How many investments has TRANSFORMATION CAPITAL made?

TRANSFORMATION CAPITAL has 149 tracked investments, 6 of which have exited, including 22 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 12 of the 22 rounds where its role is on record.

Who does TRANSFORMATION CAPITAL co-invest with?

TRANSFORMATION CAPITAL most often shares deals with City Light, Kaiser Permanente Ventures, F-Prime Capital, among 166 tracked co-investors.

What size deals does TRANSFORMATION CAPITAL back?

Across 7 deals with disclosed amounts, TRANSFORMATION CAPITAL has joined rounds of $12M – $150M (median $50M).

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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Find your way into TRANSFORMATION CAPITAL

2,713 people in our graph share verified history with the TRANSFORMATION CAPITAL team — schools, employers, funds. One of them is your warm intro.

Aydin Senkutunlockedknows Julie Vaughan Murchinson · together at The Wharton School (overlapped)

knows the team · via Harvard University

knows the team · via Court Square Capital Partners

×2knows the team · via Goldman Sachs

×2knows the team · via Harvard Medical School

knows the team · via Boston College

✨ Fox Verdict

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 Health Healthtech Medical Devices Boston United States

Source: firm website, verified Sep 15, 2026.

Stage

Growth

Boston, Massachusetts, US

Instruments

Equity

Founded

2019

Last 12 months

14 investments

Private fund assets

$3.1B

VC funds

Tracked investments

149

Team · 27 people

from the firm's website & public directories

Kirsten Brecht Baker· CEO & Co-Founder of Jeenie

CEO and co-founder of Jeenie, a patient-interpreter connection platform operating across 300+ languages.

Will Patterson· Co-Founder & CEO of CareRev

Registered nurse and co-founder of CareRev, which connects healthcare facilities with qualified professionals.

Jared Kesselheim· General Partner· Boston, Massachusetts, United Statesin

Julie Vaughan Murchinson· Partner· Washingtonin 𝕏

Julie Murchinson focuses on healthcare, a field she entered as a consultant to Inova Health System. She holds a BA in Business Management & Accounting from Franklin and Marshall College and an MBA in Healthcare and Operations Management from The Wharton School at the University of Pennsylvania. Her prior experience includes roles at Health Evolution, Manatt Health, CareScience, Deloitte, and Ernst & Young.

Michael Dixon· Managing Partner· San Francisco, Californiain

Mike Dixon focuses on healthcare investing at Transformation Capital (TCAP), a firm dedicated solely to the healthcare sector. He previously worked at Sequoia Capital and Fidelity Management & Research Company, and holds a BS from Boston College, where he was part of the Presidential Scholars Program.

Scott Rosen· Partner· Boston, Massachusettsin

Scott Rosen invests in healthcare models aimed at improving patient access, value, and outcomes. He earned a BS in Commerce with a double major in Economics from the University of Virginia, where he received the Sky Alland Scholarship, and previously worked at Cigna/Express Scripts/eviCore, Court Square Capital, and Evercore.

Akanksha Mehta· Investment· Boston, MAin

Akanksha Mehta is a first-generation Indian immigrant who focuses on healthcare investing, particularly in patient-facing technology, infrastructure, and care delivery business model innovation aimed at improving access and quality of care. She holds a BA in Economics and Philosophy from Wellesley College and previously worked at Fisher Lynch Capital and Deutsche Bank.

Akhi Samant· Investment· Boston, MAin

Akhi Samant began his career covering technology companies before focusing on healthcare technology, where he works on improving access, efficiency, and transparency in the healthcare system. He holds a BS in Finance and Economics from NYU Stern School of Business and previously worked at Goldman Sachs. He is a member of the Transformation Capital team.

Amy Slizofski· Operations· Boston, MAin

Amy Slizofski is a member of the team at Transformation Capital (TCAP), where she focuses on healthcare companies improving access to care, including primary care, behavioral health, and specialty care. She previously worked at SV Health Investors, BV Investment Partners, and Baupost Group. She holds a BA in Sociology from Tulane University.

