Who are the top investors in healthcare AI?
In our healthcare AI market deck, you will find everything you need to understand the market
SUMMARY
Andreessen Horowitz is the top healthcare AI investor right now, followed by General Catalyst, GV, Kleiner Perkins, Khosla Ventures and Oak HC/FT.
The ranking is increasingly being decided by ownership in a small group of breakout companies rather than by healthcare deal count. Abridge, OpenEvidence, Hippocratic AI, Ambience Healthcare and Aidoc now carry disproportionate weight because they combine large financings with real adoption.
a16z stands out because its portfolio is broad without being shallow. It has meaningful exposure to ambient documentation, patient-facing agents, referrals and administrative automation, and it has kept investing as several of those companies became much more expensive.
General Catalyst is the closest challenger because it can offer something most venture firms cannot: a route into actual health-system operations. Its Summa Health strategy turns portfolio support into a distribution and deployment advantage, which matters in a market where procurement can be harder than product development.
GV has one of the strongest individual positions in the market through OpenEvidence, but the more important change is that it no longer looks like a one-company story. Tennr, Translucent AI, Layer Health, Nym Health and Viz.ai give the portfolio a broader healthcare workflow base.
Kleiner Perkins has a smaller but unusually concentrated set of winners. OpenEvidence, Hippocratic AI and Ambience put it across clinical decision support, patient communication and workflow automation without requiring a very long portfolio list.
Stage matters more than a single overall ranking suggests. IVP, Thrive Capital, Avenir Growth and Goldman Sachs Alternatives become more relevant once product-market fit is obvious and the job shifts from proving demand to financing rapid expansion.
Healthcare specialists still have an edge when the sale depends on deep provider or payer knowledge. Oak HC/FT is the clearest example: its exposure spans documentation, revenue cycle, risk adjustment, call centers, clinical insights and AI-supported care delivery.
Strategic investors belong beside the venture ranking rather than inside it. Nvidia, Optum Ventures, health systems and Eli Lilly can provide compute, distribution, clinical validation or life-sciences access that a financial investor may not be able to replicate.
The category is also moving down the stack. Recent funding for Qualified Health, Prosper AI, Bunkerhill Health and other infrastructure or operations companies suggests investors increasingly expect hospitals to need governance, deployment and workflow plumbing around AI, not just more front-end copilots.
AI drug discovery changes the ranking enough that it should usually be treated separately. Once computational biology is included, Dimension becomes a major contender, but the success test shifts from software adoption and revenue to biological and clinical validation.
The broad pattern is clear: the strongest healthcare AI investors are the ones that repeatedly got into category leaders, stayed involved as valuations climbed and can help those companies cross the difficult gap between a promising AI product and a healthcare business that actually gets deployed.
This market map, featured in our healthcare AI market deck, highlights top companies and startups in the healthcare AI market
What should “top healthcare AI investor” mean right now?
For healthcare AI today, the best investors are the firms that got into several strong companies early, kept backing them as they grew, and can actually help those companies sell into healthcare.
Raw deal count gives us a poor ranking. A large fund can appear in dozens of healthcare rounds without leading any of the companies that end up defining the market. One spectacular investment can create the opposite problem: a fund can look brilliant because one company went from a $1 billion valuation to $10 billion-plus, even if the rest of its healthcare AI portfolio is thin.
We therefore give the most weight to four things: how strong the portfolio companies have become, how early the investor entered, whether it kept investing as the price went up, and whether it brings something useful beyond money. In healthcare, that last part can mean hospital relationships, payer access, regulatory experience or technical infrastructure.
We are also keeping AI drug discovery separate for most of this ranking. Abridge, OpenEvidence and Hippocratic AI face very different commercial and scientific risks from companies trying to use AI to invent drugs. We come back to that distinction later because including biotech changes the answer substantially.
Is healthcare AI funding actually getting hotter right now?
Yes. Healthcare technology is attracting more capital now, but investors are putting a striking share of it into a relatively small group of companies they already believe can become large.
