Heidi Hits Unicorn Status With $140m Series C at A$1.26bn Valuation

Melbourne clinical notes startup Heidi has raised US$340 million (A$475m) in fresh funding, including a US$140m Series C that values the company at A$1.26bn — making it a unicorn less than a fortnight after it was named Scaleup of the Year and AI Gamechanger at the Startup Daily Best in Tech awards.

Blackbird led the Series C, worth US$100m (A$140m), alongside existing investors Phoenix Court, Point72 Private Investments and Headline.

The new valuation nearly doubles Heidi's previous $703 million mark, set less than 12 months ago when the company closed a $98m Series B in October 2025.

The funding package goes beyond equity. General Catalyst's Customer Value Fund led a separate US$240 million (A$335m) growth investment to support sales and expansion. The structure functions essentially as a debt facility for customer acquisition.

A fast climb

Heidi's funding history shows an aggressive pace. Headline led a $27m top-up to the company's initial $10m Series A from 2023, closed in March last year. Blackbird led the original $5m seed raise in 2021, when the startup was founded under the name Oscar.

The product launched in February 2024. Since then, it has been used in more than 20 million patient interactions, with strong adoption in the US, UK, Canada and Australia — and, increasingly, the EU.

Chief medical officer Dr Simon Kos laid out the scale of the business at the Best in Tech awards.

"Right now we're in 190 countries, we're in 110 languages and we're doing 2.8 million notes a week, which makes us the world's biggest scribe by volume," he said.

"We are actually changing people's lives. You've got clinicians that are able to see more patients."

Where the money goes

Heidi's software records consultations and produces clinical notes. The new capital will fund development of AI agents that complete tasks under clinical supervision, along with clinical testing and regulatory submissions. The UK and EU will not be part of that plan.

The commercial traction underpinning the raise is stark. The company says annual recurring revenue hit US$50m in April, up from US$1m two years earlier — a 50-fold increase over 24 months.

Heidi has also moved on inorganic growth. In February, it acquired UK AI healthcare platform Automedica for an undisclosed sum.

The raise signals that investor appetite for proven AI healthcare applications remains strong even as valuations across the broader software sector compress. With US$240m of debt-like capital stacked behind US$140m of equity, General Catalyst and Blackbird are effectively betting that Heidi's customer acquisition economics will keep pace with its revenue curve.