Transcarent, a rapidly growing health tech company led by health tech investor and former Livongo CEO Glen Tullman, has announced $126 million in Series D funding. The investment round was spearheaded by venture capital behemoth General Catalyst and 7wireVentures, where Tullman serves as a managing partner. The funding will be utilized by Transcarent to enhance its artificial intelligence capabilities, expand its business, and explore potential acquisitions, Tullman revealed to STAT.
Since its inception in 2020, Transcarent has been among the emerging companies looking to leverage technology to enhance care and reduce costs for organizations that offer health benefits to their employees. Tullman has emphasized that Transcarent sets itself apart from other healthcare navigation and virtual care firms that also aim to make care more affordable and accessible.
To date, Transcarent has raised approximately $450 million in funding. With this new investment, the company is now valued at $2.2 billion. As the COVID-19 pandemic continues to impact healthcare systems globally, companies like Transcarent are increasingly important for organizations seeking innovative solutions to improve employee wellness and reduce costs associated with healthcare benefits.