Chris Scoggins

The great VC implosion is coming! 📊 99% of Q1 2024 seed companies haven't reached Series A 📊 Founders wait 320 (corrected) days to make their first hire (longer than 2019) 📊 AI companies get 50% valuation premiums for adding three letters to their pitch 📊 73% of late-stage AI capital concentrated in the Bay Area This isn't capital inefficiency. This is systemic failure. 🍿🍿🍿 Ps 🔥🔥🔥 John Cowan 🙏🙏🙏

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We're excited to partner with A. J. Loiacono and the Judi Health (formerly Capital Rx) team as they close on $400M in new funding. Judi's vision for Unified Claims - across both medical and pharmacy - are an enormous step in the right direction in addressing some of the most pressing issues in healthcare infrastructure.

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Investing in the Future of Autonomous Drug Development! At SNR, we back companies building foundational infrastructure with the potential to reshape entire industries. In biotech, one of the most persistent challenges is the time, cost, and complexity required to move from an idea to a drug in market. That is why I invested in Convoke! Convoke is developing an AI-first infrastructure for drug discovery and development. What begins today as assistance with critical but labor-intensive tasks—editing regulatory submissions, conducting literature reviews—lays the foundation for autonomous workflows that will scale far beyond human bandwidth. Already, the platform enables customers to deploy tens of thousands of digital agents to traverse scientific and medical knowledge, surface insights, and produce outputs in days that would traditionally take teams months. This not only accelerates timelines but also helps prioritize the most promising lab and clinical work, enabling smarter decisions before capital-intensive experiments begin. The longer-term vision is transformative: an autonomous system capable of synthesizing information across the entire biomedical landscape and guiding a new therapy from concept through testing, regulatory approval, and commercial launch. Each iteration generates new data streams, making the system more powerful over time. This is the type of company that aligns with our thesis at at SNR Ventures—sitting at the intersection of AI, biology, and infrastructure, with the ambition to fundamentally change how new medicines are brought to market. We’re excited to support Alex Telford, Maged Korga Ahmed, and Vikas Velagapudi on this journey.

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🚀𝐇𝐮𝐠𝐞 𝐦𝐢𝐥𝐞𝐬𝐭𝐨𝐧𝐞 𝐟𝐨𝐫 𝐍𝐢𝐭𝐫𝐚 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐢𝐧𝐠 𝐭𝐡𝐞𝐢𝐫 $𝟏𝟖𝟕𝐌 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠. I first met Jonathan in 2021, and SparkLabs Taiwan became a seed investor in Nitra in 2022. From the beginning, the team had a bold vision to build an operating system for healthcare. Along the way, we’ve been supporting Nitra in building its engineering footprint in Taiwan, and we also had the chance to introduce new investors who later joined this round. Proud to have supported this journey from the early days. Excited for what’s ahead! 🚀 [Tim Hwang Hsufeng Lee Bernard Moon SparkLabs Group Eugene Kim Mallory Chien Regina Lo Kenny Chen]

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Assort Health, founded by Jon Wang and Jeffery L., has raised $50 million in a Series B round led by Lightspeed Venture Partners at a $750 million valuation, just four months after its $22 million Series A. The startup, which uses AI voice agents to automate patient communication tasks like scheduling and cancellations for specialty healthcare practices, is growing quickly despite generating only about $3 million in ARR, and has expanded from orthopedics and physical care into OB-GYN, dermatology, and dentistry. INVESTOR: Lightspeed Venture Partners ROUND: Series B AMOUNT: $50,000,000 VALUATION: $750,000,000 #VentureCapital #AssortHealth #LightspeedVenturePartners #JonWang #JeffLiu #TradedVC

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What kind of mindset does it take to go from building data systems at Palantir, to leading engineering at Komodo Health, to becoming CEO of Particle Health – and suing one of healthcare’s largest incumbents? Jason Prestinario is a First Builder through and through. As CEO of Particle Health, his mission is to fix patient data interoperability, so your primary care doctor, specialist, and surgeon can all make decisions using the same complete health record. What a concept, right? And yet, it’s far from reality. That’s why Jason and the team at Particle are now suing Epic, one of the industry’s largest incumbents, to push for real change. We talked about how he approaches challenges of this scale, and what keeps him grounded in the process. We sat down with Jason to talk about this and much more. Hope you'll enjoy this spicy and insightful episode! Link in comments 🌶️ 👇

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Big milestone for Firmable. We’ve raised $14m Series A led by Airtree. Sales has moved through a few big waves: intuition-led, CRM-led, data-led. We’re now entering the next one – intelligence-led sales. The opportunity isn’t just better data. It’s turning that data into clear direction and action, without adding more work for sales teams. That’s what we’re building at Firmable: a foundation of trusted external data, layered with intelligence that helps sellers know who to focus on and when. Led by Airtree, this round supports our expansion across Asia and into the US – and accelerates the build-out of AI agents that take the admin work off sales teams so they can focus on what they do best. Proud of the team, grateful to our customers and investors. We’re just getting started. Read the exclusive in the AFR. https://lnkd.in/gr66uknb Leigh Jasper | Tara Salmon | Karthik Venkatasubramanian| Chester Thompson| Chath Widanapathirana

