Phare Health secures £2.5m in seed funding to build hospital fintech tools
The round was led by General Catalyst with backing from KHP Ventures and Bertelsmann Investments.
Phare Health develops artificial intelligence tools designed to help hospitals manage finances, track cashflows, and handle non-clinical administrative tasks.
Phare Health has raised £2.5m in a seed round led by General Catalyst, with participation from KHP Ventures and Bertelsmann Investments. The company builds financial technology tools for hospitals to automate administrative tasks and improve financial visibility. The new capital will be used to advance the development of its artificial intelligence system alongside European and United States healthcare systems, while also recruiting engineering and healthcare expertise.
The startup was founded by former DeepMind, Google Health, and Stanford alumni to address growing financial pressures across European health services. Its initial technology transforms unstructured clinician notes into structured data for administrative and financial teams, helping hospitals recover costs and manage resources more effectively.
From the founder
"As a young doctor working in hospitals in Sydney and London, the most frustrating thing was having to spend time on admin, at the expense of patient care. While there is much discussion of the potential use of AI for clinicians, there is a much more urgent need for AI in the back office – doing low-risk, manual, administrative tasks that will free clinicians up to spend more time caring for patients. AI in healthcare should be invisible – it should help behind the scenes to make healthcare more efficient and safe without getting in the way of doctors and nurses."
Martin Seneviratne
Co-founder and Co-CEO at Phare Health
Investor perspective
"We believe Phare is pioneering an entirely new category of financial resilience products for health systems. By partnering with industry stakeholders from the outset, they have demonstrated the ability to collaborate with those who share their commitment to modernising the financial stack of the health system, with sustainability, patient care, and workforce wellbeing in mind. These values align with our Health Assurance thesis and we are excited to participate in their positive impact."
Chris Bischoff
Managing Director, General Catalyst
Use of funds
- 01Continue product development
- 02Grow the team
Investors
About the company
Phare Health
Developing artificial intelligence products for hospital financial management and administrative workflows.