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- Commure
Commure Revenue, Valuation, Funding & Investors
Commure is valued at $7B as of May 2026, a 35.0x revenue multiple. Commure revenue was $200M, as disclosed with its latest round.
Last Commure valuation
$7B
Undisclosed stage · May 2026
Last Commure funding round
$70M
Undisclosed stage · May 2026
Commure revenue
$200M
Undisclosed stage · May 2026
Key investors in Commure
General Catalyst
FJ Labs
Sequoia Capital
Morgan Stanley
Quiet Capital
Greenoaks
About Commure
Commure is a privately held healthcare technology company that sells an AI platform for health systems and physician practices covering revenue cycle management, ambient clinical documentation, patient engagement and practice management. It was incubated at General Catalyst in 2017 and grew by acquisition, buying PatientKeeper from HCA Healthcare in 2021, merging with Athelas in 2023 and acquiring Augmedix and Memora Health in 2024. Tanay Tandon, the Athelas co-founder, has been chief executive since the merger. The company reported more than 500 healthcare organizations as customers and annual recurring revenue above 200 million dollars in 2025. In May 2026 it raised 70 million dollars led by General Catalyst at a 7 billion dollar post-money valuation, bringing total capital raised to 750 million dollars.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$200M (May 2026)
Valuation
$7B (May 2026)
Commure Valuation
Commure is currently valued at $7B, based on its undisclosed-stage round in May 2026. Read the announcement ↗
The $70M round was led by General Catalyst, with participation from Kirkland & Ellis, Sequoia Capital and Morgan Stanley.
Commure's valuation has grown 2.0x from $3.5B at its Series D in September 2021 to $7B in May 2026, across 3 priced rounds.
Commure valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2026 | Undisclosed stage | $7B | 35.0x |
| Oct 2023 | Undisclosed stage | $6B | 57.1x |
| Sep 2021 | Series D | $3.5B | - |
Commure Revenue
Commure's latest recorded revenue is $200M, as of its undisclosed-stage round in May 2026. At a $7B valuation, that implies a 35.0x revenue multiple.
Revenue grew from $105M in October 2023 to $200M in May 2026, while the revenue multiple moved from 57.1x to 35.0x.
Commure revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2026 | $200M | $7B | 35.0x | Undisclosed stage |
| Jun 2025 | $200M | - | - | Undisclosed stage |
| Oct 2023 | $105M | $6B | 57.1x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Commure Funding History
Commure has raised a total of $1.1B across 12 funding rounds.
Commure's first fundraising round was a $2M seed round in September 2017. The most recent completed round was a $70M undisclosed-stage round in May 2026.
Commure funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2026 | Undisclosed stage | General Catalyst (lead); Kirkland & Ellis; Sequoia Capital; Morgan Stanley | $70M | $7B | Commure announced a USD 70 million financing on 19 May 2026 at a post-money valuation of USD 7 billion, led by General Catalyst with participation from Sequoia Capital, Morgan Stanley and Kirkland & Ellis. The round brought the total capital raised by the company to USD 750 million. Commure said it would use the capital to scale its revenue cycle and practice management platform across specialty practices and integrated delivery networks, expand its shared intelligence tools and extend its AI infrastructure into international markets. It reported deployment across more than 500 healthcare organizations and 3,000 sites of care, processing tens of billions of dollars of annual payments and completing more than 85% of administrative tasks without human intervention, with HCA Healthcare and Tenet Healthcare among its customers. It had earlier raised USD 200 million of growth financing from General Catalyst's Customer Value Fund in June 2025. |
| Jun 2025 | Undisclosed stage | General Catalyst (lead) | $200M | - | Commure is an enterprise AI healthcare technology company providing a full-stack platform spanning revenue cycle management (RCM), ambient AI clinical documentation and workflows, and practice management solutions to healthcare providers. The company serves more than 130 health systems across the United States, powering billions of dollars in annual revenue cycle automations and supporting hundreds of thousands of clinicians. On June 19, 2025, Commure secured $200 million in growth financing from General Catalyst's Customer Value Fund (CVF), a specialized financing vehicle that pre-funds sales and marketing budgets and is repaid through a capped share of revenue from newly acquired customers, allowing the company to scale without equity dilution. Commure reported annual recurring revenue (ARR) of $200 million in live, contracted revenue at the time of the funding announcement, with ARR having doubled for three consecutive years prior. The company serves as a growth platform following its 2023 merger with Athelas at a $6 billion valuation, and CEO Tanay Tandon indicated the company expects to achieve cashflow positivity by mid-to-end 2026 while considering a tender offer and potential public offering within two years of the financing announcement. |