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Way to go Healthier Capital portfolio company Medeloop on their relationship with HealthVerity to bring agentic AI analytics capabilities to large data sets to advance healthcare analytics and science! https://lnkd.in/g2F-nz-K

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Platform Strategy & Market Consolidation: How to Build Scale Meaningfully Many savvy investors are moving beyond single agency deals to build platforms in home health & hospice — regional roll-ups, multi-state footprints, service line expansion. The logic: scale drives operational leverage, payer credibility, and acquisition flexibility. Elements of a compelling platform: • Geographic density: build clusters to drive better referral access, clinician nexus and scale efficiencies • Service diversification: combining home health + hospice + palliative care programs can broaden payer appeal • Tech & analytics infrastructure: a modern stack enables referral intelligence, cost control, quality transparency — factors increasing valuation • Clear exit strategy: is the platform carve-out for a strategic acquirer, roll-up to IPO, or hold for cash-flow? Market trends suggest active buyer pools for well-run home-care platforms. If you’re consulting or advising owners: sketch the blueprint for “agency → platform” transformation and show how value multiples expand as scale/structures improve. #platformstrategy #healthcareM&A #homebasedcare #hospice #homehealth #scalingbusiness #hanomihealth

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We're so excited to share that Uncork Capital led Knit Health’s $11.6 million seed round alongside our friends at Frist Cressey Ventures, Moxxie Ventures, and Coalition Operators. Knit has developed a Large Clinical Behavior Model (LCBM), a novel foundational model designed to learn not just from medical text, but from how care is actually delivered in practice. In partnership with Truveta (a consortium of EHR data from over 30 US health systems and more than 130 million patients), the company is training models on real clinical decision-making patterns: how patients are routed, how clinicians coordinate care, and how complex healthcare systems operate under real-world constraints. What stands out most with Knit is the team. I've never had a team reference so extremely and consistently positive in my decade plus in venture. Led by Founders, Jonathan Kolstad, Maya Petersen, Jonas Knecht, and Ted Robertson, Knit's team combines expertise across behavioral economics, causal inference, generative AI, and clinical operations, giving them a uniquely interdisciplinary perspective on one of healthcare’s hardest challenges. Finally, a special shoutout to my bestie, Katie Jacobs Stanton, from Moxxie for introducing us. https://lnkd.in/get2nwQy

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How many DTC companies have come into Digital Health and left quickly? "A lot of people do not have the stomach for it." Listen as Dr. Tim Church, MD, MPH, PhD chief medical officer at Wondr Health chats al things Digital Health on this weeks episode of Digital Health Heavyweights Podcast. Watch now: https://lnkd.in/d4e5Cw_j

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Today SuppCo joined Function Health. At the end of 2024, we backed Steve Martocci and Nick Michlewicz at Greylock Partners, based on three views about where consumer health was going: 1. Self-directed health is now mainstream. Only 45% of 18–29 year olds see a primary care physician. People are building their own protocols and need trusted nodes, not influencer affiliate links, to do it. 2. The winners will own proprietary data networks. In a $175B / ~180K SKU industry drowning in marketing claims, SuppCo built TrustScore. This became an independent quality rating on 35K+ products, plus the largest network of real user stacks anywhere. That is a data asset that compounds, especially as users feed efficacy data via wearable/biomarker integrations. 3. The trust layer for AI-mediated commerce is an increasingly valuable layer to own. As discovery and purchase move into chat and agent interfaces, "which product can I actually trust?" is the question agents need someone to answer. SuppCo became that answer for supplements. Function is the right home because it closes the loop. If SuppCo answers what to take, Function answers whether it's actually working, in one continuous feedback cycle. This becomes a powerful data network. Big congrats to Steve, Nick, and the entire SuppCo team. You built something the industry genuinely needed -- on both the consumer and brand side. And to Jonathan Swerdlin and the Function team. Excited to see the impact on the broader category.

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Procode is at the forefront of pairing AI with services businesses to transform legacy industries. We're incredibly excited to back Jeff Cripe, Kameron Rezzadeh, James Baez-Silva, and the whole Procode AI team. The speed with which Procode has entered the market, transformed the margin of the underlying operating company, AND created a better customer-facing product is special. As the son of a surgeon, I am grateful to the Procode team for creating a product that finally gives doctors visibility into how they're paid. Looking forward to a great journey together.

