NEW YORK — Pearl Health, a healthcare technology company helping manage risk and deliver better care to Medicare patients, has announced a $110 million capital raise, comprised of $50 million equity investment led by Andreessen Horowitz with participation from Viking Global Investors, AlleyCorp, Ulysses Capital, and a $60 million credit facility led by Trinity Capital. The new capital will expand Pearl’s AI platform, turning clinical intelligence into measurable outcomes, and accelerate its growth across enterprise health system and payer partnerships, its expansion into Medicare Advantage, and new risk offerings.
The company said it was profitable in 2025 and was founded in 2020.
More than 70 million people today rely on Medicare, with costs exceeding $1 trillion and climbing. Across healthcare, reimbursement is increasingly tied to outcomes rather than utilization, creating powerful incentives for providers to prevent avoidable illness, intervene earlier, and manage patient populations. As healthcare shifts from reactive treatment to preventative care, demand is accelerating for technologies that enable providers to succeed in this new model.
“Pearl was founded on a simple belief: healthcare should reward keeping people healthy, not just treating them when they are sick,” said Michael Kopko, co-founder and CEO of Pearl Health. “Unnecessary costs and poor outcomes persist in US healthcare because most providers lack the capabilities to shift to outcomes-based care alone. With this financing, we are investing in accelerated innovation and growth to expand our impact across the healthcare system.”
“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,” said Vineeta Agarwala, MD, general partner at Andreessen Horowitz. “Pearl’s ability to enable providers to participate in value-based payment p”rograms 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.”
“We believe Pearl Health is changing how providers participate in value-based care, simplifying the data and daily workflow so they can spend more of their time and attention on their patients,” said Phil Gager, Senior Managing Director, Tech Lending at Trinity Capital. “We are proud to support this team and what they are building as they enter their next stage of growth.”
Pearl’s AI platform helps providers across the country manage and predict risk, orchestrate workflows, and automate action before issues become costly emergencies. Pearl’s continued expansion of Performance Intelligence will empower population health leaders and care teams with AI-driven, chat-enabled expertise focused on their unique patients and opportunities – delivering real-time insights on total cost of care, quality, and utilization patterns to surface the highest-impact actions. Pearl is also advancing development of Care Orchestration AI agents to further automate administrative workflows such as annual wellness visit scheduling, post-discharge follow-ups, and care management outreach, freeing clinicians to spend more time on patient care.
Pearl supports a network of more than 10,000 providers, including health systems like University of Vermont Health and MDX Hawaii, across over 40 states, caring for over 250,000 Medicare beneficiaries. The company manages approximately $3.6 billion in annualized medical spend, up from $2.4 billion the prior year and $1.6 billion the year before that. Pearl is projected to deliver $500 million in gross savings and triple its patient base from 2024 through the end of 2026.
