Jon Cooper

I'm excited to announce Headline's investment in Citizen Health, a $30M Series A to build an AI Advocate for every patient and usher in a new era of patient-centered healthcare. Founded by Farid Vij and Nasha Fitter, Citizen is transforming rare disease care by combining AI, community, and longitudinal health data to give patients, especially those with rare and complex conditions, clarity, guidance, and agency in their health journeys. Why people choose Citizen: 💜 100+ patient communities trust Citizen Building WITH patients, not for them. We focus on trust and community. 🧬 Infrastructure that actually works Citizen Health built what others are still figuring out. Comprehensive record collection. Research-ready cohorts. #AIAdvocate to drive better health. Engaged patients who trust our platform. 🤖 AI with real impact Not another chatbot. Citizen's AI Advocate (now in beta) turns medical chaos into clear answers for the patients who need it most. Complex ML problems, elegant solutions, empathetic experiences. ⚡ Speed that matters Citizen's data saves lives. It has been used in regulatory filings to the FDA to accelerate drug development. 🔐 Privacy at scale Medical information is never shared with third-party AI companies or used to train their algorithms. Citizen Health builds systems where people and privacy are at the heart of it all. Citizen’s vision is bold: turn fragmented care into connected, proactive, and precise experiences for the 400M+ people globally living with rare disease. We’re proud to partner with them on this mission. More here: https://lnkd.in/gAVjH_72

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At Foresite Capital, my team looks for companies where data, science, and leadership come together to create compounding advantage. We found that combination in Thyme Care, and yesterday returned for their Series D. The Thyme Care platform integrates clinical records, claims data, and patient-reported outcomes into a continuously learning system. These insights are being deployed daily to anticipate patient needs, optimize provider workflows, and guide value-based decisions at scale. The team at Thyme - including Robin Shah, a second-generation oncology entrepreneur and oncology insider; Dr. Bobby Green, M.D., a community oncologist and data-driven product builder; and Dr. Bradford Diephuis, a physician and policy architect who understands how to align incentives across the system - are deep operators who are also domain experts. The result is a model that we believe will improve outcomes while creating a richer, more connected data set with every patient interaction. We’re proud to continue partnering with Thyme Care. https://lnkd.in/gfyXm598

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I’m thrilled to announce defy.vc’s investment in Birches Health as part of their $20M combined Seed and Series A funding round, alongside incredible partners like AlleyCorp, General Catalyst, Will Ventures, and others. As someone deeply passionate about backing companies that tackle important problems for our society, I couldn’t be more excited about what Birches is building—a national virtual clinic dedicated to treating gambling addiction and related behavioral disorders like gaming, sex, porn, and internet addictions. What excites me most is Birches’ innovative health assurance model: proactive, accessible, and affordable care that’s evidence-based and delivered right at home. With the explosion of legal sports betting—think nearly $1.5 billion wagered on this year’s Super Bowl alone—we’re staring down a looming public health emergency. Traditional options like hotlines or generic therapy fall short for this high-acuity issue, but Birches changes that by offering specialized therapy from trained clinicians, multimodal treatment, and peer support, all covered by major insurers like United Healthcare, Cigna, Aetna, and Blue Cross Blue Shield. It’s available in all 50 states, breaking down geographical and financial barriers that have left so many without help. The impact is already profound: 96% of patients report an improved quality of life, and 94% give Birches a 5/5 rating. By partnering with state governments, payors, and policymakers, Birches is pushing gambling addiction into the spotlight of behavioral health conversations, where it’s been neglected for too long—often leading to shame, worsened outcomes, and higher suicidality risks. This funding will supercharge their growth: expanding the provider network, boosting clinical excellence, scaling infrastructure, and deepening insurance and state partnerships to meet surging demand. Very excited to partner with Elliott Rapaport and the entire Birches team! See more about our POV in the blog post linked in the comments. #GamblingAddiction #BehavioralHealth #HealthTech #VentureCapital #Innovation