| May 2024 | Undisclosed stage | - | - | - | Commure, Inc. filed a Form D with the US Securities and Exchange Commission on 3 June 2024 for an equity financing whose first sale took place on 23 May 2024. The notice reports a total offering amount and amount sold of USD 4,454,739, all to one investor, who is not named in the filing. The raise came after the October 2023 merger with Athelas, in which General Catalyst invested USD 70 million at a USD 6 billion valuation, and before the July 2024 agreement to acquire Augmedix. Commure was incubated at General Catalyst in 2017 and sells software for revenue cycle management, clinical documentation and practice management to health systems. It later reported annual recurring revenue above USD 200 million in 2025 and a USD 7 billion valuation in May 2026. |
| Oct 2023 | Undisclosed stage | General Catalyst (lead) | $70M | $6B | Commure and Athelas announced on 4 October 2023 that they would merge, with General Catalyst providing fresh capital and valuing the combined company at USD 6 billion. General Catalyst invested USD 70 million as part of the merger, and Athelas chief executive Tanay Tandon took over as chief executive, with Deepika Bodapati as chief operating officer and Dhruv Parthasarathy as chief technology officer. The companies said that combined they were at a revenue run rate of USD 100 million or more, tracking to USD 125 million to USD 150 million by year end, and that each had independently grown more than 500% over the previous three years with more than six years of runway. Commure supplied enterprise software to health systems including HCA Healthcare, Jefferson, Providence and the VA, while Athelas brought revenue cycle management and remote patient monitoring products used by thousands of providers. |
| Jan 2022 | Undisclosed stage | - | $4M | - | Commure, Inc. filed a Form D with the US Securities and Exchange Commission on 19 January 2022 for an equity offering of USD 7,500,000, of which USD 3,750,000 had been sold to one investor by the first sale on 31 December 2021. The notice does not name the investor. It follows the USD 500 million Series D announced in September 2021 at a USD 3.5 billion valuation, which was made up of two financing rounds. Commure was incubated at General Catalyst in 2017 and provides a software platform for health systems. It later merged with Athelas in October 2023 and, in May 2026, reported a USD 7 billion post-money valuation after a USD 70 million round led by General Catalyst. |
| Sep 2021 | Series D | Greenoaks (lead); Human Capital (lead); GBL Capital (lead); Green Sands Equity | $500M | $3.5B | Commure is a health-tech startup providing a data platform and API development tools that enable health systems to build applications in a common technology language, facilitating patient data portability across providers and unlocking ecosystem growth similar to Stripe in payments. Cofounded by Hemant Taneja of General Catalyst, which incubated the company, Commure focuses on integrating with cloud vendors to help providers grow by accessing and utilizing health data more effectively. In September 2021, Commure raised approximately $500 million across two funding rounds, including a $250 million Series D on September 16 led by Greenoaks Capital and Human Capital, with participation from General Catalyst and others like HCA Healthcare. The post-money valuation reached $3.5 billion following the Series D, marking its unicorn status in a cash-flush health-tech sector. Traction included over 20x growth in hospital and health system clients and 40x increase in daily platform transactions in the prior year. The platform supports building new healthcare applications and has been positioned for scalability in data interoperability. Later developments saw additional rounds, such as a $70 million Series E in October 2023 at a $6 billion valuation and a merger with Athelas backed by General Catalyst to form an AI-focused entity valued at $6 billion, planning potential IPO in 2-3 years. |
| Nov 2020 | Undisclosed stage | - | $210M | - | Commure, Inc. opened a USD 274.2 million equity offering on 19 November 2020, selling USD 210,249,867 to eleven accredited investors by the time of a Form D notice it filed with the US Securities and Exchange Commission on 16 September 2021. The filing, signed by president Diede van Lamoen and listing Hemant Taneja of General Catalyst as a director, does not name the investors. The financing came after the company launched its healthcare platform in 2020 as a General Catalyst-incubated business and before the USD 500 million financing announced on 16 September 2021 at a USD 3.5 billion valuation, which Built In San Francisco described as the sum of two financing rounds. It was by far the largest raise in the company's history to that point. Commure combined with Athelas in October 2023 and in 2026 reported total capital raised of USD 750 million at a USD 7 billion valuation. |
