightEniac VenturesFlucas Ventures+10 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)David Coppins(Executive Officer, Director)Prince Nnah(Director)

Co-investorsEastward Capital PartnersEndeavour VisionEquitage Ventures, L.L.C.Generator VenturesKaiser Permanente VenturesLongitude Capital+1 more

Jake Cooper
Jay Desai
Jeeniejeenie.comin𝕏

Jeenie operates a Direct-To-Interpreter platform that instantly matches clients with remote human interpreters for on-demand video and audio language interpretation, available 24/7.

Digital HealthMarketplacesSaaS

Co-investorsCity Light

Jerrica Kirkley
Joe Baffone

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 · 3

IPOs and acquisitions across the tracked portfolio

Health CatalystNASDAQ: HCATGrowacq. by EpicorProtenusacq. by Bluesight

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has TRANSFORMATION CAPITAL made?
TRANSFORMATION CAPITAL has 118 tracked investments, 2 of which have exited via acquisition or IPO, including 5 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.
Who does TRANSFORMATION CAPITAL co-invest with?
TRANSFORMATION CAPITAL most often shares deals with City Light, Kaiser Permanente Ventures, Bessemer Venture Partners, among 145 tracked co-investors.

From the blog

visit blog ↗

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

TRANSFORMATION CAPITAL photoTRANSFORMATION CAPITAL photoTRANSFORMATION CAPITAL photoTRANSFORMATION CAPITAL photoTRANSFORMATION CAPITAL photoTRANSFORMATION CAPITAL photo

Co-investors · 56

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
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.

Both backed · 4
CertifyJudiLatentCapital Rx, Inc.
$30M
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
Menlo Ventures

Menlo Ventures is a venture capital firm that invests in transformative, early-stage AI companies across every layer of the modern AI stack, from applications and middleware to data infrastructure and foundation models.

$1M – $20M
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
Lightspeed Venture Partners

Lightspeed is a global venture capital firm that has spent over two decades backing innovative companies as an early and first investor.

Both backed · 2
$1.7M – $87M
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.

Both backed · 2
$5M – $100M
Khosla Ventures

Khosla Ventures is a venture capital firm that invests in early-stage companies focused on technology, mobile, and clean energy sectors, including biotechnology applications. The firm provides capital and strategic support to entrepreneurs developing breakthrough technologies across multiple markets.

Both backed · 2
Rad AISword Health
$5K – $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
Felicis Ventures

Felicis Ventures is a venture capital firm that backs founders primarily at the Seed and Series A stages, frequently leading or co-leading rounds. It operates with a founder-first approach, including a founder pledge and voting commitments.

Both backed · 2
$500K – $15M
Norwest Venture Partners

Norwest Venture Partners is an investment firm whose growth equity team backs private, profitable, fast-growing companies, providing capital and hands-on support through its 'invited guest' approach.

$10M – $30M
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
44 more co-investors

KickstartDefine VenturesEdison PartnersSequoia CapitalGV (Google Ventures)Founders FundAccelNotable CapitalSpark CapitalSapphire VenturesLux CapitalAcrew CapitalTenaya CapitalLeft Lane CapitalEnergy Impact PartnersConvictionArtis VenturesSilversmith Capital PartnersFirst Round CapitalB Capital GroupIVP (Institutional Venture Partners)Tiger Global ManagementHeadlineBond Capital Management8VCNexus Venture PartnersThreshold VenturesTribe Capital FirstlookGeneral PartnershipThe Chernin Group (TCG Crypto)23andMeWildcat Venture PartnersTransmedia CapitalCoelius CapitalWhat If VenturesPresight CapitalDrive CapitalUnderscore VCInvariantes FundBlisceCamber CreekHippo InsuranceParkway Venture CapitalIllumina Ventures

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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