The Brief:
Clinical AI company Heidi has raised US$340m, valuing the business at US$900m.
Ashurst Perkins Coie advised on both the Series C round and General Catalyst’s growth investment.
Heidi started by writing doctors’ notes. Now it’s worth US$900m.
The Australian-founded clinical AI company has closed a US$340m funding package, with Ashurst Perkins Coie handling the legal work.
The raise values Heidi at US$900m, almost double from its previous round.
The deal
The package comes in two parts.
The first is a US$100m Series C round led by existing investor Blackbird. Fellow backers Phoenix Court (home of LocalGlobe), Point72 and Headline also joined.
The second is a US$240m growth investment from General Catalyst’s Customer Value Fund. Bloomberg describes it as a debt-like instrument that will fund Heidi’s sales and marketing as it expands. General Catalyst doesn’t take any stock or warrants. Instead, it receives a return from the revenue that spending generates, up to an agreed cap, on top of its initial investment
Heidi has now raised more than US$430m in total, including a US$65m round last year.
The backdrop
Heidi’s platform automates clinical documentation and admin work for clinicians.
It now supports 2.8 million patient visits a week across 190 countries and 110 languages, with more than 175 million visits to date. Annual recurring revenue hit US$50m in April, up from US$1m about two years earlier.
Its customers include NHS Midlands, Health New Zealand, Beth Israel Lahey Health, The Royal Children’s Hospital Melbourne and Children’s Health Queensland.
The new capital will push Heidi into broader clinical workflow automation, including pre-charting and diagnostic follow-up. It is also building agentic tools, expanding in Asia and the Middle East, and plans to hire up to 150 staff over the next year. It currently employs close to 600 people.
Who’s acting
Ashurst Perkins Coie advised Heidi. The firm has acted for the startup on a number of transactions, including its Series A and Series B rounds.
Partner Stuart Dullard led the team. On the Series C, he was supported by senior associate David Lee and lawyer Connor Shorten. Partner David Dedyo and associate Nathan Christie advised on the General Catalyst growth investment.
Source: Ashurst Perkins Coie, Heidi