TRANSFORMATION CAPITAL
Venture capitalActively deployingBoston · Growth · 29 people tracked
Also known as Transformation Capital (Cayman · Transformation Capital Executive · Transformation Capital Partners · TRANSFORMATION CAPITAL PARTNERS, L.P.
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 3, 2026.
Team · 29 people
from the firm's website & public directoriesWhat they invest in
from 32 of 131 portfolio companiesHealthtech ×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 pathHealth 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 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)
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
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
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
New York, US
Board seatJared Kesselheim· per SEC Form D · $232.9M raise · filed Sep 2025
Sacramento, US
Board seatJared Kesselheim· per SEC Form D · $21.2M raise · filed Jul 2025
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
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
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
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
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
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)
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)
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)
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 teamLearning 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
Co-investors · 56
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.
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.
Andreessen Horowitz's Strategic Partnerships page describes collaborations that connect its portfolio companies with established institutions to help scale and deploy their technology.
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.
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.
Khosla Ventures is a venture capital firm known for backing bold, contrarian bets in world-class teams that can reshape entire industries.
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.
Menlo Ventures is a venture capital firm that backs transformative, early-stage technology companies reshaping how people live and work.
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.
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.
Define Ventures is an early-stage venture firm focused on health technology companies, partnering with founders building at the intersection of healthcare and technology.
Sequoia Capital is a venture capital firm that partners with founders to build technology companies, with a strong current focus on artificial intelligence.
▶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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