Heidi: Health AI Startup Raises $340 Million at a $900 Million Valuation

Australian health AI startup Heidi has pulled in $340 million in fresh capital across two deals. The main round is a $100 million Series C led by Blackbird, with existing backers Phoenix Court, Point72 Private Investments and Headline also in. On top of that, General Catalyst’s Customer Value Fund is putting in $240 million of growth financing. The company says that structure funds sales and customer acquisition costs, then gets repaid from the revenue those costs bring in, without diluting current investors.

The new money values Heidi at $900 million, roughly double its valuation from last year. At its $65 million Series B, the company was worth about $465 million. Heidi says it has now raised $436.6 million in total.

What started in Melbourne as an AI scribe has turned into something broader. Heidi’s software listens to consultations, turns them into notes, referrals and letters, and now sits inside a wider “AI care partner” pitch. The platform also includes Evidence, which gives clinicians medical reference material at the point of care and has handled close to eight million queries since spring, plus a dictation tool that works across apps and a hardware product called Remote. The company says transcription and note generation make up most of its compute load, and those tasks run mainly on Heidi’s own clinical models rather than borrowed frontier models.

The usage numbers are not small. Heidi says it now supports about 2.8 million patient encounters a week across 190 countries and 110 languages. Cumulatively, it reports more than 175 million patient encounters and over 67 million clinical working hours supported, more than three times the figure from a year earlier. It also says annual recurring revenue has climbed from $1 million to $50 million in the two years since the product went on sale.

The real pressure point, though, is regulation. Heidi says part of the Series C will go toward advanced clinical features in Europe and the UK, where documentation tools can cross into medical-device territory once they start making recommendations. That means EU rules, GDPR and national health-system standards. The company is leaning on certifications such as ISO 27001, ISO 42001, SOC 2 Type II and Cyber Essentials Plus, plus an in-house clinical research team. It’s also pushing into the DACH region, where it says monthly active users are up 205 percent since entry and it plans to double headcount and build a local leadership team in Germany.