The Venture Codex

Participated · Series A · Mar 2025

Layer Health is a Boston, MA-based health technology company led by CEO David Sontag that uses large language models (LLMs) to perform chart review and data abstraction. Its AI platform is trained on longitudinal patient data to interpret both structured and unstructured EHR data at scale with clinician-level accuracy. The company focuses on enabling health systems to automatically review and interpret clinical data to generate insights. Layer Health plans to expand its offerings, advance its AI models, and deepen partnerships with health systems and other ecosystem partners. Financially, the company completed a new funding round in March 2025 to support these plans. Layer Health is an MIT spin‑out that builds AI to extract value from unstructured clinical data and address the information problem in healthcare. Its first product, Distill, ingests clinical notes and uses machine learning and large language models to perform clinical, administrative, and research tasks that require unstructured chart review. Distill integrates into existing workflows, reduces development time for use cases from months to as little as a day per the company, and adapts from customer interactions to produce customer‑specific models. The company cites beta customers including xCures and the Froedtert & Medical College of Wisconsin health network, which use Distill for trial matching, real‑world evidence curation, quality improvement, and registry submissions. Layer Health emphasizes AI safety and transparency by surfacing evidence for every prediction and maintaining a clinical team to validate models across diverse datasets and use cases. The founding team includes AI and clinical leaders such as David Sontag, Divya Gopinath, Luke Murray, Monica Agrawal, and Steven Horng.

Participated · Series B · Dec 2021

Glassbeam is a pioneer in machine data analytics for connected medical equipment, operating a patented cloud-based platform that transforms and analyzes multi-structured machine data. Its flagship product, Glassbeam Clinsights™, uses AI and machine learning to deliver proactive alerts, predictive notifications and prescriptive recommendations for clinical engineering and smart maintenance. The platform automates collection and analysis of high volumes of complex data from heterogeneous endpoints to improve equipment uptime and utilization. Glassbeam plans to refine and expand its analytical capabilities and to scale global commercial infrastructure including sales, marketing, product, and customer success to meet market demand. The company reports doubling its annual recurring revenue since 2018 and serves 75+ customers across 200+ U.S. facilities, including Canon Medical Systems, MultiCare Health System, UCSF Health, Scripps Medical, and Harris Health. Glassbeam is positioning its technology to support a broader Smart Hospital ecosystem through partnerships and strategic investments. Glassbeam offers an end-to-end cloud platform and application suite built to ingest, parse, organize and analyze high-volume, high-velocity machine log data using a scalable parsing/ETL engine and NoSQL architecture. The platform provides multi-tenancy, security/compliance controls, a Log Vault, search and analysis tools, ad-hoc analytics workbench, rules & alerts, and APIs for integration. Glassbeam targets manufacturers of connected IT and non-IT machines and is expanding into markets such as medical devices to deliver support analytics, product-usage intelligence and new service revenue. The company was incubated inside Orchesys and launched to market in 2009 and is based in Santa Clara, CA. As of the article, Glassbeam has about 35 employees, five major customers (including IBM, HDS, Aruba Networks, Meru Networks and Dimension Data), tracks roughly 20,000 connected machines and ingests about 7.5 billion sensor readings per day, with a data warehouse growing into terabytes. Its stated value props include reducing mean time to resolution for support, surfacing truthful product-usage insights, and enabling proactive account intelligence for sales and service teams. Glassbeam is a machine data analytics company that helps customers extract strategic intelligence from complex, multi-structured machine data. The company provides customer support, product development and sales professionals to assist enterprises in operational data analysis. Glassbeam raised an additional $3M in equity funding led by VKRM Group. Management says the funds will be used for product innovation, expansion of its customer and partner ecosystem, and building its Data Science team. The company is expanding its offices in the U.S. and India to new locations by the end of the year. Customers and partners include Fortune 500 companies and enterprises across storage, wireless, networking and medical devices.