Ashley Kurpinsky· Operations· San Francisco Bay Area, CAin

Ashley Kurpinsky invests in digital healthcare companies at Transformation Capital, a firm focused on the healthcare industry. She previously worked at Generation Investment Management, Golden Gate Capital, Alliance Partners (BancAlliance), and Saints Capital. She holds a BS in Psychology from the University of Colorado.

Bhooshi de Silva· Global Head of Corporate Development, Strategy and Ventures, PPD Clinical Research; Head of Strategic Capital, Thermo Fisher

Bhooshi de Silva leads the strategic capital function at Thermo Fisher and serves as global head of corporate development, strategy and ventures for its PPD clinical research business, overseeing direct venture and fund investments as well as enterprise data functions. He joined PPD in 2014 as SVP of corporate development and strategy and came to Thermo Fisher through the 2021 PPD acquisition. Earlier he worked at Pfizer in roles spanning R&D portfolio management and business development evaluation, and served as head of corporate development and strategy at Optimer Pharmaceuticals. He holds degrees from Stanford University, the London School of Economics, and Imperial College London.

Briana Blake· Operations· Boston, MAin

Briana Blake works at Transformation Capital (TCAP), a firm focused on making healthcare faster, simpler, higher quality, and more affordable. She holds a BS in Marketing from Plymouth State University and has experience associated with the MIT Sloan School of Management. She is also a certified personal trainer.

Christine Murphy· Operations· Boston, MAin

Christine Murphy works at Transformation Capital (TCAP), a firm focused on the healthcare industry. She previously worked in public accounting at PwC. She holds a BS from Bryant University and an MS in Taxation from SUNY Albany.

Jared Kesselheim, M.D.· Investment· Boston, MAin

Jared Kesselheim became interested in healthcare investing during his residency at Massachusetts General Hospital, where he observed the impact of outdated technology on patient care. He focuses on backing companies that use data and technology to improve clinical efficiency. He previously worked at Bain Capital Ventures and holds a B.A. from Harvard College, an M.D. from Harvard Medical School, and an M.B.A. from Harvard Business School.

Jenna Ciotti· Vice President· Boston, Massachusettsin

Jenna Ciotti focuses on healthcare investing, with particular interest in companies serving marginalized and underserved populations and in behavioral health areas such as autism, serious mental illness, and pediatric mental health. She holds a BS in Psychology with Distinction from Yale University and a Master of Public Health from the Yale School of Public Health. Her prior experience includes roles at M33 Growth and The Ripples Group.

Jessica Pellegrini· Operations· Boston, MAin

Jess Pellegrini works at Transformation Capital, where she focuses on healthcare-related companies and founders. Her interest in the sector stems from personal experience navigating the healthcare system for herself and family members. She holds a BA from Harvard College and previously worked at Spark Capital, Third Point, Engle Capital, Barclays, and Lehman Brothers.

Karen Saldana· Operations· Boston, MA

Karen Saldana works at Transformation Capital, focusing on healthcare and mental health. She previously worked at Artisan Partners and holds a BS from Mount Ida College.

Kevin Brown· Operations· Boston, MAin

Kevin Brown is a member of the team at Transformation Capital, a firm focused on health and healthcare investing. His prior experience includes roles in PEVC Financial Services, SVB Leerink, Charlesbank Capital Partners, and Harvard Private Capital at Harvard Management Company. He holds an MBA in Finance from Suffolk University and a BS in Accounting from Stonehill College, and is a CPA.

Laurel Smith· Operations· Boston, MAin

Laurel Smith is a member of Transformation Capital who joined co-founders Todd and Jared to help launch the firm's first fund. She previously worked at a large private equity firm, with experience at Leerink Partners, Advent International, Stonegate Group, and the City of Framingham, MA. She holds a BS from the University of Massachusetts, Boston, and was a collegiate athlete.

Layla Behrouzian· Investment· Boston, MAin

Layla Behrouzian invests at Transformation Capital, focusing on early-stage healthcare companies. She began her career in healthcare investment banking with a focus on healthcare IT and services, and has previously worked at Goldman Sachs and CareRev. She holds a BA in Economics from UC Berkeley and an MBA from Harvard Business School.

