Heidi Health hits a US$900m valuation and aims beyond the notepad

Heidi Health, the Melbourne company whose software listens to doctor and patient consultations and writes up the clinical notes, has raised a US$100 million (A$140 million) Series C at a valuation of US$900 million (A$1.26 billion).

Blackbird led the equity round, with existing backers Phoenix Court, Point72 Private Investments and Headline taking part. Alongside the equity, Heidi secured a separate US$240 million growth investment from General Catalyst's Customer Value Fund, a go-to-market financing facility rather than a share sale, which the company adds to the equity for a headline figure of US$340 million.

Heidi is familiar territory for us. In June we covered [its AI scribe going live inside the Royal Children's Hospital]. Three months on, the company has roughly doubled its valuation and widened its ambition from saving clinicians time to doing clinical work.

The valuation clears the billion-dollar mark in Australian dollars but falls short of the US$1 billion that defines a unicorn internationally. The Overnight Success startup newsletter counts it as Australia's fourth unicorn of 2026 on that Australian-dollar basis.

The growth numbers explain the price. Heidi says annual recurring revenue, the yearly value of its subscription contracts, grew from US$1 million to US$50 million in the two years to April 2026. The platform now supports about 2.8 million patient interactions a week, across 190 countries and 110 languages. At US$900 million, investors are paying roughly 18 times that April revenue figure.

"We've backed Tom and the team since their pre-seed in 2021 and our conviction is greater than ever," said Blackbird general partner Michael Tolo. "The healthcare deficit won't be solved with generic AI solutions that clinicians ignore."

What the money buys is a change in ambition. Heidi has built its business on documentation, turning a consultation into clinical notes. It now wants its software to take on supervised clinical tasks as well.

"From the day I started Heidi, the ambition was always bigger than writing doctor's notes," said co-founder and chief executive Dr Thomas Kelly. "I imagined that AI would sit alongside clinicians and complete real work under their supervision. That's the shift we're now making: from documenting care to helping clinicians act on it."

That shift carries more risk than transcription. A scribe that mishears a dosage produces a bad note a doctor should catch. Software that helps act on care decisions sits much closer to the patient. Heidi says part of the new funding will go into building the regulatory and clinical safety foundations for those capabilities.

Heidi is a real business with real revenue, and 50-fold growth in two years is hard to argue with. Two things deserve a closer look. The first is the unicorn badge, which only holds in Australian dollars. The second is the pivot. Documentation is a crowded market with global rivals, and moving into clinical action is how Heidi plans to stand apart. It is also where regulators, insurers and hospital boards will ask the hardest questions. We expect Heidi's next test to be a clinical safety one, and whether it passes will matter more to its valuation than its next funding round.