Participated · Equity · Nov 2021

Valera Health operates a virtual behavioral healthcare practice that delivers comprehensive, longitudinal care through a team-based model of licensed therapists, nurse practitioners, case managers and psychiatrists augmented by proprietary digital technology and analytics. The company emphasizes evidence-based treatment plans and a quality strategy aligned to NCQA HEDIS measures to manage patients across acuity levels, from mild depression to schizophrenia. Valera partners closely with health systems and health plans, and its payer/provider partnerships collectively cover over 50 million lives. It offers culturally-intentional care to BIPOC and LGBTQ+ communities via a diverse, multilingual provider network in which more than 50% of clinicians self-identify as Black, Hispanic, or Asian. Valera says the financing will enable expansion of access to high-quality behavioral health care and deepen partnerships with leading health systems and health plans. The company closed a $44.5M growth equity round in late 2022 as part of its current financial position. Valera Health is a NYC-based mental health company delivering tech-driven virtual services. It provides comprehensive longitudinal care via a team-based model of coaches, therapists, and medication prescribers augmented by proprietary digital technology and analytics. The company treats conditions ranging from mild depression to severe schizophrenia and offers personalized, culturally intentional care for rural and urban communities, including BIPOC and LGBTQ+ patients, through a diverse, multilingual provider network. Over the past twelve months Valera has partnered with health plans and provider groups covering over 12 million lives. Valera intends to use the newly raised $15M to expand operations and business reach and will be expanding to multiple states in the coming months. The company is led by co-founder and CEO Dr. Thomas Tsang. Valera Health is a Brooklyn, N.Y.-based tele-behavioral health service that delivers longitudinal, team-based clinical care using coaches, therapists and medication prescribers augmented by proprietary digital technology. Its care model provides personalized treatment across a spectrum from meditation to therapy to medications for patients with mild depression to severe schizophrenia. The multidisciplinary care team includes licensed social workers, mental health counselors, nurse practitioners, and psychiatrists. The company is led by CEO and co-founder Thomas Tsang, MD. Valera plans to use new capital for strategic market expansion and to grow existing services. The articles report total funding to date of $9M following the latest raise.

Participated · Series B · Nov 2020

Solv is a San Francisco-based network that connects patients to a national network of same-day and next-day healthcare providers. Led by CEO Heather Fernandez, the company offers in-person and virtual visits and consumer-focused scheduling for rapid appointment access. For providers, Solv’s technology aims to improve service quality, patient engagement, and practice performance. The company said it will use the funds to expand its national provider network and consumer-driven offerings, including same-day in-person appointments and virtual care. Solv also plans to increase cost transparency for patients and has established an Industry Advisory Board to guide future growth, naming three founding members. Solv is a San Francisco-based healthcare platform that connects patients to a network of healthcare providers through a consumer-focused mobile app. The app offers same-day appointment availability, virtual visits and cost transparency by partnering with care providers across the country. Solv plans to use new capital to expand its national provider network and broaden specialty coverage to include primary care, mental health and women's health. The company emphasizes convenient access to care via mobile workflows that surface in-network options and pricing. Its board includes investors and company founders, reflecting continued investor engagement with the business. Solv operates a consumer-facing app that lets users find and book same-day urgent care appointments at nearby clinics. Through the app, consumers can see the cost of each service and secure a visit in as little as 15 minutes. The company recently launched Solv Pay, a feature that lets patients learn about insurance coverage and pay out-of-pocket bills via phone or text. Solv highlights the role of AI-powered tools in reducing administrative burdens on healthcare providers. Greylock partner James Slavet has joined Solv’s board of directors. The company raised $16.8 million in a Series B to improve urgent care appointment booking. Solv is a San Francisco-based, mobile-first platform that enables patients to find and book same-day urgent care appointments, search providers by location and symptoms, and select appointment times. Users can upload a photo of an insurance card for instant coverage confirmation, and the platform displays cash prices for self-pay patients. Led by CEO and co-founder Heather Fernandez, Solv launched a private beta in late 2016 in Dallas–Fort Worth and reports that thousands of patients have used the technology. The service is accessible from any mobile device via its website. The company secured Series A funding and plans to use the proceeds to open its private beta to more patients and providers, expand to additional cities over the year, and grow its team.