Nick Briguglio· Investment· Boston, MAin

Nick Briguglio previously worked as a healthcare-focused investment banker at Deutsche Bank, where he developed an interest in digital health. He now works with founders building technology solutions aimed at modernizing legacy healthcare processes and improving patient experience and outcomes. He holds a BS in Finance and Entrepreneurship from Boston College's Carroll School of Management.

Raphael Cervantez· Investment· Boston, MA

Raphael Cervantez grew up in San Francisco and began his career in technology investment banking. He previously worked at Goldman Sachs and holds a BA in Neuroscience from Columbia University. He focuses on healthcare innovation, working with founders and companies across the sector.

Robin Mercer· Acceleration· Outside of Bostonin

Robin Mercer joined Transformation Capital in July 2021 and has around 15 years of experience in the healthcare industry. She previously served as Vice President of Go To Market Operations at Grand Rounds Health and spent about a decade in leadership roles at OptumInsight, Optum's technology and services division. Her work centers on building infrastructure to help growing healthcare services companies scale predictably.

Tanya Wesley· Acceleration· Southern Californiain

Tanya Wesley works at Transformation Capital (TCAP), focusing on healthcare investing with an emphasis on advancing equity and diversity in the industry. She previously worked at TSG Consumer Partners and Power Presentations. She holds a BA in Literary Journalism from the University of Irvine and an MA in Women's History from California State University Long Beach.

Tarah Comonte· Chief Executive Officer of TMRW

Chief executive officer of TMRW, focused on optimizing fertility lab workflows.

Todd Cozzens· Managing Partner· Massachusettsin

Todd Cozzens has more than thirty years of experience building, operating, investing in, and exiting healthcare companies internationally. He previously worked at Sequoia Capital and led healthcare companies including Picis (UHG) and Marquette Medical Systems (GE). He studied at Marquette University and completed the PMD program at Harvard Business School.

Vinay Shah· Investor· Boston, Massachusettsin

Vinay Shah is an investor at Transformation Capital focused on healthcare, with a background shaped by a family of physicians, pharmacists, and healthcare entrepreneurs. He previously worked at Longitude Capital, Bain & Company, and Sherpa Clinical. He holds a BA in health policy from Princeton University and an MBA in healthcare management from The Wharton School of the University of Pennsylvania.

Founder mafia

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

Aihui OngVenture PartnerFounded Buela +3 Todd CozzensManaging PartnerFounded UnitedHealth Group Will PattersonCo-Founder & CEO of CareRevFounded CareRev

What they invest in

from 56 of 149 portfolio companies

Healthtech ×40Digital Health ×33AI & Machine Learning ×23Enterprise Software ×20SaaS ×19Medical Devices ×9Data & Infrastructure ×7HR Tech ×5

HQs:United States×44Australia×1Canada×1Germany×1Ireland×1

Who they back

founder profiles across 28 portfolio companies

32%

solo founders

9 of 28 mapped founding teams

50%

repeat founders

of 36 founders with career history

~4 yrs

old at investment

median across 15 dated deals

Founding team size:solo founder×92 founders×113 founders×64+ founders×2

Where their founders studiedfrom 36 founders with education data

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

What their founders studiedfrom 32 founders with field-of-study data

Computer Science ×9Business & Management ×6Medicine ×5Engineering ×3Finance & Accounting ×3Politics & Policy ×3Life Sciences ×2Mathematics & Statistics ×2

Where their founders worked beforefrom 36 founders with career history

Accolade, Inc. ×2Enigma ×2Partners In Health ×2Stanford University ×2

Accelerator rootsportfolio companies that came through a program

Y Combinator ×2

1 founders hold a PhD · 13 hold an MBA (of 37 with degree data)

Investments · 149 tracked

founders shown can be your intro path

By year:2026 · 13 2025 · 7 2024 · 4 2023 · 2 2022 · 8 2021 · 7 2020 · 4 2019 · 1 2018 · 1 2017 · 1 2013 · 149 dated

Health Catalysthealthcatalyst.com in 𝕏NASDAQ: 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)in

Co-investorsDecheng Capital EPIC VENTURES Fifty Years Kaiser Permanente Ventures Norwest Venture Partners OSF Ventures +2 more

Agentaiagentai.app in✓ 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 Ventures Slow Ventures

Arbital Healtharbitalhealth.com in 𝕏Jan 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)in Travis May(Co-founder)in

Board Scott Rosen(Director)inIan Duncan(Director)

Co-investorsHealthy Ventures Flex Capital Partners Underdog Labs

Cleohicleo.com in 𝕏✓ 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)in Madhavi 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 Partners New Enterprise Associates (NEA)Felicis Ventures Forerunner Ventures Glynn Capital Management Ingeborg Investments +5 more

Dexcaredexcare.com in✓ verified

DexCare provides a patient access platform that integrates search, navigation, and scheduling capabilities for healthcare systems.

