Heidi raises $340 million, mostly non-dilutive, to push clinical AI beyond note-taking
The Australian medical scribe startup paired a $100 million Series C at a $900 million valuation with $240 million from General Catalyst’s Customer Value Fund.
By Tech CEO Daily Staff, Newsroom
· 2 min read
The news
Heidi, a Melbourne-founded company that makes AI software for clinicians, said it secured $340 million in new financing. The package includes a $100 million Series C led by Blackbird, with Phoenix Court, Point72 Private Investments and Headline participating, plus $240 million from General Catalyst’s Customer Value Fund. The company said the round values it at $900 million.
The structure is the notable part. According to The Next Web, General Catalyst takes no stock or warrants through the fund. Instead it finances sales and marketing spending and receives a capped share of the revenue that spending generates, in addition to repayment. That lets Heidi expand without diluting existing shareholders as much as a pure equity round would.
Heidi began as an AI scribe that drafts clinical notes from patient conversations. It said it now supports 2.8 million patient visits a week across 190 countries and 110 languages, and has supported more than 175 million visits in total. Named health-system users include NHS Midlands, Health New Zealand and Beth Israel Lahey Health. The Next Web reported annual recurring revenue of about $50 million and roughly 600 employees.
The company said it will use the money to move beyond documentation into broader operational tasks through what it calls an AI Care Partner. The Next Web reported Heidi’s prior valuation was $465 million in October 2025, meaning the new mark roughly doubles it.
The numbers
- Total new financing
- $340M
- Series C equity
- $100M, led by Blackbird
- Non-dilutive growth capital
- $240M (General Catalyst CVF)
- Valuation (company-stated)
- $900M
Why CEOs should care
The financing structure is worth studying for any growth-stage leader. Revenue-linked capital for sales and marketing lets a company with predictable customer economics grow without giving up ownership, though it commits a slice of future revenue. Expect more investors to offer these hybrid packages as founders resist dilution at modest valuations.
For health-system executives, the AI scribe market is crowded and moving fast, with rivals such as Tandem Health also raising large rounds this month, according to The Next Web. The shift from note-taking to broader workflow automation raises the stakes for procurement: evaluate clinical safety, integration with electronic health records, data residency and how the vendor handles errors.
What's next
Watch whether Heidi’s push into agentic workflows earns regulatory scrutiny, and whether scribe vendors begin consolidating as incumbents bundle similar tools.
Sources
- PrimarySecuring $340M to double the world’s capacity for care— Heidi
- ReportHeidi raises $340m and doubles its valuation to $900m— The Next Web
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