Participated · Series E · Feb 2016

Health Catalyst provides a data warehouse and application development platform (Health Catalyst Data Operating System, DOS™) and professional services to help health systems and physician practices improve quality, efficiency and lower costs. Its DOS is powered by data from more than 100 million patients and over 1 trillion facts and supports applications and analytics for care delivery and patient engagement. The company offers applications such as Touchstone™ (benchmarking and prioritization powered by AI) and the Patient Safety Monitor™ Suite (predictive and text analytics with clinician review). Health Catalyst also acquired Medicity, a population health management company, adding more than 50 clients across HIEs, employers, plans, systems and providers. Headquartered in Silicon Slopes, Utah and led by CEO Dan Burton, the company bundles technology and services to support healthcare transformation. It intends to use new financing to continue expanding its technology and services offerings. Health Catalyst provides data warehousing, analytics and outcomes-improvement solutions to healthcare organizations of all sizes. Led by CEO Dan Burton and based in Salt Lake City, Utah, the company supports clinical, financial, and operational reporting and analysis needed for population health and accountable care. Following adoption of value-based reimbursement models, Health Catalyst is evolving from an offline data aggregator and analysis company to a real-time data production and decision-support company. It integrates knowledge derived from its data content and analytics into clients' decision workflows and their patients, accessible anywhere and on any device. The company intends to use the funds to expand its outcomes-improvement solutions and expects to release new solutions for activity-based costing, care management, and real-time clinical decision support this year. It recently closed a $70M Series E funding round. Health Catalyst is a Salt Lake City-based company that builds data warehousing and analytics software for healthcare organizations. Its platform is used to store and analyze clinical and operational data and the company plans to produce "content-driven clinical applications." Health Catalyst said it will invest $50 million in product development over the next 24 months to build those applications. The company reported bookings had increased fivefold year-over-year and expects to see positive cash flows during the calendar year. Customers named in the article include Crystal Run Healthcare, Kaiser Permanente, Memorial Hospital in Gulfport, and NorthBay Healthcare. Venture investors including Sequoia Capital, Norwest Venture Partners, Kaiser Permanente Ventures, Sorenson Capital, CHV Capital and Partners Healthcare participated in the recent financing. Health Catalyst provides a data warehousing platform and analytics suite built specifically for the healthcare industry to organize, visualize and utilize data from electronic health records. Its software integrates with EHRs like Cerner and Epic to give providers realtime visibility, drill-down analytics, segmentation and alerts for cost discrepancies and declining quality of care. The platform enables clinicians to drill into patient histories to inform treatments and prescriptions and to set up alerts that surface quality and cost issues. The five-year-old company says its software has been adopted by over 80 hospitals across the U.S., collectively impacting more than 20 million patients. Financially, it recently increased its Series B by $8 million to bring the round to $41 million, with participation from Norwest Venture Partners, Sequoia Capital, Sorenson Capital, Kaiser Permanente Ventures and CHV Capital. Health Catalyst positions itself to benefit from mandated transitions to digital health records under Obamacare, arguing hospitals will need agile, cloud-ready data warehouses and analytics to realize value from EHRs. Health Catalyst offers an agile, healthcare-specific data warehousing platform designed to integrate and analyze complex operational, financial, clinical and research data stored in EHRs. Its Adaptive Data Warehousing platform and more than 40 integrated products are deployed at 81 hospitals caring for over 20 million patients, including Allina Health, Indiana University Health, MultiCare Health System, North Memorial, Providence Health & Services, Stanford Hospital and Clinics, and Texas Children’s Hospital. The company has more than doubled in size in each of the past three years and expanded its product line from eight stand‑alone solutions to a platform of 40+ products. A majority of existing clients have dramatically expanded their relationships after rapid return on investment. Health Catalyst says its platform helps hospitals measure quality outcomes, meet regulatory and financial incentive reporting requirements, standardize best practices, and eliminate waste, driving millions of dollars in cost savings through reductions in length of stay, readmissions, unnecessary procedures and patient injury. Management plans to use the new funding to continue investing in technology, services, and people to support clients’ progression toward being data‑driven organizations.