AI Startup Tennr Raises Funding to Revolutionize Healthcare Document Processing

Healthcare AI Startup Tennr Secures New Funding Round Led by Lightspeed Venture Partners

Tennr, a New York-based healthcare AI startup, is set to raise fresh funding just seven months after its Series A round, sources familiar with the matter report. The new round, led by Lightspeed Venture Partners, is expected to value the company at over $200 million.

Founded in 2021 by Diego Baugh, Tyler Johnson, and Trey Holterman, Tennr has quickly gained traction in the healthcare technology sector. The company’s AI-powered platform aims to replace faxes in healthcare, automating the processing of documents to expedite tasks such as patient referrals.

According to insiders, Lightspeed Venture Partners preempted Tennr’s fundraising efforts, approaching the startup first. The new round is anticipated to raise approximately $33 million, further bolstering Tennr’s position in the competitive healthcare AI market.

This rapid succession of funding rounds underscores the growing investor interest in AI-driven healthcare solutions. Tennr’s focus on streamlining administrative work in healthcare has proven to be a particularly attractive area for investors.

The startup’s previous Series A round, led by Andreessen Horowitz in February, raised $18 million and brought Tennr’s total funding to $25 million at the time. With this latest cash infusion, one source suggests the company’s valuation could be closer to $300 million.

Despite being an early-stage startup with annual recurring revenue estimated between $3 and $5 million, Tennr has shown promising growth. The company reportedly has contracts with more than 50 healthcare organizations and was expected to double its customer base by mid-year, according to earlier reports from Forbes.

Tennr’s rapid fundraising success mirrors a broader trend in the AI startup landscape, with companies like Perplexity and Groq also securing back-to-back funding rounds. In the healthcare AI sector specifically, startups like Slingshot AI have similarly attracted fast-follow funding from prominent venture capital firms.

As part of YCombinator’s winter 2023 cohort, Tennr has quickly established itself as a notable player in the healthcare technology space. While the terms of the deal are yet to be finalized and may be subject to change, this latest funding round signals strong confidence in Tennr’s AI-driven approach to healthcare administration.