Rock Health's latest half-year analysis counted $7.4 billion invested across 244 U.S. digital-health deals, compared with $6.4 billion across 245 deals during the same period a year earlier. Deal count was essentially flat while another $1 billion entered the market.
The concentration is even more revealing. Nineteen companies accounted for 20 rounds of at least $100 million, and those rounds absorbed 45% of all capital invested. Only about 8% of deals therefore captured almost half the money.
That pattern has been building for a while. Digital-health funding reached $14.2 billion in 2025, up 35% from the previous year, but Rock Health described an increasingly visible split between a small winner class and everyone else. These days, being a “top healthcare AI investor” is increasingly about having ownership in that winner class.
As this chart shows, and as featured in our healthcare AI market deck, search interest in healthcare AI has grown rapidly
Which healthcare AI startups are deciding the investor ranking?
Abridge, OpenEvidence, Hippocratic AI, Ambience Healthcare and Aidoc currently have the biggest influence on our ranking because they combine unusually large financings with evidence that their products are being used at meaningful scale.
Abridge has moved well beyond its original medical-scribe pitch. After raising $250 million and then $300 million within four months in 2025, the company added a reported $316 million Series E extension in 2026. More recently, Eli Lilly invested strategically, while Nvidia began co-developing a foundation model for clinical conversations with Abridge. The company is pushing from documentation into billing, clinical decision support, payer workflows and clinical-trial matching.
OpenEvidence has followed an even steeper financial curve. Its valuation moved from roughly $1 billion to $3.5 billion, then $6 billion and finally $12 billion across successive financings. More recently, The Information reported that the company had considered another financing at a $20 billion valuation but was unlikely to proceed. The more interesting number was its reported revenue: roughly $300 million annualized, about twice the level seven months earlier.
Hippocratic AI, Ambience and Aidoc cover three other important parts of the market. Hippocratic is building patient-facing healthcare agents and has reported more than 150 million clinical interactions. Ambience is trying to turn ambient documentation into a wider clinical and administrative platform. Aidoc has spent years building regulated clinical AI and now says its technology supports close to 50 million patients annually across more than 2,000 medical centers.
| Company | What makes it important now | Investors that stand out |
|---|---|---|
| Abridge | Clinical AI platform expanding beyond ambient documentation | a16z, IVP, Khosla, Lightspeed, NVentures |
| OpenEvidence | Medical knowledge platform with very fast revenue and valuation growth | GV, Sequoia, Kleiner Perkins, Thrive, DST |
| Hippocratic AI | Patient-facing healthcare AI agents at large interaction volume | General Catalyst, a16z, Kleiner Perkins, Avenir, CapitalG |
| Ambience Healthcare | Ambient AI expanding into coding and clinical workflows | a16z, Oak HC/FT, Kleiner Perkins, OpenAI Startup Fund |
| Aidoc | Regulated clinical AI deployed across more than 2,000 medical centers | General Catalyst, Goldman Sachs Alternatives, NVentures, SoftBank |
Is Andreessen Horowitz the top healthcare AI investor today?
Yes. a16z currently has the strongest overall healthcare AI portfolio we found, with meaningful positions across ambient AI, patient-facing agents, healthcare operations and newer AI-native workflow companies.
Ambience is probably the best example of a16z's early judgment. The firm backed the company at seed, long before ambient clinical AI became one of healthcare's most heavily funded software categories, and later co-led its $243 million Series C with Oak HC/FT.
Abridge shows a different kind of conviction. a16z led the company's $300 million Series E at a $5.3 billion valuation after Abridge had already reached more than 150 health-system customers. Abridge has kept broadening its product since then, so the investment increasingly looks like a bet on a healthcare software platform rather than one successful medical-scribe product.
Hippocratic AI adds patient-facing agents to the portfolio. Tennr gives a16z exposure to referral automation. Lately, the firm has kept moving into less obvious administrative workflows as well. It invested in Prosper AI, which is automating work such as insurance verification and other front-office healthcare tasks.
That breadth puts a16z first. Several competitors have one extraordinary healthcare AI position; a16z has multiple important companies attacking different parts of the system.
