Transformation Capital
699 Boylston Street, 2nd Floor, Boston, MA, 02116, United States
Overview
Transformation Capital is the successor management company to Leerink Transformation Partners LLC (“LTP”).11 LTP was founded in 2016 by Todd Cozzens and Jared Kesselheim, MD together with SVB Leerink Capital LLC (formerly Leerink Capital Partners LLC) (“Leerink Capital”), an affiliate of SVB Leerink LLC (“Leerink”), a leading healthcare investment bank. Leerink Capital provided seed capital to Fund I (approximately 3% of capital commitments) and operational support. In January 2019, SVB Financial Group (“SVB”), the holding company of Silicon Valley Bank, a U.S.-based high-tech commercial bank, acquired the Leerink businesses including Leerink Capital. Todd Cozzens, Jared Kesselheim, MD, and SVB expect to agree to a mutually beneficial ongoing relationship in which Transformation Capital (as an independent management company owned by Todd Cozzens, Jared Kesselheim, MD, and Michael Dixon and not affiliated with SVB or Leerink Capital) shall manage Fund II and whereby Transformation Capital shall manage Fund I’s investment portfolio pursuant to a sub-advisory agreement with SVB (or an affiliate). Transformation Capital has the same operational leader, Kevin Brown, formerly CFO of Leerink Capital, and Transformation Capital expects to continue to derive benefits from its ongoing relationship with Leerink and SVB.
- Total investments
- 55
- Lead investments
- 31
- Investments · 12mo
- 7
- Active investors
- 6
Sector focus
- Finance
- Financial Services
- Health Care
- Venture Capital
Investment portfolio
- Solstice Health
Led · Series A · May 2026
Solstice Health offers an AI-native platform that ingests clinical data, FDA documents and approved literature to generate grounded marketing assets and score them for likelihood of medical, legal and regulatory (MLR) approval. The company combines proprietary pharmaceutical marketing models with in-house subject-matter experts to create, review and measure digital campaigns, programmatic ads and communications for patients and healthcare providers. Customers launch campaigns 12 times faster than with traditional agencies, moving assets to MLR submission in under 48 hours and to market-ready in roughly 10 days, while producing nearly three times more high-quality content per quarter. Solstice reports reducing average MLR review rounds per asset from 3.2 to 1.2 and serves over a dozen pharmaceutical companies, including several top-20 brands across oncology, immunology and metabolic diseases. The company is headquartered in New York and plans to use its recent funding to expand go-to-market efforts, accelerate product development and grow its team.
- Latent Health
Led · Series A · Apr 2026
Latent builds a Clinical Reasoning Engine that reasons over patient data, interprets drug criteria, extracts key evidence, and orchestrates workflows across EHRs, payers, pharmacies, and patients to close the gap between diagnosis and treatment. The company began with prior authorization workflows and has expanded the engine across multiple processes where clinical knowledge must be translated into action. Latent serves more than 2 million patients annually and partners with over 45 health systems, including customers that represent 50% of the top 20 U.S. health systems. The company reports reducing denials by over 30% and enabling clinicians to serve twice as many patients. Latent plans to broaden its health system footprint, deepen platform integrations, invest in reliability and trust for healthcare operations, and scale its team. Founded by Sriram Somasundaram and Rishabh Jain and headquartered in San Francisco, Latent has raised $80M in total funding from investors including Transformation Capital, Spark Capital, McKesson Ventures, Conviction, General Catalyst, and Y Combinator.
- 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.
- Grow Therapy
Participated · Series D · Mar 2026
Grow Therapy equips licensed clinicians with scheduling, billing, EHR software, and AI-assisted documentation tools that have cut note-taking time by nearly 70% while exceeding manual accuracy. More than two million people have used the platform, accumulating 10 million therapy and medication-management appointments, including seven million visits in 2025 alone. The company works with 125+ insurance carriers, giving 220 million Americans in-network access and keeping the average out-of-pocket cost at $21 per visit, with one-third paying nothing. Client satisfaction is high, evidenced by an 85 Net Promoter Score and internal data showing 80% of clients experience measurable symptom improvement within 30 days. Grow’s mobile app extends clinically guided AI support between sessions, and outcome-tracking tools feed insights back to providers. Looking ahead, the company plans to deepen integrations with employers, health plans, and health systems to create a seamless care pathway. Grow Therapy has raised $328 million to date, funding continued product innovation and expansion of its care network.
- Alaffia Health
Led · Series B · Feb 2026
Founded in 2020 by siblings TJ Ademiluyi and Adun Akanni, Alaffia Health offers a platform that pairs expert clinicians with transparent, traceable AI to scrutinize claims against complete patient records across payment integrity, utilization management, and appeals workflows. The software delivers 97%+ accurate clinical fact extraction and has produced 20%+ average savings on high-cost facility claims and 5x+ ROI for health plans, saving partners more than $100 million to date. Customers report turnaround times shrinking from weeks to days while maintaining compliance and provider-relations standards. With growing pressure on payers to lower medical and administrative costs, the company positions itself as foundational infrastructure that scales clinical review capacity. The newly raised capital will fund R&D, launch additional AI agents, and expand engineering, product, and growth teams. Alaffia operates as a SaaS or managed-services partner to regional and national health plans and is headquartered in New York.