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Omada Health, which went public three months ago, just released promising results: more than 60% of its members maintained weight loss after discontinuing GLP-1 therapy. I wrote down a few thoughts. 1️⃣ 𝐔𝐧𝐭𝐢𝐥 𝐫𝐞𝐜𝐞𝐧𝐭𝐥𝐲, 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡 𝐈𝐏𝐎𝐬 𝐰𝐞𝐫𝐞 𝐚 𝐛𝐥𝐨𝐨𝐝𝐛𝐚𝐭𝐡 Over 90% of HealthTech companies (including TechBio) that went public have significantly underperformed. Halle Tecco analyzed 23 digital health SPACs (around 40% of all HealthTech public listings went through SPACs). Her findings: ▪️30% declared bankruptcy ▪️26% were acquired at steep losses ▪️90% of those still trading have lost double-digit value since debut But now, it seems this dynamic may finally be shifting. 2️⃣ 𝐓𝐞𝐦𝐩𝐮𝐬, 𝐖𝐚𝐲𝐬𝐭𝐚𝐫, 𝐇𝐢𝐧𝐠𝐞, 𝐎𝐦𝐚𝐝𝐚 = 𝐫𝐞𝐚𝐥 𝐮𝐧𝐢𝐜𝐨𝐫𝐧𝐬 As of September 9, 2025, their market capitalizations were: Tempus AI = $14B Waystar = $7B Hinge Health = $4.5B Omada Health = $1.4B For comparison: Philips, the leading MedTech, has a market cap of $23B. Tempus is going straight after Philips. 3️⃣ 𝐁𝐞𝐜𝐨𝐦𝐢𝐧𝐠 𝐝𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐨𝐫𝐬 Last year, Hinge Health launched its Strategic Solutions Alliance, which now includes 13 partners whose solutions can be distributed directly to Hinge Health’s member base. This is a more generic pattern: once a HealthTech has gained a strong installed base through its point solution, it becomes a curated marketplace. 4️⃣ 𝐓𝐞𝐦𝐩𝐮𝐬 𝐢𝐬 𝐭𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐜𝐥𝐢𝐧𝐢𝐜𝐚𝐥 𝐜𝐚𝐫𝐞 𝐢𝐧 ��𝐧𝐜𝐨𝐥𝐨𝐠𝐲 𝐚𝐧𝐝 𝐛𝐞𝐲𝐨𝐧𝐝 Tempus AI secured the first AI-only CPT reimbursement code in the US (October 2024). It also acquired Page AI, a leader in digital pathology. After oncology, Tempus aims to expand into cardiology, neurology, and psychiatry. 5️⃣ 𝐁𝐞𝐲𝐨𝐧𝐝 𝐈𝐏𝐎𝐬: 𝐬𝐭𝐫𝐨𝐧𝐠 𝐌&𝐀 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐲, 𝐞𝐬𝐩𝐞𝐜𝐢𝐚𝐥𝐥𝐲 𝐢𝐧 𝐧𝐨𝐧-𝐜𝐥𝐢𝐧𝐢𝐜𝐚𝐥 HealthEdge, a CareOps player, was acquired by Bain Capital for $2.6B (May 2025) Arcadia, a #healthcare analytics company, was acquired by Nordic Capital for an undisclosed sum (June 2025) Iodine Software (AI-powered healthcare payments) was acquired by Waystar (July 2025) Some HealthTech companies are now mature enough for private equity, while winners like Waystar are consolidating the market. 6️⃣ 𝐄𝐮𝐫𝐨𝐩𝐞 = 𝟎 𝐈𝐏𝐎 While the US (and China) already count dozens of HealthTech #IPOs, Europe has had none. Doctolib could be the first next year… or perhaps Alan. --------- This analysis was made possible by the HealthTech Alpha platform from Galen Growth | Redefining Digital Health Intelligence. Join the Healthcare Business International conference in March 2026 in Paris for more M&A in Healthcare Innovation discussions! Follow HGM Advisory for daily reposts of the most relevant #HealthTech news.

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Very excited to announce our investment in Charta Health today! At Madrona, we believe the most impactful AI companies don’t just speed up existing workflows — they reimagine them from first principles. Charta Health is building an AI-native platform that transforms chart review from a labor-intensive, error-prone process into a real-time intelligence layer — improving care quality, billing accuracy, and provider efficiency. Karan Mehandru and I have had the pleasure of getting to know founders Justin Liu, Scott Morris over the last couple of years and we’re thrilled to be partnering with them and the entire Charta team — alongside Bain Capital Ventures, SV Angel, Refract Ventures, and South Park Commons! More on why we invested below! 👇 https://lnkd.in/druSN-Na

