Fundraising Fox

TRANSFORMATION CAPITAL

Venture capitalActively deploying

Boston · Growth · 29 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.

Invests inDigital HealthHealthtechMedical DevicesBostonUnited States

Source: firm website, verified Aug 3, 2026.

Stage
Growth
HQ
Boston, US
Instruments
Equity
Founded
2019
Private fund assets
$3.1B
VC funds
10
Tracked investments
131

Team · 29 people

from the firm's website & public directories
Jared Kesselheim· Managing Partnerin

What they invest in

from 32 of 131 portfolio companies

Healthtech ×24AI & Machine Learning ×16Digital Health ×15Enterprise Software ×11SaaS ×8Medical Devices ×6B2B Marketplaces ×3Data & Infrastructure ×3

HQs:United States×30

Investments · 131 tracked

founders shown can be your intro path
Health Catalysthealthcatalyst.comin𝕏NASDAQ: HCAT

Health Catalyst provides data analytics, AI-powered insights, and healthcare solutions to help hospital systems and healthcare organizations improve clinical, financial, and operational outcomes.

AI & Machine LearningData & InfrastructureHealthtech

Arbital Healtharbitalhealth.comin𝕏✓ verified

Arbital Health provides an AI-powered platform to design, evaluate, and arbitrate the quality and performance of value-based healthcare interventions.

AI & Machine LearningDigital HealthHealthtechSan Francisco, US

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

BoardScott Rosen(Director)Ian Duncan(Director)

Aktanaaktana.cominSEC filingmedium confidence

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

Anthony Glenning(Director)Jin Huang(Executive Officer)Al Wiegman(Director)Rob Willson(Executive Officer)Eric Gilbert(Director)Marc-david Cohen(Executive Officer)

Board seatJared Kesselheim· per SEC Form D · $30M raise · filed Oct 2020

Alaffia Technology SolutionsSEC filingmedium confidence

New York, US

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

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

Assay DepotSEC filingmedium confidence

Solana Beach, US

Andrew Martin(Executive Officer, Director)Jared Kesselheim(Director)Kevin Lustig(Executive Officer, Director)Parker Hinshaw(Director)Paul Stone(Director)

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

Capital Rx, Inc.SEC filingmedium confidence

New York, US

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

Care.Stat!, Inc.SEC filingmedium confidence

Sacramento, US

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

Codametrixcodametrix.cominSEC filingmedium confidence

CodaMetrix builds AI-powered automation for medical coding within the healthcare revenue cycle, translating unstructured clinical data into reimbursement codes.

AI & Machine LearningDigital HealthHealthtechBoston, US

Akhilesh Samant(Director)Peter Markell(Director)Roger Kitterman(Director)Keith Kerman(Director)Hamid Tabatabaie(Director, Executive Officer, Promoter)Mark Pottle(Executive Officer)

Board seatTodd Cozzens· per SEC Form D · $40M raise · filed Mar 2024

DexCaredexcarehealth.comin

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

HQC HoldingsSEC filingmedium confidence

Salt Lake City, US

Promod Haque(Director)Todd Cozzens(Director)Michael Dixon(Director)Jeffrey P. Selander(Executive Officer)Brent Dover(Executive Officer)Steven C. Barlow(Director)

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

Kareokareo.comin𝕏SEC 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

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

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

Recover TogetherSEC filingmedium confidence

HealthtechBurlington, US

Nancy Brown(Director)Steve Kahane(Director)Colleen Nicewicz(Executive Officer, Director)Steve Kraus(Director)Jared Kesselheim(Director)Matthew Taylor(Executive Officer)

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

Aaron Patzer
Abhishek Gupta
AgentAI
AJ Loiacono
Alaffiaalaffia.comin

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

ConsumerImpact & Social Good

Alfred C. Griffin, III
Amino Health
Annexus Health
Anshul Rathi
Arbital Health
Ariel Katz
Aris Saxena
Ben Lerer
Brad Frazier
Brandon Atkinson
Brian Overstreet
CareRevcarerev.comin𝕏