| Sep 2020 | Undisclosed stage | - | $3M | - | Commure, Inc. filed a Form D with the US Securities and Exchange Commission on 28 September 2020 for an equity financing whose first sale took place on 1 September 2020. The notice reports a total offering amount and amount sold of USD 3,297,219, all to one investor, who is not named. Executive officers and directors listed on the filing include Brent Dover, Hemant Taneja of General Catalyst, Diede van Lamoen, Quentin Clark and Karen Tsay. The raise came after the USD 27.0 million round opened in April 2019 and before the USD 274.2 million offering opened in November 2020 that preceded the September 2021 Series D. Commure was incubated at General Catalyst in 2017 and launched its healthcare data platform in 2020. It later merged with Athelas and reported a USD 7 billion valuation in May 2026. |
| Apr 2019 | Series B | Quiet Capital | $27M | - | Commure, Inc. opened a financing on 12 April 2019 and filed a Form D with the US Securities and Exchange Commission on 26 April 2019. The notice reports a total offering amount of USD 29,999,980 with USD 26,999,978 sold to five investors, none of whom is named in the filing. Diede van Lamoen signed it as president and Hemant Taneja of General Catalyst is listed as a director. The round followed the USD 10.0 million raised in December 2017 and a USD 24.8 million raise opened in June 2018. The company, incubated at General Catalyst in 2017, later raised USD 210.2 million from November 2020 and a USD 500 million Series D at a USD 3.5 billion valuation in September 2021, and by 2026 its valuation had reached USD 7 billion after a USD 70 million round led by General Catalyst. |
| Jun 2018 | Undisclosed stage | - | $25M | - | Commure, Inc. filed a Form D with the US Securities and Exchange Commission on 19 June 2018 for an equity financing whose first sale took place on 5 June 2018. The notice reports a total offering amount of USD 31,999,948, of which USD 24,839,281 had been sold to four accredited investors, none of whom is named. Diede van Lamoen signed the filing as president, executive officer, director and promoter, and Hemant Taneja of General Catalyst is listed as a director. The raise followed the USD 10.0 million financing closed in December 2017 and preceded a USD 27 million financing opened in April 2019. Commure was incubated at General Catalyst in 2017 and later grew into an AI-enabled healthcare software company; in 2026 it reported a post-money valuation of USD 7 billion and total capital raised of USD 750 million. |
| Jan 2018 | Series A | FJ Labs | $10M | - | Commure, Inc. filed a Form D with the US Securities and Exchange Commission on 10 January 2018 for a financing whose first sale took place on 27 December 2017. The notice reports a total offering amount of USD 12,000,119, of which USD 10,000,120 had been sold to one investor, and describes an equity offering exempt under Rule 506(b). Diede van Lamoen signed the filing as president and Hemant Taneja of General Catalyst is listed as a director. The notice does not name the investor. The proceeds followed a first financing of about USD 2.0 million in September 2017 and preceded a USD 24.8 million raise opened in June 2018 as the General Catalyst-incubated company built the healthcare platform that later became Commure, which in 2026 reported a USD 7 billion post-money valuation. |
| Sep 2017 | Seed | General Catalyst; FJ Labs | $2M | - | Commure, Inc. sold roughly USD 2.0 million of equity securities in its first financing, with the first sale on 19 September 2017 and a Form D notice of exempt offering filed with the US Securities and Exchange Commission on 28 September 2017. The filing reports a total offering amount and amount sold of USD 1,999,999, with one accredited investor participating and no amount remaining. It was signed by Diede van Lamoen as president, who is listed as an executive officer and director, and names Hemant Taneja of General Catalyst as a director, with a Palo Alto address. The filing does not identify the investor. Commure was incubated at General Catalyst in 2017 and later became an AI-enabled healthcare software company; it combined with Athelas in October 2023 and reported contracted annual recurring revenue above USD 200 million in 2025. |
Who has invested in Commure?
10 investors have backed Commure across its funding rounds, including General Catalyst, FJ Labs, Sequoia Capital, Morgan Stanley, Quiet Capital and Greenoaks.
Lead investors include General Catalyst, Greenoaks, Human Capital and GBL Capital.
Commure Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Sep 2017 | ||
| 2 | Participant | Sep 2017 | ||
| 1 | Lead | Sep 2021 | ||
| 1 | Participant | May 2026 | ||
| 1 | Lead | Sep 2021 | ||
| 1 | Lead | Sep 2021 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | May 2026 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Commure
Commure has acquired 8 companies to date.
Last acquisition by Commure was on December 20th 2024. Commure acquired Memora Health for $30M.
