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The Venture Codex

Intermountain Ventures

36 S State Street, Salt Lake City, UT, 84111, United States

Overview

Intermountain Ventures is the strategic investment arm of Intermountain Healthcare. It focuses on new ventures, strategic investing, and strategic partnerships. It partners with early- and growth-stage companies, corporations, venture capital/private equity firms, technology organizations, and mission-based organizations that are leading the charge to improve health. It was founded in 2019 and is based in Salt Lake City, Utah.

Total investments
43
Lead investments
2
Investments · 12mo
7
Active investors
3

Sector focus

  • Finance
  • Financial Services
  • Venture Capital
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Investment portfolio

  • Stepful

    Participated · Series C · Jun 2026

    Stepful offers a vertically integrated, AI-enabled training platform that delivers school-as-a-service to health systems, covering instruction, simulation, assessment, and workforce planning. The platform provides employer-sponsored, debt-free pathways enabling learners to move from a high school diploma to healthcare careers while remaining in the workforce and avoiding traditional trade-school debt. Stepful connects graduates directly to job opportunities after certification and reports graduating more than 32,000 practice-ready healthcare workers. The company serves 35+ major healthcare system clients, including Mount Sinai, Ochsner, and Providence, and has seen meaningful revenue growth. Stepful plans to expand partnerships with hospitals and health systems and to launch advanced degree programs in nursing, respiratory therapy, and imaging while accelerating its AI capabilities. The company was founded by Carl Madi, Tressia Hobeika, and Edoardo Serra.

  • Qualified Health

    Participated · Series B · Mar 2026

    Qualified Health provides a secure enterprise AI platform and strategic services to help health systems deploy AI with embedded safety, governance, and monitoring. Its platform combines workflow automation, agent development, clinical safeguards, real-time monitoring, and end-to-end traceability. Early deployments with partners including Mercy, Emory Healthcare, University of Rochester Medicine, Jefferson Health, and the University of Texas System have produced measurable revenue uplift and cost savings, including more than $15 million in run-rate impact at UTMB within six months. The platform currently supports more than 500,000 users across health systems representing approximately 7% of U.S. hospital revenue. The company is led by former health system executives, frontline physicians, clinical transformation experts, and Silicon Valley engineers. Qualified Health plans to deepen partnerships and scale its platform responsibly while expanding governance, monitoring, and infrastructure to support mission-critical AI deployments.

  • Vista AI

    Participated · Series B · Jan 2026

    Vista AI provides an AI-driven cardiac MRI automation platform that allows technologists of any experience level to consistently acquire high-quality scans. Its software, already FDA-cleared and commercially deployed, has enabled hospitals such as Brigham and Women’s to open 50 % more scan slots and eliminate a 28-day backlog, while cutting scan times by more than 50 % at Radiology Regional. Headquartered in Palo Alto, the company plans to extend its technology to brain, prostate, and spine imaging, pending additional FDA clearances, and to offer remote scanning services so facilities without in-house experts can perform advanced MRI exams. These expansions aim to create the first comprehensive, fully automated MRI platform and to mitigate the industry’s acute technologist shortage. Vista AI is backed by leading venture funds and prominent U.S. health systems. Following its latest raise, the firm intends to accelerate product development, broaden clinical adoption, and deepen its presence across health networks. The company’s momentum underscores strong demand for solutions that standardize imaging quality while expanding patient access.

  • knownwell

    Participated · Equity · Oct 2025

    knownwell delivers evidence-based obesity treatment that combines metabolic health services, primary care, nutrition counseling, and behavioral health, all covered by insurance and offered virtually nationwide and at select physical clinics. Its physician-designed care model emphasizes respectful, longitudinal engagement, producing a >90 net promoter score, 91% one-year patient retention, and 93% sustained weight loss after one year. Over the last 18 months the company has expanded from Massachusetts into Georgia, Illinois, and Texas while activating virtual care in all 50 states. This approach targets a market in which obesity drives more than $260 billion in annual U.S. healthcare costs. Management views payer and health-system alignment as critical and positions knownwell as a scalable, value-based partner for those stakeholders. The company has now raised more than $50 million in total funding, including the latest $25 million round, to fuel further geographic growth and platform development.

  • Foundation Health

    Participated · Series A · Oct 2025

    Founded in 2023, San Francisco-based Foundation Health offers a comprehensive software suite that unifies pharmacy workflows and patient engagement under one AI-driven platform. Its flagship tool, PAIGE AI, acts as a virtual pharmacist assistant that integrates with major EHRs such as Epic to automate refill processing, prior authorizations, benefits verification, adherence outreach, and medication onboarding. The company also delivers a white-labeled digital pharmacy front-end, a cloud-based pharmacy dashboard, and a direct-to-patient solution for manufacturers and consumer health brands. By removing up to 75% of manual pharmacist workload, Foundation Health accelerates therapy initiation and improves patient adherence while freeing clinicians for higher-value care. Early deployments at Intermountain Health and Hackensack Meridian Health have streamlined specialty pharmacy communications, payment workflows, and order fulfillment. With $26 million in total funding, the firm plans to expand its sales and operations teams and accelerate product development to meet surging demand from health systems and D2C healthcare organizations.

Team