- Companies
- Tennr
Last Tennr valuation
$605M
Series C · Jun 2025
Last Tennr funding round
$101M
Series C · Jun 2025
Cumulative funding Tennr raised
$161M
across 5 funding rounds
Key investors in Tennr
Foundation Capital
Andreessen Horowitz
Y Combinator
Lightspeed Venture Partners
GV
ICONIQ Capital
About Tennr
Tennr is a San Francisco-headquartered AI company automating healthcare back-office processes such as fax handling, prior authorizations, referrals, and orders. Its platform extracts data from documents with high accuracy and orchestrates workflows into electronic health records like Epic and Cerner. Clinics and health systems use Tennr to cut processing times from days to minutes. The no-code agents integrate via APIs for custom automations tailored to provider needs across the United States.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$605M (Jun 2025)
Tennr Valuation
Tennr is currently valued at $605M, based on its Series C in June 2025.
The $101M round was led by IVP, with participation from ICONIQ Capital, Frank Slootman, GV, Andreessen Horowitz, Lightspeed Venture Partners and 1 other investor.
Tennr valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2025 | Series C | $605M |
Tennr Funding History
Tennr has raised a total of $161M across 5 funding rounds.
Tennr's first fundraising round was a $500K pre-seed round in April 2023. The most recent completed round was a $101M Series C in June 2025.
Tennr funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2025 | Series C | IVP (lead); ICONIQ Capital; Frank Slootman; GV; Andreessen Horowitz; Lightspeed Venture Partners; Foundation Capital | $101M | $605M | Tennr is a New York-based healthcare technology company founded in 2021 by Trey Holterman, Diego Baugh, and Tyler Johnson that automates patient referral processing and administrative workflows using artificial intelligence. The company developed a proprietary orchestration platform and specialized language models called RaeLM, which are trained on over 100 million medical documents and 2.3 billion distinct data fields to analyze patient referral information from faxes, emails, and e-portals. Unlike generic large language models, RaeLM is optimized to understand nuanced medical documentation and evaluate it against complex payer criteria to flag potential denials, addressing an industry problem where eligibility checks can be wrong approximately 8% of the time. On June 18, 2025, Tennr announced a $101 million Series C funding round led by venture capital firm IVP, with participation from new investors Google Ventures and ICONIQ Capital and existing investors Andreessen Horowitz, Lightspeed Venture Partners, Foundation Capital, and individual investor Frank Slootman. The funding round valued the company at $605 million, reflecting rapid growth in the healthcare technology sector increasingly driven by artificial intelligence solutions. This investment came less than nine months after the company's Series B round in October 2024 ($37 million) and represents substantial momentum in the market. The company has demonstrated strong traction, having processed millions of patients across hundreds of healthcare providers. In June 2025, Tennr launched Tennr Network, a new coordination layer providing real-time visibility into referral status to referring providers, receiving providers, and patients. CEO Trey Holterman disclosed that the company operates in the eight figures of revenue and has more than tripled its revenue since the Series B round two quarters prior, though specific revenue figures were not disclosed. The company's previous funding history includes $18 million in a Series A round in March 2024. Tennr plans to use the Series C capital to scale its orchestration platform, expand the newly launched Tennr Network, and grow its engineering and go-to-market teams to support rapid adoption among healthcare providers. The company's primary customer base consists of medical specialists, with planned expansion into new subverticals and additional tools within the referral workflow such as insurance verification. Market analysts position Tennr as one of the fastest-growing health tech startups, with the specialized approach of its proprietary language models differentiating it from generic AI solutions in healthcare automation. |
| Oct 2024 | Series B | Lightspeed Venture Partners (lead); Andreessen Horowitz; Foundation Capital | $37M | - | Tennr is a New York-based healthcare AI startup founded in 2021 by Trey Holterman, Diego Baugh, and Tyler Johnson, specializing in automating document processing and workflow management for healthcare providers using machine learning and document scanning technologies. The platform reads medical documents to automate tasks like scheduling patient visits, qualifying referrals, inputting data into systems, payment posting, claims auditing, and medical record management, reducing pre-visit processing from weeks to hours and cutting insurance claim denials. On October 22, 2024, Tennr raised $37 million in a Series B funding round led by Lightspeed Venture Partners, with participation from existing investors Andreessen Horowitz (a16z) and Foundation Capital, bringing total funding to over $61 million following a $18 million Series A six months prior. The funds will expand research, engineering, sales, and marketing teams to scale operations, enter new specialty practices, and handle fax-based workflows amid rapid customer growth and technical advancements in vision-language models for medical documents. Tennr processes documents for millions of patients across hundreds of U.S. practices, systems, and groups, achieving hockey-stick customer growth and significant ROI for clients by expediting patient processing and improving service efficiency. Customers like Total Medical Supply report transformative workflow improvements, processing new patients in a fraction of prior time. The company anticipates expediting over 10% of U.S. healthcare referrals in the next year, addressing rising demand for AI automation amid shrinking reimbursements and soaring costs. Investors highlight Tennr's market need fulfillment and execution, with Lightspeed's Alex Kayyal noting its workflow platform's ROI and patient experience gains. Prior backers include Y Combinator, Zaza Pachulia, and Jennifer Kaehms, positioning Tennr to disrupt healthcare's paper-heavy operations. |