If you want more recent data on this point, please see our latest healthcare AI market report.
This chart, featured in our healthcare AI market deck, shows annual VC investment in healthcare AI startups
Why is General Catalyst still almost as important as a16z?
General Catalyst is currently the strongest healthcare AI investor for founders who care about getting technology into real health systems as much as raising money.
Hippocratic AI shows how far General Catalyst is willing to go. The firm helped create the company rather than discovering it several rounds later. Hippocratic then grew from an unusually large early financing into a business valued at $3.5 billion, with customers spanning health systems, payers and pharmaceutical companies.
Aidoc gives General Catalyst a much older and more clinically regulated AI position. General Catalyst led a $150 million financing with Square Peg, and Aidoc raised another $150 million less than a year later, this time led by Goldman Sachs Alternatives with General Catalyst participating again. Aidoc now has more than $500 million in total funding and one of the largest collections of FDA-cleared AI products in radiology.
General Catalyst's bigger advantage is what happens after the investment. Through its healthcare transformation strategy, the firm has built direct relationships with health systems and even acquired Summa Health. Its current technology blueprint for Summa includes portfolio companies such as Aidoc, Hippocratic AI, Commure, Fabric and Clarium inside the same operating environment.
Very few venture firms can test that many portfolio products inside an actual health system they are helping transform. In healthcare AI, procurement can take longer than building the product. General Catalyst has a real edge there.
Is GV becoming a healthcare AI heavyweight?
Yes. GV's healthcare AI portfolio has become too strong to treat as a side activity, with OpenEvidence now giving the firm one of the best positions anywhere in the market.
GV led OpenEvidence's $210 million financing when the company was valued at $3.5 billion. It led again when OpenEvidence raised another $200 million at roughly $6 billion, then remained an investor when Thrive and DST led the next round at $12 billion.
And OpenEvidence kept growing after those financings. The company said it went from roughly 3 million monthly searches to 18 million monthly clinical consultations in about a year. More recently, reporting put usage at more than 860,000 licensed U.S. clinicians and revenue at roughly $25 million a month.
GV has also avoided becoming a one-company healthcare AI story. Its current portfolio includes Tennr, which uses AI in patient-referral workflows, and Translucent AI, where GV recently led a $27 million Series A to build an AI operating layer for hospital finance teams. Layer Health, Nym Health, Viz.ai and several other healthcare software companies extend that exposure further.
The OpenEvidence return could eventually dominate the economics of the portfolio, but GV is making enough adjacent bets now that we rank the firm third overall rather than treating it as one lucky early winner.
If you want more recent data on this point, please see our latest healthcare AI market report.
This chart, featured in our healthcare AI market deck, looks at Tempus AI’s strategy in healthcare AI
Does Kleiner Perkins deserve a top-five spot in healthcare AI?
Yes. Kleiner Perkins has built one of the strongest concentrated healthcare AI portfolios, particularly across medical knowledge, patient-facing agents and clinical workflow software.
Kleiner co-led an important OpenEvidence financing with GV before the company's valuation went through its largest jumps. That gave the firm exposure before OpenEvidence became one of the most expensive private healthcare software companies in the world.
With Hippocratic AI, Kleiner took a more explicit leadership role. It led the $141 million Series B at a $1.64 billion valuation. The company was valued at $3.5 billion in its next major financing, with Kleiner investing again alongside General Catalyst, a16z, CapitalG and others.
Ambience adds a third category. Kleiner participated in the company's $70 million Series B and stayed for the much larger $243 million Series C. The firm's own recent healthcare portfolio presentation places Ambience under documentation and workflow automation, Hippocratic under communication, and OpenEvidence under clinical decision support.
Three strong companies across three different layers of healthcare AI are enough for us to put Kleiner firmly near the top.
Where does Khosla Ventures rank in healthcare AI?
Khosla Ventures belongs in the top tier of healthcare AI investors, although its strongest advantage today is concentrated clinical and agentic AI rather than the sheer portfolio breadth of a16z.
Khosla has been arguing for years that AI can radically increase the amount of medical expertise available without requiring a matching increase in human labor. Its investments follow that thesis closely.
