Heidi

Healthtech · AI · Clinical Documentation

Funding

Heidi raises $475M, becomes AI health unicorn at $1.26B valuation

Most of the new capital comes from a revenue-share facility that repays itself from sales growth, not a traditional equity check.

• Heidi raised US$340M (A$475M) in a round combining a US$100M Series C led by Blackbird with a US$240M growth investment from General Catalyst's Customer Value Fund, valuing the company at US$900M (A$1.26B).
• Founded in Melbourne in 2021 by Dr Tom Kelly, Waleed Mussa and Yu Liu, Heidi began as an AI scribe that transcribes and summarizes clinical visits, now used across roughly 2.8 million patient visits a week in 190 countries.
• The US$240M General Catalyst tranche is debt-like rather than equity: it funds sales and marketing and is repaid from the resulting revenue plus a capped return, with no shares or warrants issued.
• The valuation nearly doubled from A$703M at Heidi's US$65M Series B in October 2025 to A$1.26B now, as annualised revenue jumped 50-fold to $50M over two years.
• About 40% of Australian GPs already use AI transcription tools, up from 22% in 2024, and none require regulatory approval because today they only take notes rather than act.
• Heidi plans to move beyond documentation into supervised AI agents handling clinical coding, follow-ups and pre-visit patient outreach, with a fuller product release due within a month.
• The shift from passive AI scribes to agentic tools acting under clinician oversight reflects healthcare's broader push to offload administrative work amid a projected 11-million worker shortfall by 2030.