Latest Acquisitions by Commure
| Description | Memora Health is a San Francisco-headquartered intelligent care enablement platform that automates clinical workflows for health systems and plans. It triages patient-reported data to care team members and enables proactive patient communication via text and voice. Memora partners with organizations such as UCSF Health and Blue Shield of California to streamline care journeys in oncology, cardiology, and maternal health. The platform digitizes intake, symptom monitoring, and follow-up processes to enhance clinician efficiency. | Augmedix is a San Francisco-headquartered ambient AI platform that automates clinical documentation for physicians. Deployed in hospitals and clinics nationwide, it captures patient conversations via smartphones or wearables to generate structured EHR notes, billing codes, and quality measures. Partnering with Mayo Clinic and over 100 health systems, Augmedix processes millions of encounters annually to reduce scribe dependency. | Rx.Health is a New York-based digital medicine platform spun off from Mount Sinai Health System in 2016. The RxUniverse system allows providers to prescribe mobile apps, wearables, educational videos, and therapeutics at the point of care. Deployed across clinical departments like cardiology and oncology, it integrates with electronic health records for over 20 evidence-based digital tools used by thousands of patients annually. | Athelas is a healthcare technology company that sells revenue cycle management services, an AI-native electronic health record, ambient AI clinical notes, voice agents and practice management software to medical practices and health systems. It was founded in 2016 by Tanay Tandon and Deepika Bodapati, went through Y Combinator, and began with a smartphone-linked device that returns a white blood cell count from a small blood sample. The company later expanded into remote patient monitoring before focusing on administrative automation for providers. It earns revenue from software subscriptions and managed billing services. In October 2023 it merged with Commure, and it now operates as a Commure company based in Mountain View, California. | |
| HQ Country | |||||
| HQ City | San Francisco, CA | San Francisco, CA | New York City, NY | Mountain View | |
| Deal Date | 20 Dec 2024 | 19 Jul 2024 | 31 Oct 2023 | 4 Oct 2023 | |
| Valuation | $30M | $139M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Commure Competitors
Commure competitors include listed companies like Tempus AI and UiPath, and private ones like Abridge, EliseAI, Doctolib and Socure.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $117M | - | $5.3B | 45.3x | ||
| Private | $200M | - | $4B | 20.0x | ||
| Private | $430M | - | $4.2B | - | ||
| Private | $315M | - | $5.2B | - | ||
| Publicly listed | $1.3B | ($131M) | $13B | 8.9x | ||
| Publicly listed | $1.6B | $70M | $7.2B | 3.4x |
Commure Public Comps
Commure is still privately-owned, but its public comps include UiPath, M3 Inc., SenseTime Group, Doximity, Waystar, Presight AI, Tenable, CCC Intelligent Solutions, CorVel and UBtech Robotics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | $70M | 3.7x | 3.4x | 85.5x | 13.3x | |||
| $2.2B | $467M | 3.2x | 3.0x | 15.5x | 12.1x | |||
| $753M | ($71M) | 6.5x | 5.2x | (68.8x) | 51.2x | |||
| $645M | $229M | 8.0x | 7.8x | 22.6x | 15.4x | |||
| $1.1B | $390M | 6.1x | 5.3x | 17.1x | 12.6x | |||
| $825M | $214M | 6.0x | 4.9x | 23.0x | 19.1x | |||
| $999M | $31M | 5.7x | 5.3x | 180.0x | 20.0x | |||
| $1.1B | $238M | 5.4x | 5.0x | 23.8x | 11.8x | |||
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Common questions about Commure
| When was Commure founded? | Commure was founded in 2017. |
| Where is Commure headquartered? | Commure is headquartered in San Francisco, CA, United States. |
| Is Commure publicly listed? | No, Commure is a private, VC-backed company. |
| What is Commure's valuation? | Commure was last valued at $7B in its undisclosed-stage round in May 2026. |
| How much funding has Commure raised? | Commure has raised $1.1B across 12 funding rounds. |
| What was Commure's last funding round? | Commure's last funding round was a $70M undisclosed-stage round in May 2026, led by General Catalyst. |
| Who are Commure's investors? | Commure's investors include General Catalyst, FJ Labs, Greenoaks, Kirkland & Ellis, GBL Capital, Human Capital, Green Sands Equity, Sequoia Capital, Morgan Stanley and Quiet Capital. |
| What is Commure's revenue? | Commure's latest recorded revenue is $200M (May 2026). |
| What is Commure's revenue multiple? | Commure's latest valuation implies a 35.0x revenue multiple ($7B valuation on $200M of revenue). |
| Which companies are comparable to Commure? | Companies comparable to Commure include Abridge, EliseAI, Doctolib, Socure, Tempus AI and UiPath. |
| How many companies has Commure acquired? | Commure has acquired 8 companies, including Memora Health, Augmedix, Rx.Health, Athelas and PatientKeeper. |
| What was the largest acquisition by Commure? | The $139M acquisition of Augmedix in July 2024 is the largest acquisition Commure has made to date. |
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