One of the freshest examples is Bunkerhill Health. Khosla recently led the company's $25 million Series B for an agentic AI platform used by health systems, with Sequoia, Felicis, Optum Ventures and Y Combinator continuing to participate. The round brought Bunkerhill's total funding to $55 million.
Khosla also joined a16z in Abridge's large Series E and has invested across AI-enabled clinical care, diagnostics and medical workflows more broadly.
We rank Khosla below GV and Kleiner because the current portfolio has fewer obvious breakout healthcare software companies. Still, a founder trying to automate genuinely clinical work rather than build another administrative copilot would find unusually strong thesis alignment here.
If you want more recent data on this point, please see our latest healthcare AI market report.
This chart, featured in our healthcare AI market deck, shows annual funding in healthcare AI startups
Is Oak HC/FT the best healthcare specialist investing in AI?
Yes. Among investors built primarily around healthcare rather than general technology, Oak HC/FT currently has the deepest healthcare AI software portfolio we found.
Ambience is the headline position, and Oak co-led its $243 million Series C. The portfolio becomes more interesting once we look beyond ambient AI. Regard uses AI to surface clinical insights from patient data. Candid Health is automating revenue-cycle work. Reveleer applies AI to risk adjustment and quality improvement. Syllable automates health-system call centers. Thesis Care is building AI-powered care teams.
Oak has kept adding to that group. Akido raised $60 million to expand ScopeAI, its AI-supported care platform. Thesis Care then raised $45 million in a Series A led by Oak. Candid Health raised $52.5 million to expand generative AI and revenue-cycle automation.
That mix gets closer to how hospitals actually spend money than a portfolio built around three fashionable AI applications. Healthcare AI is spreading through billing, coding, scheduling, risk adjustment, patient access and care delivery at the same time. Oak has exposure across most of those layers.
For a founder selling deeply into providers or payers, we would probably put Oak higher on the meeting list than its sixth-place overall ranking suggests.
Who is strongest once a healthcare AI company is already a winner?
Thrive, IVP, Avenir Growth and Goldman Sachs Alternatives become much more important once a healthcare AI company has already proved that customers want the product.
Thrive is the obvious example. It co-led OpenEvidence's $250 million Series D with DST at a $12 billion valuation, when the company already had huge physician usage and more than $100 million in reported revenue. Thrive was paying a much higher price than the early investors, but it was underwriting a company with far less product risk.
IVP has repeatedly shown up one stage earlier. It co-led Abridge's $250 million Series D when Abridge was valued at $2.75 billion, only months before the company's next round nearly doubled that valuation. IVP also led Tennr's $101 million Series C after Tennr said revenue had more than tripled since its previous financing two quarters earlier.
Avenir Growth led Hippocratic AI's latest $126 million round at $3.5 billion. Earlier investors had already carried much of the technical and market risk by that point, but Avenir was willing to finance the company's next stage of expansion.
Goldman Sachs Alternatives sits even further toward mature healthcare AI. Its growth-equity business led Aidoc's latest $150 million Series E after the company had already built a large installed base, accumulated dozens of regulatory clearances and raised hundreds of millions of dollars.
| Investor | Where it looks strongest | Typical company profile |
|---|---|---|
| Thrive Capital | Very large late-stage AI winners | Hypergrowth with revenue already visible |
| IVP | Series C and Series D category leaders | Product-market fit proven, rapid expansion underway |
| Avenir Growth | Scaling AI platforms | Large private companies entering a new growth phase |
| Goldman Sachs Alternatives | Mature clinical AI | Substantial deployments, regulatory proof and clearer exit path |
If you want more recent data on this point, please see our latest healthcare AI market report.
This chart, featured in our healthcare AI market deck, compares the main business model options for ambient AI companies
Are new healthcare AI investors appearing beyond the usual names?
Yes. Some of the most interesting recent healthcare AI rounds are being led by investors that do not yet rank near the top overall, and NEA is the one we would watch most closely.
