Pearl Health, a New York-based health technology company that helps Medicare providers manage patient populations through AI-powered predictive tools and financial risk modeling, has raised $110 million in new capital. The round comprises $50 million in equity led by Andreessen Horowitz, with Viking Global Investors, AlleyCorp and Ulysses Capital participating, and a $60 million credit facility led by Trinity Capital. Total equity raised since the company's November 2020 launch now stands at $125 million.
Three consecutive years of growth underpin the raise. Pearl managed $1.6 billion in annualized medical spend in the year before last, $2.4 billion the year after that, and $3.6 billion in the most recent period. Its network of more than 10,000 providers across more than 40 states, including University of Vermont Health and MDX Hawaii, cares for more than 250,000 Medicare beneficiaries. The company reached profitability in 2025 and projects its patient base will triple from 2024 through the end of 2026. Pearl also projects $500 million in gross healthcare savings through 2026.
Two products are absorbing the new capital. Performance Intelligence, which Pearl describes as an AI-powered software tool that converts clinical data into patient-level insights, is being built out with a natural language interface for population health teams. Michael Kopko, co-founder and CEO, described what the tool is built to do: "Performance Intelligence will give population health teams and care managers a real-time, natural language interface and reasoning engine for data on total cost of care, quality, and utilization, so they can see which patients need attention first."
The second investment is in care orchestration AI agents that handle administrative workflows including annual wellness visit scheduling, post-discharge follow-ups and care management outreach. Kopko described how the company measures whether the technology is working: "We look at whether our technology helps care teams identify high-risk patients sooner, close care gaps more reliably, and reduce avoidable downstream costs. The combination of lower cost and better care is how we define success."
The expansion into Medicare Advantage is the most consequential new direction in the raise. More than 70 million people are enrolled in Medicare, with program costs exceeding $1 trillion, according to Centers for Medicare and Medicaid Services data. Reimbursement is increasingly tied to patient outcomes rather than volume of services, creating financial pressure on providers to intervene earlier and manage patient populations across the full year rather than responding to acute episodes. Medicare Advantage, the private insurance alternative to traditional Medicare, has grown steadily and brings its own requirements around claims data, risk adjustment and plan-specific care protocols.
"Medicare Advantage enrollment keeps growing, and providers there face a lot of the same risk management challenges we already help solve in traditional Medicare. Entering now lets us bring that same solution to a larger population of patients," Kopko said. He added that the product approach carries over from what Pearl has already built: "The strategy adapts to what Medicare Advantage requires: deeper claims integration, stronger risk adjustment support, and point-of-care tools built for Medicare Advantage plan structures. We're not starting from scratch — we're extending a system that already works."
Vineeta Agarwala, M.D., general partner at Andreessen Horowitz, described what the investment thesis rests on: "Pearl has demonstrated that managing risk across large patient populations across many different settings of care can improve patient outcomes, generate meaningful savings, and support a sustainable business model at scale. Pearl's ability to enable providers to participate in value-based payment programs successfully — and to do so through technology, rather than clinical workforce expansion — is a testament to both the vision and execution of the Pearl team."
Pearl's raise comes alongside a run of funding into value-based care technology. Honest Health raised $140 million in February to expand Medicare programs. Chamber Cardio, which builds AI-driven tools for value-based cardiology, raised $60 million earlier this year. Keebler Health raised $16 million in a Series A for AI-powered value-based care infrastructure. In December, Aledade secured a $500 million senior secured credit facility, and Strive Health, a value-based kidney care company, raised $300 million in equity and $250 million in debt financing in September.
