Assort Health Raises $120M Series C at $1.2B Valuation
Assort Health (assorthealth.com), the AI agents platform for healthcare patient operations, has raised a $120 million Series C led by Menlo Ventures at a $1.2 billion valuation. The round includes participation from Lightspeed Venture Partners, Felicis, First Round Capital, Chemistry, Quiet Capital, Joe Montana, and Tau Ventures. Early backers include pre-seed investor Pioneer Fund and seed investor Quiet Capital, while Lightspeed led the company's $76M Series B last September and First Round Capital and Chemistry co-led its Series A.
Assort Health builds AI agents that handle the operational side of patient care: answering phone calls, scheduling appointments, managing referrals, completing intake, processing documents, handling medication refills, and collecting payments. The platform is powered by more than 190 million patient interactions, 62,000 care protocols, and 1.6 million decision pathways, which the company says constitutes the largest proprietary specialty dataset in healthcare. It integrates natively with leading EHR systems including Epic and Athena.
In the last 15 months, revenue has grown 20x. The company reports that customers see a 5% lift in appointment volume, a 115% increase in labor capacity, and a 4.3 out of 5 patient satisfaction score.
Co-founders Jon Wang and Jeffery Liu started the company in 2023 after observing how much of the healthcare system's dysfunction stems not from clinical failures but from administrative ones. Wang is a Stanford ML researcher who has published seven papers on the intersection of AI and healthcare and previously attended UCSF medical school. Liu was formerly head of product engineering at Athelas/Commure, a health tech company.
Pioneer Fund recognized Assort's potential early, backing the company at the pre-seed stage through its Future of Health fund.
"We backed Assort three years ago because Jon and Jeff have a rare command of both medicine and AI, and the ability to relentlessly execute. With that combination they've built an incredible company."
— Dave Messina, General Partner, Pioneer Fund
Wang sees the healthcare AI market heading toward consolidation, with provider groups increasingly looking for a single platform rather than stitching together point solutions.
"This market is going to consolidate in the same way every other one has. Provider groups know it, and the smart ones aren't buying another point solution. They want one partner with the capital and the engineering depth to transform how they operate over the long run."
— Jon Wang, Co-Founder and Co-CEO
The core technology is Synapse, Assort's proprietary model. Synapse learns the patterns of specialty workflows across every deployment, then generates the edge cases, tests, and simulations each one has to handle, allowing even the most complex, provider-specific workflows to go live with high automation and resolution rates.
"After investing in Anthropic, our thesis was simple: find the best application-layer companies in every category."
— Matt Murphy, Partner at Menlo Ventures
What started as a voice AI agent for scheduling specialty appointments has expanded into four product lines. Concierge handles inbound calls, triage, and scheduling in any language. Activate reaches patients proactively to close referral loops, act on detected care gaps, and recover no-shows. Orchestrate runs back-office workflow behind each visit and writes details back to the EHR. And Empower equips staff with an AI copilot for complex patient access needs along with tools to build and ship personalized AI agents. All four are connected by what the company calls Patient Journey Memory, a persistent context layer that carries patient information across every interaction so patients don't have to repeat themselves.
"We evaluated every AI solution on the market. Assort was the only true platform. It runs the full patient journey as one connected system, from referrals and document processing to intake, care gap closure, real-time eligibility, and payments."
— Dr. Parinita Amin, CEO of MDCS Dermatology
Assort also announced a major expansion into health system operations, bringing the platform to health systems ranging from large community-based organizations to academic medical centers. Several health systems, such as John Muir Health, are partnering with Assort as it moves beyond multi-site provider groups.
In a blog post explaining the investment, Menlo Ventures wrote that healthcare has shifted from being a technology laggard to one of the leading adopters of enterprise AI. The firm said it has known co-CEOs Wang and Liu for years before the round came together.
Healthcare providers now spend nearly twice as much on administration as on direct patient care, a $1.1 trillion annual administrative burden spanning scheduling calls, intake forms, and referral loops. That spend is the market Assort is going after, one practice and one health system at a time.