Qualified Health raised $125 million in a Series B led by NEA to build an enterprise AI layer for health systems. The company says its platform now reaches more than 500,000 users and works with organizations including Mercy, Emory Healthcare, Jefferson Health and the University of Texas system.
The product is useful for understanding where funding is moving. Qualified Health is less about building another standalone clinical model and more about helping hospitals deploy, govern and monitor many AI products across the organization. If health systems keep consolidating their AI stacks, that layer could become much more important.
Other recent rounds point in the same direction. Healthcare AI capital is showing up around financial operations, revenue cycle, referrals, patient access and workforce capacity. Investors are increasingly funding the plumbing around AI adoption alongside the applications that doctors see directly.
That makes NEA, SignalFire, Transformation Capital, Frist Cressey and several specialist healthcare funds worth tracking even when they do not yet have enough breakout positions to challenge the top six.
Do Nvidia, Optum Ventures and healthcare companies count as top healthcare AI investors?
Yes, but strategic healthcare AI investors should sit beside the VC ranking rather than inside it because their real advantage comes from what they can provide after the check.
Nvidia is the clearest case. NVentures has invested in companies including Abridge, Aidoc and Hippocratic AI, while Nvidia itself is now working with Abridge on a model specifically designed for clinical conversations. Nvidia gets financial exposure to healthcare AI demand while helping create workloads that may ultimately run on Nvidia infrastructure.
Optum Ventures offers a different advantage. Its investments in companies such as Ambience and Bunkerhill connect startups to one of the largest healthcare organizations in the United States. Health systems themselves are increasingly appearing on cap tables for similar reasons.
Eli Lilly's recent investment in Abridge pushes the strategic model further. Abridge is expanding into clinical-trial matching and life-sciences workflows, so having a major pharmaceutical company as a shareholder can create a relationship that a normal venture fund simply cannot replicate.
For founders, strategic money can be extremely useful when the investor is tied directly to distribution, data, infrastructure or product development. We would still want a strong financial lead beside it.
| Strategic investor | Where it can help most | Examples of exposure |
|---|---|---|
| Nvidia / NVentures | Models, compute and technical ecosystem | Abridge, Aidoc, Hippocratic AI |
| Optum Ventures | Payer and provider access | Ambience, Bunkerhill |
| Health systems | Deployment, validation and clinical workflows | Aidoc, Hippocratic AI and others |
| Eli Lilly | Life sciences and clinical trials | Abridge |
This chart, featured in our healthcare AI market deck, illustrates how revenue is distributed across customer segments in the healthcare AI market
Does AI drug discovery completely change the investor ranking?
Yes. If healthcare AI includes companies using AI to discover drugs and engineer biology, Dimension immediately becomes one of the most important investors in the entire category.
Dimension recently closed an $800 million third fund, 60% larger than its previous $500 million vehicle. The firm now manages about $1.65 billion and has built a portfolio around the intersection of computation and science.
Its early Chai Discovery investment is becoming particularly important. Dimension co-led Chai's $30 million seed round in 2024; the company recently raised $400 million at a $3.8 billion valuation. Dimension has also invested in NewLimit, Earendil Labs, Tamarind Bio and other computational biology companies.
Capital flowing into the category has risen sharply as well. Financial Times reporting put AI drug-discovery funding at roughly $2.2 billion in 2025, compared with about $599 million two years earlier. a16z has responded with a dedicated $700 million AI-biotech fund.
We keep this market separate because the test of success is fundamentally different. A healthcare software startup can prove itself through contracts, revenue and clinician usage. An AI drug company eventually has to prove that the biology works in patients. Combining both markets would make Dimension look under-ranked in one interpretation and massively over-ranked in the other.
If you want more recent data on this point, please see our latest healthcare AI market report.
So who are the top investors in healthcare AI today?
Andreessen Horowitz is our number one healthcare AI investor today, followed by General Catalyst, GV, Kleiner Perkins, Khosla Ventures and Oak HC/FT.
a16z wins on breadth. General Catalyst comes closest because it pairs strong companies with unusually deep health-system access. GV has one of the best individual positions in the entire market and is now building enough surrounding healthcare exposure to deserve third place. Kleiner has quietly accumulated several category leaders, while Khosla brings unusually strong conviction around clinical automation. Oak HC/FT is the healthcare specialist we would pick first.
