Turquoise Health, a healthcare pricing and payments platform, announced it has raised $40 million in a Series C funding round led by Oak HC/FT, with participation from Andreessen Horowitz, Adams Street Partners, and Yosemite.
The funding comes as the company aims to modernize healthcare’s financial infrastructure, which it estimates drives nearly $1 trillion in annual administrative costs due to fragmented contracts, inconsistent pricing interpretations, and inefficient payment processes.
Turquoise’s platform centralizes pricing data, contract terms, and clinical coverage rules into a unified system. Its offering includes Clear Rates, which aggregates machine-readable pricing data, claims data, and Medicare benchmarks into standardized rates, and Contracts, which uses AI to structure and analyze contract portfolios. The platform also includes AskTQ, an AI-powered tool that accelerates pricing and contract research.
By integrating pricing transparency directly into contracting and payment workflows, Turquoise is working to reduce administrative overhead, minimize revenue leakage, and improve patient billing experiences through more predictable, real-time transactions.
The company reports growing adoption, with more than 280 customers, including major health systems, national payers, pharmaceutical companies, and insurance brokers. It noted that 35% of its monthly active users now use multiple products on the platform.
The new capital will be used to expand go-to-market efforts, accelerate product development, and increase headcount as the company continues scaling its platform.
Turquoise, founded five years ago, has grown to nearly 200 employees and is positioning itself as a core operating system for healthcare contracting and payments.
KEY QUOTES:
“Our goal has always been to move the industry toward clear, accurate, and actionable healthcare pricing. 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.”
Chris Severn, CEO And Co-Founder Of Turquoise Health
“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. 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.”
Vig Chandramouli, Partner At Oak HC/FT
