- Thyme Care raised more than $125 million in a Series E led by Morgan Health, doubling its valuation to over $2 billion in under a year.
- The oncology startup is spinning up a new parent company, Thyme Companies, to chase drug affordability and clinical trial access.
- Revenue hit $125 million in 2025, five times the year before, and the company says it’s already profitable.
Robin Shah grew up in his father’s oncology practice, watching it survive the Great Recession and a wave of hospital consolidation. What stuck with him wasn’t the exam room. It was everything patients had to sort out alone once they left it — the insurance calls, the drug costs, the decisions nobody warned them about.
Six years after he built Thyme Care around that gap, the Nashville startup has raised more than $125 million in Series E funding, roughly doubling its valuation to over $2 billion in less than a year.
A parent company to chase what navigation alone can’t fix
Morgan Health, JPMorgan Chase’s employer-healthcare investment arm, led the round. CVS Health Ventures and Humana returned as strategic backers, alongside AlleyCorp, HealthQuest Capital, Foresite Capital, Concord Health Partners, Frist Cressey Ventures, Town Hall Ventures, and a16z Bio + Health.
Thyme Care was founded in 2020 by Shah and Bobby Green, M.D., who met building oncology infrastructure at Flatiron Health and OneOncology. Brad Diephuis, M.D., joined later as president and chief operating officer and took over as CEO on September 1, 2026, when Shah stepped up to executive chairman.
That reshuffle now has a purpose: alongside the raise, the company is spinning off a new parent entity, Thyme Companies, tasked with building standalone businesses focused on biosimilar adoption and clinical trial recruitment — two areas Thyme Care’s core navigation platform doesn’t address.
Where Thyme Care sits in a crowded oncology-AI field
Thyme Care doesn’t diagnose or treat cancer. It coordinates the gaps between appointments for health plans and providers that assume financial risk for patient outcomes.
That’s a different lane from most of the capital currently flooding oncology tech: Paris-based Waiv, an Owkin spinout, raised $33 million in March to read cancer biomarkers straight off pathology slides, and Helsinki’s Gosta Labs closed a €7.5 million seed round to automate oncologists’ documentation.
Both are focused on diagnosis and clinical workflow. Thyme Care is focused on everything that happens after a diagnosis is delivered.
The strategy is paying out fast. Thyme Care’s patient count went from 10,000 at the end of 2024 to 80,000 by its Series D in September 2025, and its oncology spend under management has grown from $5 billion to $7 billion since then.
Revenue crossed $125 million in 2025, which is five times 2024’s figure, and the company says it’s profitable with positive free cash flow, an unusual claim at this stage for a venture-backed health startup.
This round follows a $97 million Series D in September 2025 that Tech Funding News reported brought Thyme Care’s total funding to $275 million and its valuation past $1 billion for the first time, meaning the company has now doubled its valuation twice in under two years.
The value-based oncology care market is on track to grow from $20.5 billion this year to $28 billion by 2031, a steady 6.4% annual increase as payers continue to shift away from fee-for-service cancer treatment.
That growth is exactly why Morgan Health, Humana, and CVS Health Ventures wrote checks here. Whether a navigation platform can credibly spin out biosimilar and clinical-trial businesses without diluting the thing that made it valuable in the first place is the real test of Thyme Companies. Shah has staked his own title on finding out.