AI & Machine LearningDigital HealthEnterprise SoftwareHealthtechSaaSProvidence, US

Sean O'Connor(Co-Founder & President)in

Co-investorsICONIQ Allumia Ventures Define Ventures Frist Cressey Ventures

Aktanaaktana.com inSeries 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(Executive Officer, Director)inJin 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 Partners Norwest Venture Partners Starfish Ventures Upfront Ventures B4 Capital

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

Board seat Todd Cozzens· per SEC Form D

Co-investorsCU Healthcare Innovation Fund Frist Cressey Ventures Martin Ventures SignalFire Mass General Brigham Ventures

DexCaredexcarehealth.com inJun 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 seat Todd Cozzens· per SEC Form D

Co-investorsFrist Cressey Ventures Kaiser Permanente Ventures SPRINGROCK VENTURES Define Ventures

Kareokareo.com in 𝕏Jul 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 seat Todd Cozzens· per SEC Form D · $25M raise · filed Jul 2022

Co-investorsEscalate Capital Partners OpenView Venture Partners Silver Lake Partners

Alaffiaalaffia.com inFeb 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 Voices Ossian Capital Twine Ventures 1984 Ventures Management, Llc Aperture Venture Capital FirstMark Capital +3 more

Alaffiaalaffia.ai in 𝕏Feb 2026 · $55M

Alaffia builds AI agents for health plans that automate and support the claims lifecycle, including utilization management, payment integrity, and appeals, by ingesting medical records and cross-referencing clinical facts against a plan's policies.

AI & Machine LearningDigital HealthInsurTech

TJ Ademiluyi(Founder)in

Co-investorsAperture Venture Capital 1984 Ventures Management, Llc FirstMark Capital Gingerbread Capital Remarkable Ventures TAU Ventures +1 more

Alaffia Healthalaffiahealth.com inSeries 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(Cofounder)in

Co-investorsAnthemis Venture Entrepreneurs Roundtable Accelerator (ERA)FirstMark Capital Gingerbread Capital Remarkable Ventures Tau Ventures +4 more

Aminoamino.bio 𝕏

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-investorsSOSV The E14 Fund Accel Aspect Ventures CRV (Charles River Ventures)Highland Capital Partners +1 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 Group Highland Capital Partners Oxford Finance LLC

Annexus Healthannexushealth.com in 𝕏Aug 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 Ventures

CareRevcarerev.com in 𝕏Series 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(Founder/CEO)in Sofia Pessanha(Founder/COO)in

Co-investorsFundersClub Y Combinator Gaingels Industry Ventures

Certifycertify.com in 𝕏Dec 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 Meridian CEI Ventures Teamworthy Ventures General Catalyst Upfront Ventures

CertifyOScertifyos.com inJun 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)in Simon Maas(Chief Operating Officer)in Nick Helfrich(Chief Commercial Officer)in

Co-investorsHustle Fund SemperVirens Venture Capital Upfront Ventures Arkitekt Ventures General Catalyst Max Ventures

Cleocleo.com in 𝕏

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. Capital Accel Felicis Ventures Financière Saint James Gaingels Kima Ventures +1 more

Datavantdatavant.com inSeries 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 Partners Grand Ventures Health Catalyst Capital Sixth Street Tensility Venture Partners Johnson & Johnson Innovation – JJDC

Datmadatma.com in 𝕏Dec 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

Board Russell Hirsch(Director)Mike Dixon(Director)Randy Ditzler(Director)

Co-investorsGenerator Ventures

Growgrow.inc inMar 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 Ventures Hitachi Ventures BCI Menlo Ventures SignalFire TCV

