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§ Private Profile · San Francisco, CA, USA
Artificial Intelligence for your medical billing team
Substrate has raised $208.5M across 4 funding rounds.
Key people at Substrate.
Substrate was founded in 2024 by Ayo Omojola (Founder) and Inderpal Singh (Founder).
Substrate has raised $208.5M in total across 4 funding rounds.
Substrate's AI agents automate the click-work & data entry in revenue cycle management. Our agents perform repetitive and time-consuming tasks on behalf of medical billers, significantly increasing efficiency and reducing errors.
Substrate was founded in 2024 by Ayo Omojola (Founder) and Inderpal Singh (Founder).
Substrate has raised $208.5M in total across 4 funding rounds.
Substrate's investors include Founders Fund, General Catalyst, Valor Equity Partners, Lightspeed Venture Partners, Y Combinator, Immad Akhund, Will Gaybrick, Motier Ventures, Guillermo Rauch, 2048 Ventures, Andreessen Horowitz, Anti fund.
Key people at Substrate.
Substrate has raised $208.5M across 4 funding rounds. Most recently, it raised $100.0M Seed in October 2025.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Aug 1, 2022 | Sprocket Games | $5.0M Seed | — | 1UP Ventures, BITKRAFT Ventures, Gaingels, Hiro Capital, Lightspeed Venture Partners, Makers Fund, TMT Investments, Kevin LIN, Kristian Segerstrale, Nate Mitchell, Ryan Wyatt, Thomas VU, Gaingels |
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 29, 2025 | $100M Seed | — | Founders Fund, General Catalyst, Valor Equity Partners | Announced |
| Oct 1, 2025 | $100M Series A | — | Founders Fund, General Catalyst, Lightspeed Venture Partners, Y Combinator, Immad Akhund, Will Gaybrick, Valor Equity Partners | Announced |
| Sep 1, 2024 | $500K Seed | — | Motier Ventures, Y Combinator, Guillermo Rauch | Announced |
| Jun 1, 2024 | $8M Seed | Lightspeed Venture Partners | 2048 Ventures, Andreessen Horowitz, Anti Fund, CRV, Jenny Fielding, Scott Hartley, Founders Fund, General Catalyst, ISAI, Glenn Solomon, Hans Tung, Redpoint Ventures, RED SEA Ventures, Y Combinator, Amjad Masad, Barr Moses, Gokul Rajaram, Guillermo Rauch, Immad Akhund, Josh Elman, Matt Brezina, Paul Yacoubian, Sahil Lavingia, Suhail Doshi | Announced |
Substrate is a San Francisco-based startup founded in 2024 that leverages artificial intelligence (AI) to automate medical billing tasks, specifically targeting the repetitive and error-prone aspects of revenue cycle management (RCM). Its AI agents perform click-work and data entry tasks such as insurance verification and denials management, significantly boosting efficiency and reducing errors for medical billing teams. By automating these mundane processes, Substrate enables healthcare providers and billers to focus on more complex work and improve patient care outcomes[1][2].
For an investment firm perspective, Substrate’s mission is to revolutionize healthcare billing through AI-driven automation, enhancing operational efficiency and accuracy. The company’s investment philosophy centers on applying cutting-edge AI technology to solve entrenched administrative challenges in healthcare. Its key sector focus is healthcare technology, particularly revenue cycle management. Substrate’s impact on the startup ecosystem lies in pioneering AI agents that augment medical billing workflows, potentially setting new standards for automation in healthcare administration[1][2].
Substrate was founded in 2024 by Inderpal Singh and Ayo Omojola, both seasoned entrepreneurs with strong backgrounds in technology and AI. Inderpal Singh previously led special projects teams at AngelList and HotelTonight, while Ayo Omojola has experience as chief product officer at Carbon Health and head of banking at Cash App, among other ventures. The idea for Substrate emerged from recognizing the inefficiencies and high error rates in medical billing processes and the opportunity to apply AI agents to automate these tasks. Early traction includes acceptance into Y Combinator’s Summer 2024 batch, signaling strong validation from a leading startup accelerator[1][2].
Substrate rides the growing trend of AI automation in healthcare administration, addressing the critical need to reduce administrative burdens and errors in medical billing. The timing is favorable due to increasing healthcare costs, regulatory complexity, and a shortage of skilled billing professionals. Market forces such as the push for digital transformation in healthcare and the rising adoption of AI tools support Substrate’s growth. By automating revenue cycle management tasks, Substrate influences the broader ecosystem by setting a precedent for AI augmentation in healthcare workflows, potentially inspiring further innovation in adjacent administrative domains[1][2].
Looking ahead, Substrate is well-positioned to expand its AI capabilities to cover more complex aspects of medical billing and potentially other healthcare administrative functions. Trends such as increased AI adoption, regulatory pressures to improve billing accuracy, and healthcare providers’ focus on operational efficiency will shape its trajectory. As Substrate scales, its influence may grow beyond billing teams to impact overall healthcare delivery by reducing administrative overhead and enabling providers to focus more on patient care. This aligns with its founding mission to transform healthcare billing through AI-driven automation, making it a compelling company to watch in the evolving healthcare technology landscape[1][2].