Below them, the ranking becomes much more dependent on stage. Sequoia deserves credit for getting into major companies early. IVP is exceptionally good once healthcare AI companies begin scaling. Thrive has shown that it will pay up for an obvious winner. NEA has lately made one of the more interesting large bets on the enterprise AI layer through Qualified Health.
The broader conclusion is clearer than the exact order. A small group of firms keeps appearing around the healthcare AI companies that are growing fastest, raising the largest rounds and moving from narrow tools into broader platforms. We would start with those repeat investors rather than a database ranking based on how many healthcare deals each firm has announced.
| Rank | Investor | Why we rank it here today |
|---|---|---|
| 1 | Andreessen Horowitz | Best combination of early bets, breadth and continued investment across healthcare AI categories |
| 2 | General Catalyst | Strong portfolio plus unusually valuable health-system distribution and operating access |
| 3 | GV | Exceptional clinical decision-support position with a growing workflow and operations portfolio |
| 4 | Kleiner Perkins | Concentrated exposure to several of healthcare AI's strongest private companies |
| 5 | Khosla Ventures | Strong clinical-AI conviction and continued investment in agentic healthcare |
| 6 | Oak HC/FT | Deepest healthcare-specialist portfolio across clinical and administrative AI |
| 7 | Sequoia Capital | Strong early-company selection, with less healthcare AI breadth than the leaders |
| 8 | IVP | Particularly strong once healthcare AI companies reach rapid growth |
| 9 | Thrive Capital | Excellent access to very large late-stage AI winners |
| 10 | NEA | Long healthcare track record plus a major current bet on enterprise healthcare AI infrastructure |
This chart, featured in our healthcare AI market deck, shows how symptom checker app technology has evolved over time
OUR METHODOLOGY
This ranking looks for the healthcare AI investors that are strongest right now, rather than the firms with the largest historical healthcare portfolios or the highest raw deal count. We compare portfolio quality, entry stage, follow-on conviction, breadth across healthcare AI and the practical advantages an investor can bring beyond capital, including health-system access, payer relationships, regulatory experience and technical infrastructure.
Recency carries extra weight. We gave particular attention to evidence from 2025 and 2026, including new financings, valuations, adoption, deployment, revenue, follow-on participation and strategic relationships. Older investments count more when later company performance or repeated investor participation reinforces the original bet.
We assessed the evidence company by company rather than allowing one exceptional investment to determine an investor's rank. That is why a broad portfolio such as a16z's can outrank a firm with one enormous winner, while a concentrated portfolio such as Kleiner Perkins' can still score highly when several separate companies have become category leaders.
AI drug discovery is kept largely separate from the core healthcare AI software ranking. Software companies can demonstrate progress through clinician usage, contracts, deployment and revenue; AI drug-discovery companies ultimately face biological and clinical validation. Including both in one list would materially change the ranking, particularly for firms such as Dimension.
We prioritized recent first-hand disclosures from companies and investors, then used market data and tier-one reporting where private-company figures were not available directly. Key sources include Rock Health's 2025 digital-health funding review, Rock Health's 2025 funding summary, Abridge's Series D announcement, Abridge's Series E announcement, Abridge's 2026 platform and Nvidia collaboration announcement, OpenEvidence's $210 million financing announcement, and TechCrunch on OpenEvidence's later $200 million round.
Other important sources include Hippocratic AI's press archive, Ambience Healthcare's $243 million Series C announcement, Aidoc's $150 million Series E announcement, General Catalyst's healthcare transformation materials, a16z on its Prosper AI investment, Oak HC/FT's portfolio, Bunkerhill Health's Series B announcement, Qualified Health's $125 million Series B announcement, Chai Discovery's financing updates, the Financial Times on Dimension and AI drug-discovery funding, and a16z on its new Bio + Health fund.
In our healthcare AI market deck, we identify pain points entrepreneurs should prioritize