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

Certify
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

David A. Vivero
David Gelbard
Derek Streat
Doktor Gurson
Donald Trigg
Erez Kaminksi
Farid Vij
Graham Gardner
Groups
Grow Therapygrowtherapy.comin𝕏

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)

H1
Hamid Tabatabaie
Headspaceheadspace.comin𝕏

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)Sean Brecker(Executive Officer)Andrew David Puddicombe(Executive Officer, Director)

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

Prince Nnah(Director)Ike Nnah(Executive Officer, Director)David Coppins(Executive Officer, Director)

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

Jerrica Kirkley
Joe Baffone
John Asalone
John Vitalie

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.

Frequently asked questions

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.

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

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

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

The Philosophy Behind Sequoia Capital | Todd Cozzens, Transformation Capital

The Gary Bisbee Show · Todd Cozzens

The HLTH Daily Show Ft. Todd Cozzens, Transformation Capital, Co-Founder and Managing Partner

Todd Cozzens · vimeo.com

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
SignalFire

SignalFire is a venture capital firm that positions itself as being built like a tech company, offering founders in-house AI/ML tools, data, advisory programs, and sector experts to support their portfolio.

$250K – $15M
Andreessen Horowitz

Andreessen Horowitz's Strategic Partnerships page describes collaborations that connect its portfolio companies with established institutions to help scale and deploy their technology.

$500K – $50M
Lightspeed Venture Partners

Lightspeed Venture Partners is a global venture capital firm known for backing AI and technology founders, emphasizing deep, hands-on partnerships with the companies it funds.

Both backed · 2
$1.7M – $87M
Bessemer Venture Partners

Bessemer Venture Partners is a venture capital firm that partners with entrepreneurs from early stages through every stage of growth, publishing investment roadmaps across multiple technology sectors.

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

Khosla Ventures is a venture capital firm known for backing bold, contrarian bets in world-class teams that can reshape entire industries.

Both backed · 2
Rad AISword Health
$5K – $50M
Alumni Ventures

Alumni Ventures (AV) is a venture firm that gives accredited individual investors access to professionally managed, diversified venture portfolios by co-investing alongside leading lead VC firms. It offers annual funds, syndicate deal-by-deal investing, and various investor clubs.

$100K – $10M
Menlo Ventures

Menlo Ventures is a venture capital firm that backs transformative, early-stage technology companies reshaping how people live and work.

$1M – $20M
Norwest Venture Partners

Norwest is a venture and growth equity investment firm that has backed over 700 companies across sectors including AI, retail, and healthcare, working alongside entrepreneurs from early to late-stage growth.

Both backed · 2
$10M – $30M
Sapphire Ventures

Sapphire Ventures is a venture capital firm founded in 2011 that backs technology companies, offering operating support such as executive talent and customer introductions to its portfolio.

Both backed · 2
QualifiedSword Health
$5M – $20M
Define Ventures

Define Ventures is an early-stage venture firm focused on health technology companies, partnering with founders building at the intersection of healthcare and technology.

Both backed · 2
$750K – $6M
Sequoia Capital

Sequoia Capital is a venture capital firm that partners with founders to build technology companies, with a strong current focus on artificial intelligence.

Both backed · 1
$4.4M – $214M
44 more co-investors

General CatalystGV (Google Ventures)Founders FundNotable CapitalFelicis VenturesSpark CapitalAcrew CapitalTenaya CapitalLeft Lane CapitalEnergy Impact PartnersKickstart FundConvictionArtis VenturesAccelFirst Round CapitalB Capital GroupIVP (Institutional Venture Partners)Tiger Global ManagementFirstMarkLux CapitalHeadlineBond 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 CapitalSilversmith Capital PartnersIllumina VenturesEdison Partners

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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