Growgrow.com in 𝕏Mar 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-investorsKickstart Toba Capital BCI Menlo Ventures SignalFire TCV

Grow Therapygrowtherapy.com in 𝕏Mar 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)in Manoj Kanagaraj(Cofounder)in Manoj Kanagaraj, MD(Founder)inAlan Ni(Founder)in

Co-investorsBCI Cold Start Ventures Evio VC Menlo Ventures PLUS Capital Reshape +6 more

Headspaceheadspace.com in 𝕏Sep 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 Partners Advancit Capital Bessemer Venture Partners Breyer Capital City Light Eniac Ventures +14 more

Intelycareintelycare.com in 𝕏

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)in David Coppins(Executive Officer, Director)inPrince Nnah(Director)

Co-investorsEastward Capital Partners Endeavour Vision Equitage Ventures, L.L.C.Generator Ventures Kaiser Permanente Ventures Longitude Capital +3 more

Jeeniejeenie.com in 𝕏Series 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 Light

Judijudi.health inSeries 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 Ventures B Capital Group Basecamp Fund Edison Partners Emerald Development Managers F-Prime Capital +2 more

Ketryxketryx.com inSeries 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)in Jan Pöschko(CTO & Founder)in Mary Brook Delano(Chief Business Officer)inBrian Katzman(Chief Marketing Officer)in

Board Habib Haddad(Director)in

Co-investorsLightspeed Venture Partners The E14 Fund Ubiquity Ventures 53 Stations E14 Limited Partnership

Kyruuskyruushealth.com in

Kyruus Health provides a healthcare access platform that unifies provider and member data to help patients find, schedule, and access care.

Digital HealthHealthtechSaaSBoston, US

Graham Gardner(Executive Officer, Director)in Julie Yoo(Executive Officer, Director)in Graham Gardner, MD, MBA(Founder)in

Board Robert Paull(Director)inRobert Higgins(Director)Bryan Roberts(Director)

Co-investorsF-Prime Capital Francisco Partners Venrock Highland Capital Partners Lux Capital New Leaf Venture Partners +1 more

Latentlatenthealth.com inApr 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(Co-founder)in Sri Somasundaram(Founder)in Sriram Somasundaram(Co-founder)in

Co-investorsConviction McKesson Ventures Spark Capital Y Combinator General Catalyst

Let’s Get Checkedletsgetchecked.com in 𝕏Jun 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)in

Co-investorsFlucas Ventures K2 HealthVentures Oak HC/FT Optum Ventures

Lightforcelf.co in

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)in

Co-investorsKleiner Perkins Ally Bridge Group AM Ventures DIA Matrix Matter Venture Partners +2 more

Local Infusionmylocalinfusion.com inJan 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.com in 𝕏Feb 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(Founder/CEO)in Nisarg Patel(Founder/CPO)in Kunaal Naik(Founder/CTO)in

Co-investorsAndreessen Horowitz Dorm Room Shrug Capital Y Combinator AlleyCorp B Capital +4 more

Nayyanayya.com in 𝕏Series 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 & CEO)Akash Magoon(Executive Officer, Director)inSina C.(Founder)in

BoardCaroline Xie(Director)Victoria Treyger(Director)in

Co-investors37 Angels ADP Ventures Bow Capital Cameron Ventures Earl Grey Capital Entrepreneurs Roundtable Accelerator (ERA)+9 more

Nira Medicalniramedical.com in

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

Digital HealthHealthtechMedical Devices

Co-investorsSilversmith Capital Partners SV Health Investors

Norstellanorstella.com in 𝕏

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 Pincus WCAS

Omics Data Automation, Inc.omicsautomation.com in 𝕏

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.com inMay 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 & CEO)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 Ventures Basecamp Fund Insight Partners JMI Equity Left Lane Capital

PatientPingpatientping.com in 𝕏

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)in Jeff Smith(CEO, Bamboo Health)in

Board Jon Lim(Director)in Krishna Yeshwant(Director)in

Co-investorsAndreessen Horowitz F-Prime Capital GV (Google Ventures)

PlushCareplushcare.com 𝕏

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

Board Jeff Richards(Director)in

Co-investorsFounders Circle Capital Moonshots Capital Notable Capital Granite Asia Lightspeed Venture Partners

