Melbourne health AI company Heidi has raised US$340 million (A$475 million) in September 2026, made up of a US$100 million Series C led by Blackbird and a US$240 million growth investment from General Catalyst’s Customer Value Fund, at a valuation of US$900 million, or about A$1.26 billion.
The round makes Heidi one of the fastest-growing companies in Australian tech. Its annual recurring revenue rose from US$1 million to US$50 million in the two years to April 2026, according to Startup Daily, and its valuation has nearly doubled in less than a year. Blackbird has called it the fastest growing company in its portfolio since Canva.
What it does
Heidi records a doctor’s consultation and writes the clinical notes, so the clinician is not typing them up after the patient leaves. Doctors lose hours each day to administration, and the pitch is to give that time back and reduce burnout.
The product launched in February 2024 and now supports about 2.8 million patient interactions a week, with more than 20 million in total, across 190 countries and 110 languages. Customers include Beth Israel Lahey Health in Massachusetts, the Yukon Government in Canada and Monash Health in Victoria. Chief medical officer Dr Simon Kos described Heidi to Startup Daily as “the world’s biggest scribe by volume”.
The founders
Heidi was founded in 2021, originally under the name Oscar, by Dr Thomas Kelly, a former vascular surgical resident, with Waleed Mussa and Yu Liu. Blackbird led its $5 million seed round that year, Startup Daily reported.
The raises
In October 2025 Heidi raised a US$65 million Series B led by Point72 at a US$465 million valuation, when it was supporting around 2 million consults a week across 116 countries. The Series C brought back existing investors Phoenix Court, Point72 Private Investments and Headline alongside Blackbird.
Startup Daily described the General Catalyst money as essentially a debt facility for customer acquisition, rather than equity. Heidi said it will use the funds to develop AI agents that complete tasks under clinical supervision, run clinical testing and regulatory submissions, and expand sales. It also acquired UK healthcare AI platform Automedica in February 2026.
Jack’s take
When I first covered Heidi it was valued at US$465 million, and less than a year later it has nearly doubled. No doctor got into medicine to type up notes, so the product almost sells itself. The bigger bet is going global early: a clinical tool that works in 110 languages is hard to copy, and that is where an Australian company can beat the large consumer AI players.