| Mar 2024 | Series A | Andreessen Horowitz (lead); Y Combinator; The New Normal Fund; Jennifer Kaehms; Koro Capital Ltd; Foundation Capital; Zaza Pachulia | $18M | - | Tennr is a New York-based healthcare AI company founded in 2021 that automates patient referral workflows, intake, and administrative processes using proprietary language models (RaeLM) optimized for medical documents, payer criteria, and faxes/emails/portals to reduce denials, speed processing from weeks to hours, and improve conversions. It integrates with EHRs, handles 10 million documents monthly across hundreds of providers, and launched Tennr Network for real-time referral visibility among providers and patients. Tennr raised $18M in Series A in March 2024 led by Andreessen Horowitz with Foundation Capital, Y Combinator, and others, followed by $37M Series B in October 2024 led by Lightspeed (total funding then $61M+), and $101M Series C in June 2025 led by IVP with Andreessen Horowitz, Lightspeed, GV, ICONIQ, Foundation Capital, and Frank Slootman (total raised $162M). Series C valued Tennr at $605M post-money. Funds support engineering, go-to-market expansion, product scaling, and Tennr Network rollout. Tennr achieved rapid traction with hockey-stick customer growth post-Series A, processing millions of referrals, tripling revenue since Series B (two quarters prior to Series C), and surpassing $1M ARR eight months after May 2023 $3.25M seed (pre-revenue at seed). It competes in automating fax-heavy healthcare admin alongside firms like Concord Technologies, targeting fixed-fee pressures and rising costs amid reimbursements shrink. |
| May 2023 | Seed | Foundation Capital (lead); Allison Pickens Ventures | $5M | - | At the time of that seed investment, Tennr was still iterating on its product and had not yet generated revenue. By eight months after the seed round (February 2024), the company had surpassed $1 million in annual recurring revenue (ARR), demonstrating rapid traction. Tennr subsequently raised $37 million in Series B funding in October 2024 and $101 million in Series C funding in June 2025, at which point the company had more than tripled its revenue and achieved a $605 million valuation. |
| Apr 2023 | Pre-seed | Y Combinator (lead) | $500K | - | - |
Who has invested in Tennr?
13 investors have backed Tennr across its funding rounds, including Foundation Capital, Andreessen Horowitz, Y Combinator, Lightspeed Venture Partners, GV and ICONIQ Capital.
Lead investors include IVP, Lightspeed Venture Partners, Andreessen Horowitz, Foundation Capital and Y Combinator.
Tennr Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | May 2023 | ||
| 3 | Lead | Mar 2024 | ||
| 2 | Lead | Apr 2023 | ||
| 2 | Lead | Oct 2024 | ||
| 1 | Participant | Jun 2025 | ||
| 1 | Participant | Jun 2025 | ||
| 1 | Lead | Jun 2025 | ||
| 1 | Participant | Jun 2025 | ||
| 1 | Participant | Mar 2024 | ||
| 1 | Participant | Mar 2024 | ||
| 1 | Participant | Mar 2024 | ||
This data is available for Pro users. Sign up to see all 13 Tennr investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialTennr Competitors
Tennr competitors include listed companies like Yidu Tech and Claritev, and private ones like Latent, Rad AI, Overjet and Suki.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $600M | - | ||
| Private | - | - | $525M | - | ||
| Private | - | - | $712M | - | ||
| Private | $105M | - | $500M | - | ||
| Publicly listed | $122M | ($4M) | $449M | 1.2x | ||
| Publicly listed | $965M | $466M | $538M | 5.2x |
Tennr Public Comps
Tennr is still privately-owned, but its public comps include Hanwang Technology Co, Unisound Ai Technology, Craneware, Weave Communications, Baida Group Co, PKSHA Technology, RaySearch Labs, Phreesia, ExaWizards and Shang Gong Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $282M | ($14M) | 2.2x | - | (44.4x) | - | |||
| $181M | ($22M) | 3.0x | 2.1x | (24.5x) | (36.1x) | |||
| $206M | $59M | 2.8x | 2.7x | 9.7x | 8.7x | |||
| $239M | ($13M) | 2.3x | 2.1x | (44.4x) | 35.9x | |||
| $31M | $9M | 13.6x | - | 45.2x | - | |||
| $140M | $47M | 4.1x | 2.4x | 12.2x | 10.7x | |||
| $137M | $59M | 4.4x | 4.2x | 10.1x | 9.3x | |||
| $481M | $27M | 1.3x | 1.3x | 23.2x | 5.3x | |||
This data is available for Pro users. Sign up to see all Tennr competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tennr
| When was Tennr founded? | Tennr was founded in 2021. |
| Where is Tennr headquartered? | Tennr is headquartered in New York City, NY, United States. |
| Is Tennr publicly listed? | No, Tennr is a private, VC-backed company. |
| What is Tennr's valuation? | Tennr was last valued at $605M in its Series C in June 2025. |
| How much funding has Tennr raised? | Tennr has raised $161M across 5 funding rounds. |
| What was Tennr's last funding round? | Tennr's last funding round was a $101M Series C in June 2025, led by IVP. |
| Who are Tennr's investors? | Tennr's investors include Foundation Capital, Andreessen Horowitz, Y Combinator, Lightspeed Venture Partners, ICONIQ Capital, Frank Slootman, IVP, GV, The New Normal Fund, Jennifer Kaehms and 3 others. |
| Which companies are comparable to Tennr? | Companies comparable to Tennr include Latent, Rad AI, Overjet, Suki, Yidu Tech and Claritev. |
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