Protenusprotenus.com inacquired 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)

Board Robert Lord(Executive Officer, Director)in

Co-investorsF-Prime Capital Kaiser Permanente Ventures Kube VC LionBird TCP Venture Capital

Qualifiedqualified.io 𝕏Mar 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 Ventures Hinge Capital Michelson 20MM Foundation Cathay Innovation Flare Capital Partners Frist Cressey Ventures +10 more

Qualified Healthqualifiedhealthai.com inSeries 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 & CEO)in Kedar Mate(Co-Founder & Chief Medical Officer)in Shantanu Phatakwala in Beau Norgeot in

Board Sooah Cho(Director)in Mohamad Makhzoumi(Director)in

Co-investorsHealthier Capital Cathay Innovation Flare Capital Partners Frist Cressey Ventures GreatPoint Ventures Menlo Ventures +2 more

Radrad.security in

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

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

Co-investorsCheyenne Ventures Gula Tech Adventures .406 Ventures

Rad AIradai.com in 𝕏Series 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)in Doktor Gurson(Co-founder)in

Board Stuart Peterson(Director)in Bruce Armstrong(Director)in

Co-investorsAlpha Partners Array Ventures Management Llc Artis Ventures City Light Corewell Health Ventures Fifty Years +9 more

Rapidsosrapidsos.com in

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(Executive Officer)inMichael Martin(Executive Officer, Director)in

BoardDan Nova(Director)Matthew Bozik(Director)

Co-investorsAcrew Capital Alumni Ventures Avanta Ventures Basecamp Fund City Light Dorm Room +12 more

Smarter Dxsmarterdx.com in 𝕏Series 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 Partners East Post Road Ventures Flare Capital Partners Floodgate Switch Ventures Virtue Ventures

Solsticesolstice.us in 𝕏Jun 2026 · $21M

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)in Steph Speirs(Co-founder)in

Co-investorsAmerican Family Insurance Institute for Corporate and Social Impact Dorm Room SE Ventures Techstars True Wealth Ventures Ford Street Ventures +3 more

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

Physical therapy and musculoskeletal care

Virgílio ("V") Bento(Founder)in

Co-investorsArmilar Venture Partners Draycott Earl Grey Capital Faber Founders Fund Hakluyt Capital +6 more

TMRWtmrw.org

TMRW builds an FDA-cleared automated platform for managing and storing frozen eggs and embryos, using RFID tracking and a digital database (ivfOS) for specimen visibility and chain of custody.

FemTechHealthtechMedical Devices

Co-investorsServiceNow Ventures Tidal Ventures

TMRW Life Sciencestmrwlifesciences.com in 𝕏Series C · Jul 2021 · $110M

TMRW Life Sciences builds an FDA-cleared automated platform for managing and storing frozen eggs and embryos, using RFID tracking and an "ivfOS" digital database to monitor and secure specimens.

Digital HealthFemTechHealthtechMedical DevicesNew York, US

Joshua Abram(Director)in Tara Comonte(Director)in Alan Murray(Director)in

BoardAndrew Schwab(Director)Vinay Shah(Director)Emily Drabant Conley(Director)in

Co-investorsGV (Google Ventures)5AM Ventures

Unite Usuniteus.com in 𝕏

Unite Us provides software and data infrastructure for coordinating whole-person care, helping organizations identify social and health needs, deliver services, and track outcomes.

Digital HealthGovTechSaaSNew York, US

Daniel M. Brillman(Executive Officer)in Taylor Justice(Co-Founder and Chief Executive Officer)in

Co-investorsBlossom Street Ventures Equal Opportunity Ventures ICONIQ Oak HC/FT Optum Ventures PLUS Capital +6 more

World Class Healthworldclasshealth.com inApr 2025 · $10M

World Class Health operates a Center of Excellence platform that coordinates specialty surgical and procedural care for self-insured employers.