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Another missive from Chuck Cotter and Daniel Faierman. Thanks guys for continuing to help to ecosystem. If you've not seen their posts, peek at https://lnkd.in/gPiu9Z4z. Topics include: · CPG Co-Manufacturing Contracts · Early Stage VC Terms to Rarely Accept · More Dividends (and Dividend Recaps?) · 5 Raises, 5 Takeaways · A Founder's Guide to Secondaries · Standing Out Pre-Traction · The State of VC · Corporate Governance 101 · Anti-Dilution Provisions · Primer on QSBS · 4 Fund Raising DON'Ts · Liquidation Preferences · Understanding SAFEs · Understanding Convertible Notes · Understanding Prorata Rights · Founders & Athletes · Employee Stock Options Demystified · The Art of Start-Up Valuation · What Is A Term Sheet Anyway? Check it out ...

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Two weeks ago on Swimming with Allocators, we sat down with David Clark, CIO at VenCap, to talk about what decades of venture data can teach allocators. One takeaway that stood out: discounts don’t matter as much as people think in venture secondaries. Because venture is such a power-law asset class, outcomes are driven by exposure to a few massive winners. Whether a stake is bought at a small discount, or even a premium, often matters far less than the quality of the underlying company and its upside. Great conversation on venture returns, manager selection, and the nuances of how allocators should think about secondary investments. 👇 Link in the comments.

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eMed just raised $200M around GLP-1 programs with reported adherence north of 90%. That’s a different outcome than what most people associate with telehealth. At its peak in 2020–21, telehealth meant video visits. It improved access — for providers (throughput) and for pharma (Rx volume) — but the rest of care didn’t change. Labs, dosing, delivery, and follow-up were still fragmented. What’s driving this successful narrative isn’t telehealth as a visit platform. It’s what Tom Brady called an “empathic agentic AI platform.” In simpler terms: execution. • dose titration • patient engagement • staying on therapy These pieces aren’t new. I’ve seen them across the middle market — sometimes working, often not. What’s usually missing is a business model that scales. In the U.S., that has increasingly been employer-sponsored benefits. When pharma says “access,” they mean reimbursement. In the U.S., that runs through employers. They control budget, population, and adoption. If something moves cost or productivity, they can deploy it across a workforce. eMed built directly into that. eMed isn’t “telehealth for weight loss.” It’s a managed benefit layer: • screening • monitoring • adherence • refill management • side-effect support Something an employer can actually buy and run. There’s a parallel path with direct-to-consumer — for example, Eli Lilly’s LillyDirect. It tightens access and fulfillment, but it doesn’t solve what happens next. Outcomes come from engagement, dosing, and follow-through. Employer models align to outcomes. DTC depends on the individual to care about outcomes. This isn’t telemedicine. It’s execution — in a workflow.

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What drew us to Arya Health wasn’t just the technology, but the clarity of purpose behind it. Kunal and Arunram are solving one of the hardest and least glamorous problems in healthcare: the broken labor operations that keep post-acute care running. This is a $500B+ market, nearly 10% of U.S. healthcare spend, yet most of it still depends on manual coordination. Every day, agencies are juggling thousands of nurses, last-minute shift cancellations, credential expirations, and payroll calculations across dozens of systems. The administrative burden is crushing, and it’s only getting worse as the population ages and demand for home-based care accelerates. Arya has built AI agents that act as a true digital workforce for healthcare operations - autonomously handling scheduling, onboarding, compliance tracking, and payroll. Their scheduling agent alone manages complex variables like patient needs, clinical fit, distance, and bonus pay, continuously rebalancing assignments in real time. The early traction has been remarkable. Customers whom we talked to consistently describe Arya as transformational - “what they’ve always dreamed of” and a product that will “forever change the industry.” Agencies are already seeing utilization rise from roughly 60% to over 80%, driving significant improvements in coverage, patient outcomes, and operating margins. What stands out most about Kunal and Arun is how deeply they care about the people behind these operations. They spend time in the field with schedulers, caregivers, and agency leaders - the unsung heroes who hold the healthcare system together - and they build with empathy and urgency. That care shows up in the product and in every customer relationship. At ACME Capital, we believe the most impactful AI companies will rebuild critical industries from the inside out. Nurses, home health aides, and post-acute caregivers are the backbone of our healthcare system, and often the backbone of their communities. Arya Health is giving them the modern infrastructure they deserve. Congratulations to Kunal, Arun, and the entire Arya team on your oversubscribed $18.2M Series A. We’re proud to lead this round and partner with you as you reimagine how care gets delivered across homes and communities.

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🚨NEW EPISODE: Recorded live at FUTURE TITANS 2026 - Jeff Perry of Carta sat down with the iconic Seth Levine, co-founder of Foundry. Seth has been in venture for 25 years, built Foundry from scratch as an emerging manager himself, and has backed about 50 emerging manager funds through his fund of funds. He has genuinely seen every side of this table. They went deep on building Foundry, why VCs are in the influence business, not the decision business, and why the concentration problem in venture is not only bad for LPs, but also for the innovation ecosystem overall. And why Seth's new book, Capital Evolution, is so important for the future of America. 🎧 Links to listen... Apple: https://lnkd.in/ehQUQ2EM Spotify: https://lnkd.in/eU4FExpg

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