Candid Health cofounder Doug Proctor spun his laptop around to show me a herd of wild horses grazing behind him in upstate New York during our first Zoom call. It was a fitting flex for two guys who built one of healthcare’s hottest infrastructure companies while deliberately staying out of the Bay Area bubble, dressed, as cofounder and CEO Nick Perry put it, in “glasses and black T-shirts.”
The duo just raised a $120 million Series D, Fortune learned exclusively, led by Sixth Street Growth. Existing backers Oak HC/FT, 8VC and Y Combinator also piled back in. The round triples Candid’s 2025 valuation, and comes as annual recurring revenue grew 190% year over year. It lands roughly 18 months after Candid’s $52.5 million Series C, which itself followed a $29 million Series B just six months earlier, bringing Candid’s total raised past $219 million.
Candid runs the billing operation for doctors so they don’t have to. Every insurer has its own rulebook for how a claim must be filled out, and most providers still rely on billing software built in the early 2000s to navigate over 1,000 different insurers’ rules. When something’s off (like a misplaced comma or wrong code), the claim gets kicked back, and either the patient or the doctor eats the cost. Candid replaces that process with AI agents and a rules engine trained on the submission quirks of more than 1,000 payers, so claims go out correctly the first time.