Digital HealthEnterprise SoftwareHealthtechMedical DevicesNew York City, US

Siddharth Nambiar(Founder)in

Co-investorsAlleyCorp City Light LifeX Ventures Alley Robotics Ventures

Other

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

Alaffia Technology Solutions Assay Depot Capital Rx, Inc.Care.Stat!, Inc.HQC Holdings Recover TogetherAaron PatzerAbhishek GuptaAJ LoiaconoAlfred C. Griffin, IIIAmino HealthAnshul RathiAriel KatzAris SaxenaBen LererBoston Health Economic HoldingsBrad FrazierBrandon AtkinsonBrian OverstreetCarecodeCitizen HealthColleen NicewiczCooper ZelnickDan BrillmanDan BurtonDan Frogel, MDDan RodriguesDavid A. ViveroDavid GelbardDerek StreatDoktor GursonDonald TriggErez KaminksiFarid VijGraham GardnerGroupsH1H1InsightsHamid TabatabaieJake CooperJay DesaiJerrica KirkleyJoe BaffoneJohn AsaloneJohn VitalieJoseph Menzin PhdJustin NordenKevin LustigKirsten Brecht BakerKyle ArmbresterLongevity Health PlanLouis VillalbaMadhavi VemireddyManav SevakMatt BloslMatthew LevesqueMatthew WetschlerMichael Gao, MDMichael MartinMike ColletteMike GallupMike MengMosaic HealthNick CulbertsonNoah NasserOlivePatientPointPete McCabePeter FoleyPlumePlume ClinicRishabh JainRyan McQuaidSarah LiebelScientistSean LaneSiddharth NambiarSina ChehraziSolstice HealthSriram SomasundaramTaylor JusticeTebraThriveworksTJ AdemiluyiTom PickettTravis MayTsion LenchoVirgílio 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 · 6

2 IPOs · 4 acquisitions · showing 3

Health CatalystNASDAQ: HCATGrowacq. by EpicorProtenusacq. by Bluesight

Portfolio news

latest coverage across their companies

Sword Health acquires Headspace meditation app for $300 million

Sword Health · qz.com · Sep 16, 2026

Judi Health adds Color Health, WellTheory, Cylinder to benefits platform | MobiHealthNews

Judi · mobihealthnews.com · Sep 10, 2026

HappyRobot Raises $150m in Funding to Grow Agent Deployment | Supply Chain Digital

Grow · supplychaindigital.com · Aug 6, 2026

Cleo Fields of Louisiana’s 6th District Buys NVIDIA Corporation Stocks By Investing.com

Cleo · investing.com · Jul 17, 2026

Forward Financing $525 Million: VFN + ABS Deal Explained

Aktana · funderintel.com · Jul 16, 2026

Tiger Woods, Rory McIlroy-backed TMRW Sports to relocate headquarters to downtown Orlando

TMRW · wesh.com · Jul 15, 2026

Ollama Raises $65M Series B Funding to Grow Its Open Source AI Platform - AIwire

Grow · hpcwire.com · Jul 9, 2026

Parachute Health Raises Millions for Its Fight Against Fax Machines | Chief Healthcare Executive

Parachute Health · chiefhealthcareexecutive.com · Jul 6, 2026

Frequently asked questions

How many investments has TRANSFORMATION CAPITAL made?: TRANSFORMATION CAPITAL has 149 tracked investments, 6 of which have exited, including 22 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 12 of the 22 rounds where its role is on record.
Who does TRANSFORMATION CAPITAL co-invest with?: TRANSFORMATION CAPITAL most often shares deals with City Light, Kaiser Permanente Ventures, F-Prime Capital, among 166 tracked co-investors.
What size deals does TRANSFORMATION CAPITAL back?: Across 7 deals with disclosed amounts, TRANSFORMATION CAPITAL has joined rounds of $12M – $150M (median $50M).

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

How Scientist.com Transformed Drug Discovery and Built the Future of Outsourced ResearchNov 2025Scientist.com's AI-enabled marketplace streamlined research procurement by reducing administrative delays from months to days, enabling pharmaceutical and biotech companies to access thousands of suppliers globally.How SmarterDx Became a Generational Healthcare AI CompanyMay 2025SmarterDx's AI platform automates clinical documentation review to identify missed hospital revenue, delivering an average of $2 million in new revenue per 10,000 patient discharges with contingency-based pricing.

Media · Podcasts & interviews

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

Case Western Reserve University · Julie Vaughan Murchinson