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What’s Investable in Healthcare Right Now Yesterday I spent the afternoon at the Nashville Health Care Council Sessions event, surrounded by healthcare investors from across the spectrum: venture capital, lower middle market private equity, sovereign wealth funds (QIA), and Wall Street, discussing what’s truly investable in healthcare right now. A few clear themes emerged: 1. Profitability and strategy matter more than ever. Investors want companies that know their lane and stick to it. That means shedding unprofitable service lines, focusing on sustainable margins, and aligning business strategy with the policy environment. (Policy and strategy are inextricably linked!) 2. The Medicare pivot is here. With the last baby boomers aging into Medicare in 2029, the focus is shifting. The growth story is no longer about MA enrollment, it’s about controlling costs throughout the Medicare lifespan. Chronic kidney disease, orthopedics, home health, and specialty pharmacy are hot spots of excess spend. 3. Technology is the bridge to sustainability. AI tools that cut administrative burden, alleviate provider burnout, and help employers manage costs are investable today. LLMs are now table stakes, and it’s nonnegotiable to adopt these technologies, while recognizing the products will look very different in 3–5 years. 4. Consolidation and restructuring will happen.  Home health is ripe for roll-ups, payors are the most likely buyers for healthcare IT, and large “pay-viders” (I hate that term) may need to divest of provider assets as Medicare Advantage economics change. Partnerships with strategics are more attractive than traditional PE playbooks. The bottom line: margins are compressing and labor will have to be cut, but technology will carry the industry across the chasm. Ultimately, investors are backing companies with the experience, network, and conviction to lead through this environment, "not just tourists who heard that healthcare was a fun place to visit” (quote of the day by Marcus Whitney).

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Vista Equity Partners believes Agentic AI is reshaping enterprise software.   We recently published the Agentic AI Chartbook, a practical look at what Agentic AI is, how it differs from earlier waves of AI, and why established software platforms are uniquely positioned to lead adoption.   Whether you are investing in the space, building new capabilities, or deepening your understanding, you can review the full Chartbook here: https://bit.ly/46b4pIN

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TEDCO, Maryland’s economic engine for technology companies, announced a recent investment in PerVista AI. Under the umbrella of TEDCO’s Social Impact Funds, the Pre-Seed Builder Fund invests in and provides support to Maryland-based technology companies led by founders from economically underserved backgrounds. PerVista is a company developing artificial intelligence (AI) solutions that will support a proactive approach to threat detection. By analyzing electro optical signals from drones and surveillance cameras, the company offers personalized security solutions to all industries including commercial, government and healthcare. Learn more at https://lnkd.in/ejEEiGFM Interested in applying for #investment funds from TEDCO’s Social Impact Funds? Check out our monthly Investment Open Forum to learn about eligibility and next steps. The next open forum is on August 27 https://lnkd.in/e6RUn6Uj

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#AmTech Weekly Roundup: Ambience Healthcare raised $243 million in Series C funding from Oak HC/FT, Andreessen Horowitz, OpenAI, Kleiner Perkins, Optum Ventures, and Town Hall Ventures. Ambience is building AI documentation software to record patient appointments, generate comprehensive medical notes, and standardize coding/authorization workflows.   Michael Ng, Nikhil Buduma    Reveal Technology raised $30 million in Series B funding from Ballistic Ventures, Shield Capital, Booz Allen Hamilton, and others. Reveal’s two main offerings are 3D mappings generated from drone videos and mobile biometrics. They are deployed with the US Army, Special Operations Command, Marine Corps, and other NATO forces.   Garrett Smith    Prophet Security raised $30 million in Series A funding from Accel and Bain Capital Ventures. Prophet is applying agentic AI to Security Operations Centers (SOCs), or hubs for cybersecurity defenses within an organization.  Kamal Shah, Vibhav Sreekanti #VC #HealthTech #Healthcare #Defense #Cybersecurity

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I believe the future of biotech will be built by scientists who leverage reasoning machines powered by AI, and that future is arriving faster than most realize. We’re proud to lead the $10M Seed round in Synthesize Bio, a company pioneering a new category: generative genomics. Their first foundation model, GEM-1, is trained on the most deeply curated RNA-seq dataset ever assembled. It can simulate gene expression data in silico, with results that match wet-lab experiments. Just think about how consequential that is. This is the kind of infrastructure shift that redefines what’s possible in life science R&D. With generative genomics, researchers can ask bolder questions, design smarter trials, and test hypotheses that were previously unaffordable or impossible to explore. We’ve known Robert Bradley and Jeff Leek for years through their work at Fred Hutch, and they are exactly the team to lead this transformation. Their vision for the Synthesize platform will help scientists around the world move from bottlenecks to breakthroughs. Learn more about Synthesize Bio and the future of AI-native drug discovery: https://lnkd.in/gYkMBXVj

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