Today we announced our $40 million Series C fundraise. The round was led by Oak HC/FT, with participation from existing investors including Andreessen Horowitz, Adams Street Partners, and Yosemite. With this Series C, we’re setting our sights on becoming the operating system for healthcare contracts and payments.
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From data to the full transaction
Many of you have followed Turquoise since the early days of parsing machine-readable files (MRFs) and launching data products like Search and Analyze. Others joined the journey as we launched MRF generation, a contracting platform, and more recently, AI-powered workflows. Our customers, investors, and partners have helped shape every single one of our products and confirmed the theory we’ve had since starting the company: creating access to reliable price transparency data was never Turquoise’s final destination. We were meant to design a waste-free healthcare transaction.
With this fundraise, we’re accelerating our transformation as the industry’s system of record for pricing, contracting, and payment decisions. Today, 300+ organizations, including many of the nation’s most innovative hospitals, health systems, payers, employers, brokers, and life sciences companies, rely on Turquoise as a source of financial intelligence. Policy makers have never been more eager for a solution that gives patients their cost of care upfront, and we’re constantly engaging with the government to share as much knowledge and reporting as we can.
All these signals amplify our conviction that the future includes a better-functioning healthcare transaction. One that spans every stakeholder and doesn’t wait for any final rule or law to arrive.
Our specific mission-oriented focus areas
This fundraise serves as a force multiplier for the Turquoise team to build a world of transparent prices and processes. As we shift our focus to the healthcare transaction, we’re still the same company maniacally focused on eliminating the financial complexity of healthcare, and price transparency data is foundational to that mission.
Specifically, the new capital funds the next chapter of the roadmap you’ve already seen us building toward and talking about in our public comments, Impact Reports, and blogs. We have three focus areas:
Establishing trustworthy rates for every item and service
We’re getting closer to a trustworthy, single, auditable rate. A rate that can be used upstream, before a claim is submitted, and not just interrogated after the fact. Why bother? When you package a rate upfront and make it transparent, same-day transactions become realistic and surprise bills become preventable. That’s the product milestone we’re building toward.
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