The Series D fundraising round triples Candid’s 2025 valuation, as the company grows ARR by 190% year-over-year
Candid Health, the autonomous RCM platform, today announced that it has raised $120M in Series D funding led by Sixth Street Growth, the dedicated growth investing platform of Sixth Street, with participation from Oak HC/FT, 8VC, and Y Combinator. This funding marks a 3X increase in valuation over Candid’s Series C fundraise in February 2025, which was led by Oak HC/FT.
Candid Health exists to automate the financial infrastructure of American healthcare. The company is focused on removing inefficiency and waste from the $280 billion spent annually on healthcare revenue cycle management (RCM), the complex processes by which healthcare providers get reimbursed for services they provide to patients.
Healthcare providers have grown to unprecedented scale, and the legacy systems running billing cannot keep up with today’s complexity. Modern technology, including artificial intelligence, holds promise to finally rein in billing spend and lost collections. But layering AI on broken systems only creates new problems.
Today, Candid Health serves as the financial system of record and core RCM platform for hundreds of leading U.S. healthcare providers across dozens of medical specialties, including some of the largest, most complex, and fastest growing provider organizations in the country.
“Candid powers the financial infrastructure for many of the most important and innovative healthcare organizations in the United States,” said Nick Perry, Candid Health Co-founder and CEO. “The legacy players haven’t kept pace, and the companies lightly sprinkling AI on top of them have yet to deliver. We’ve spent the past seven years rebuilding the core infrastructure of this problem space from the ground up. We’re driving cost reduction and collection increases no one in our industry has ever seen before using AI and other automation.”
“We are thrilled to partner with Candid Health. The Candid team deeply understands its customers’ core challenges and has built a modern infrastructure to enable an agentic transformation of the healthcare revenue cycle,” said Alex Katz, Managing Director at Sixth Street Growth. “In addition to a differentiated technology offering and clear proof points applying agentic AI at scale in RCM, the thing that stood out to us was Candid’s obsessive focus on customer outcomes. We spoke with nearly 40 Candid customers. The feedback was consistently ‘off the charts’ and really emphasized how Candid’s platform had transformed underlying practice operations.”
Candid Health is an AI-first revenue cycle management platform built for enterprise healthcare providers. The platform unifies clinical, billing, and provider data into a single model — giving its automation engine the full context it needs to work. A configurable rules engine and AI agents handle the work that billing teams used to do manually. Every remaining manual touch is tracked, so teams can continuously find and eliminate repetitive tasks.
“RCM is a hard problem, but a worthy problem,” said Doug Proctor, Candid Co-founder and COO. “It affects individual patients and their families, the providers we serve and their organizations, as well as our society at large. It’s a privilege to work on these critical outcomes with our customers, and to be building teams that are on the bleeding edge of harnessing agentic AI to transform one of the most broken parts of healthcare.”
Candid’s Series D follows surging demand by enterprise provider organizations across the U.S., combined with 190% year-over-year annual contracted run-rate revenue growth and 180% year-over-year net dollar retention in 2025.