Forus, a New York-based health technology company that automates the paperwork standing between a prescription and a filled bottle of medication, said Tuesday it raised $150 million in a Series C round that values the company at $3 billion — roughly triple its valuation from its previous funding round. The round was led by Bain Capital Ventures, which has backed the company since its earliest stage, with participation from existing investors, according to Bloomberg's report on the deal. The raise brings Forus's total funding to more than $300 million.
Founded in 2023 and previously known as Tandem, Forus deploys AI agents the moment a physician writes a prescription. The software checks a patient's medication history, verifies insurance coverage, files prior-authorization paperwork, hunts for financial-assistance programs and routes the order to an appropriate pharmacy, largely without staff intervention. The company says providers in all 50 states now use the platform to treat patients across 85% of U.S. residential zip codes, according to Fierce Healthcare's coverage of the funding round.
A famously broken process
Forus is targeting one of American health care's most persistent friction points: the gap between a doctor's prescription pad and a patient actually receiving the drug. Insurance prior authorizations, pharmacy benefit manager rules and manufacturer assistance programs can each add days of delay, and industry surveys have long identified abandoned prescriptions as a major driver of poor health outcomes.
A single prescription can take up to 15 steps across insurance approvals, financial assistance, specialty pharmacy routing, and fulfillment.
Sahir Jaggi, founder and chief executive, Forus
Jaggi, who was named to a Forbes 30 Under 30 healthcare list last year, has framed the company's ambitions expansively, telling reporters the goal is to put the Forus platform in every doctor's office in the country so that patients can access the medicines their physicians prescribe without falling out of the process along the way.
Investor conviction builds
Bain Capital Ventures' willingness to lead a round tripling the company's valuation reflects growing investor appetite for AI tools that attack administrative costs in health care rather than clinical diagnosis — a category that has drawn heavy venture interest this year as hospitals and insurers look to cut overhead. The firm has described Forus as becoming central to how new medicine reaches patients in the United States, noting it has backed the company since its seed round.
The financing lands amid a broader pickup in health-tech venture activity this month, with rounds ranging from AI drug-discovery startups to diagnostics firms. For Forus, the new capital is expected to fund further expansion of its provider network and its recently expanded office footprint in Manhattan, as the company looks to scale from a niche automation tool into infrastructure for the broader pharmacy supply chain.