Turquoise Health, a healthcare pricing and payment platform, has closed a $40 million Series C round, with Oak HC/FT leading the investment. Existing backers Andreessen Horowitz, Adams Street Partners, and Yosemite also participated. The funding will support product development, commercial expansion, and headcount growth as Turquoise moves beyond data and into full transaction infrastructure for healthcare payments.
The Problem Nobody Has Fixed
Healthcare payments are not just slow. They are structurally broken. Across the industry, nearly $1 trillion is spent every year on administrative overhead, a cost driven largely by one core problem: the contracts that determine how much anyone actually gets paid are scattered across siloed systems, inconsistently applied, and invisible to most of the parties they bind. The result is a system where both payers and providers lose money to denials and constant manual reviews, while patients are left with confusing bills and no clear view of costs upfront.
“Our goal has always been to move the industry toward clear, accurate, and actionable healthcare pricing,” said Chris Severn, CEO and Co-Founder of Turquoise. “By evolving from a data vendor to a full workflow and transaction platform, we are building the infrastructure for transparent, real-time payments. This round allows us to ensure that this model becomes the industry standard.”
From Data Vendor to Operating System
The new capital will go toward expanding Turquoise’s go-to-market efforts, accelerating the product roadmap, and bringing in more talent. The company has grown to nearly 200 employees over five years and plans to keep hiring.
Those ambitions are supported by a platform that now extends well beyond data aggregation. Turquoise has built a system where pricing, contracting, and revenue cycle workflows sit in one unified place. That means finance teams can model negotiation scenarios, review contract performance, and process payments from the same environment, without needing to stitch together tools from different vendors.
What the Platform Actually Does
At the core is Clear Rates, a product that pulls together machine-readable files, claims data, Medicare benchmarks, and other pricing signals to produce a single, auditable rate for every payer-provider combination. Running alongside it is Contracts, which uses AI to tag and organize every rate and provision across a customer’s portfolio, turning static documents into something finance teams can actually search, compare, and act on. Tying both together is AskTQ, the AI-powered query layer that compresses weeks of manual research into seconds.
The platform currently serves more than 280 customers, including 10 of the top 25 health systems, four of the five national payers, nine of the top 10 pharmaceutical companies, and six of the top 10 insurance brokers. Thirty-five percent of monthly active users are now engaging with more than one product on the platform.
Five Years of Building, a Long Runway Ahead
Turquoise was founded five years ago with a focus on healthcare pricing transparency. Over time, the company has moved from providing data to building workflows and, now, to enabling full transactions. The company operates at what it describes as the center of the healthcare economy, connecting the pricing and contracting intelligence that underpins every payment decision.
The platform’s library of more than 65,000 contracts gives Turquoise an information depth that is difficult to replicate. Combined with the interfaces built on top of that data, the company has positioned itself to serve a wide range of stakeholders: health systems, payers, insurers, life sciences companies, and the brokers who navigate between all of them.
Lead Investor and Funding History
Oak HC/FT, the venture and growth equity firm specializing in healthcare and fintech, led the Series C. The firm manages $7 billion in assets across more than 100 portfolio companies and has offices in Stamford, CT and San Francisco. It has tracked Turquoise since 2021.
“Turquoise is uniquely positioned at the center of the healthcare economy, leveraging a data moat bolstered by their subject matter expertise, extensive library of over 65,000 contracts and best-in-class user interface,” said Vig Chandramouli, Partner at Oak HC/FT. “We have tracked Chris and the team since 2021 and are impressed by their ability to expand adoption simultaneously across providers, payers, employers, and life sciences. Their platform doesn’t just provide data; it embeds transparency directly into the negotiation and payment workflows of the industry’s largest stakeholders.”
Returning investors Andreessen Horowitz, Adams Street Partners, and Yosemite also participated in the round.
