- Heidi raised $340M — $100M in Series C equity and $240M in non-dilutive growth financing — at a $900M valuation, almost double its price eight months ago.
- The AI scribe now supports 2.8 million patient interactions a week across 190 countries, and is the sole supplier for the NHS’s largest-ever clinical AI documentation deal.
- Annual recurring revenue jumped from $1 million to $50 million in two years, even as one of its two new checks lands from a fund that takes no equity at all.
Heidi has raised $340 million as it pushes its AI Care Partner beyond note-taking and into the rest of a clinician’s workday. The money comes in two pieces: a $100 million Series C led by Blackbird, with existing backers Phoenix Court, Point72 Private Investments and Headline also participating, and a separate $240 million growth investment from General Catalyst’s Customer Value Fund. Only the first part is equity.
The Series C values the Melbourne company at $900 million, nearly double the $465 million it carried eight months ago.
“From the day I started Heidi, the ambition was always bigger than writing doctor’s notes. I imagined AI sitting alongside clinicians throughout their work, from documenting consultations to helping carry out the work that follows them,” said Dr Thomas Kelly, co-founder and chief executive of Heidi.
Kelly, a former vascular surgical trainee, founded Heidi in Melbourne in 2021 with Waleed Mussa and Yu Liu. The platform started as ambient documentation and has since added Heidi Evidence, a point-of-care clinical guidance tool that has answered more than 10 million clinician queries since launching in March, alongside a wearable microphone (Remote) and a voice-to-text feature (Dictate).
The NHS becomes the proving ground
The UK is now central to that expansion. Heidi was selected earlier this year as sole supplier for NHS England Midlands‘ clinical AI documentation framework, which it describes as the largest procurement of its kind in NHS history, covering 15 acute and community trusts, every integrated care board in the region and 1,239 GP practices.
Heidi says its UK footprint has returned several million hours of clinical capacity back to frontline teams, though the company should confirm the latest figure before publication; its most recent published UK impact report put the number at just over four million hours.
A crowded AI scribe market
Heidi isn’t the only company chasing this. Tech Funding News recently covered Tandem Health’s $100 million Series B, which pairs AI scribing with coding assistance and clinical decision support across European hospitals. Further down market, TFN reported on Mindoo’s €5 million raise for configurable AI agents that handle hospital intake and follow-up communication rather than transcription alone. The direction of travel across the category is the same: from documenting care to acting on it.
Heidi’s answer is to build the compute-heavy pieces — transcription and note generation — almost entirely on its own models rather than licensing frontier ones, which the company says lets it tune accuracy, latency and cost task by task.
“We are proud to continue backing Heidi and their mission to double the world’s healthcare capacity and deliver relief to every clinician across the globe. The team’s strong domain expertise and product – that clinicians deeply trust – make this ambition absolutely achievable,” said Julia Svennerstål-Hawkins, general partner at Phoenix Court.
The harder question now is whether a debt-like, revenue-share instrument like General Catalyst’s becomes the template other AI-scribe companies use to scale sales without diluting founders, or whether it’s a structure only companies with Heidi’s growth economics can access.
