Healthcare AI startup Qventus just raised $105 million from private equity giant KKR. Here's the 17-slide pitch deck it used.

Qventus just raised $105 million in Series D funding led by KKR.
Its new AI assistant that gets patients ready for surgery is leading the startup's growth surge.
Qventus aims to hit breakeven this year by adding more health system customers.

Healthcare startup Qventus just scored a mega-round of funding for its AI that gets patients ready for the operating room.

Qventus has raised $105 million in Series D funding led by private equity giant KKR, the startup announced Monday. Three of Qventus's health system customers, Northwestern Medicine, HonorHealth, and Allina Health, joined the round, along with previous Qventus investor Bessemer Venture Partners.

The funding comes as Qventus ramps up its new AI-powered assistant tech, built in partnership with Northwestern Medicine and other health systems. The startup's software, launched in August, aims to automate a range of non-clinical tasks before and after surgery, including messaging with patients, making phone calls to other healthcare organizations to retrieve a patient's medical records, and sending and receiving faxes.

Qventus has spent more than a decade building technology to automate hospital operations such as surgical scheduling. Founded in 2012, it's raised $200 million to date from investors including Bessemer Venture Partners, Norwest Venture Partners, and Mayfield Fund.

The new AI assistant tech is supercharging Qventus's growth, CEO Mudit Garg told Business Insider.

"They've had the fastest uptake of anything we've built in the past 10 years and very high resonance with customers," Garg said of the operational assistants. "That's accelerating the whole process and the speed at which we bring new solutions to market."

The $105 million Series D round included $20 million of venture debt and $85 million of equity financing. Garg declined to share what firm provided the debt financing.

Qventus's Series D funding is one of multiple mega-rounds announced already this year, joining January raises including Hippocratic AI's $141 million Series B round and Innovaccer's $275 million Series F round. The deals are a clear signal of healthcare VC's priorities in 2025 — Qventus, Hippocratic, and Innovaccer all center AI in their pitches.

Over a decade after Qventus's launch, more startups are cropping up to use AI to tackle healthcare's administrative burdens. General Catalyst-backed Fabric has been racking up acquisitions to help manage emergency room patients. In mental health, Jimini Health raised a $8 million pre-seed round in November for its AI that automates patient intake and offers around-the-clock messaging between therapy sessions.

Garg said Qventus hopes to hit cash flow breakeven by the end of 2025. The startup has never made an acquisition, but its team is considering M&A opportunities as the company continues to grow. Still, Garg noted, "It's always a tradeoff."

"We definitely will be looking, but it's not part of our core thesis," he said.

Despite Qventus's late-stage funding round, Garg isn't thinking about an exit just yet. "There's plenty of cash in the business," he said.

This year, Qventus is focused on building out new use cases for its tech, including automation tailored to complex surgical specialties like oncology and cardiology, Garg said.

The startup is also ramping up its hiring, especially in its engineering department, as it signs on more customers and brings new capabilities to existing contracts.