Google Ventures Backs $101 Mn Round for Healthtech Startup Fixing Patient Referrals

The company’s proprietary model, trained on millions of medical documents, automates the patient referral process by managing eligibility checks, benefits, payer rules, and document interpretation.

New York-based healthtech startup Tennr has raised $101 million in a Series C funding round, pushing its valuation to $605 million.

The round was led by IVP, with new investors Google Ventures and Iconiq joining existing backers Andreessen Horowitz and Lightspeed, as reported by Fortune.

Founded in 2021 by Diego Baugh, Trey Holterman, and Tyler Johnson, Tennr was established to fix long-standing inefficiencies in the US patient referral system, a challenge its founders personally experienced.

The company’s proprietary model, trained on millions of medical documents, automates the patient referral process by managing eligibility checks, benefits, payer rules, and document interpretation.

CEO Trey Holterman clarified that while Tennr uses its own AI model, it avoids positioning itself as just another AI healthtech firm. “I want to talk about problems and solutions, not just technology,” he told Fortune.

The funding will enable Tennr to expand its product offerings for medical specialists, primary care providers, and patients. Potential areas for growth include new tools for insurance verification and enhanced visibility features for both patients and referring physicians within the referral and payment process.

While financial specifics weren’t disclosed, Tennr confirmed it has tripled its revenue since its Series B round in October 2024 and now operates in the eight-figure range. The company ensures regulatory compliance, including HIPAA, through data de-identification practices.

IVP partner Zeya Yang, who first backed Tennr during his time at Andreessen Horowitz, called the startup’s niche focus on referrals a strategic advantage. “This can be a very big company if they figure that sort of stuff out,” he told.

Tennr’s growth comes at a time when healthcare organizations are increasingly exploring AI-driven solutions for operational challenges, with patient referrals emerging as a critical, often-overlooked bottleneck.

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