Healthcare referrals are where patients get lost. Tennr raises $101M to bring the visibility our system desperately needs

Tennr secures backing from IVP, ICONIQ, Andreessen Horowitz, Lightspeed, and GV and launches Tennr Network to bring real-time visibility to the patient journey

NEW YORK, June 18, 2025 /PRNewswire/ -- When a primary care doctor refers a patient to a specialist, the patient too often disappears into a black hole. Tennr, the company that built the first orchestration platform and language models designed to automate the labor-intensive workflows of referral-based care, is here to fix it.

Today, Tennr announced a $101 million Series C led by IVP, with participation from new and existing investors including Andreessen Horowitz, Lightspeed, GV, ICONIQ, Foundation Capital, and Frank Slootman. The company has helped process millions of patients across hundreds of providers and has more than tripled its revenue since its Series B just two quarters ago.

Each year, more than one-third of Americans are referred for specialty care, imaging, equipment, or treatment. But for the specialists on the receiving end, providing an incredible experience for those patients can be operationally impossible. They come in by fax, email, or e-portal, and often need hours of manual review and back and forth. And so backlogs quickly pile up. That leads to missed patients, more denials, and weeks of delays—even for care that's urgently needed.

Tennr helps providers convert more patients, cut denials, and deliver care without growing their teams.

"Patients really shouldn't vanish into a work queue," said Tennr co-founder and CEO Trey Holterman. "There's so much opportunity to build a delightful patient experience, but it's always failed because we expect so much behavior change from providers who are completely overwhelmed. We flipped that thinking and are now creating visibility for the patient flow without changing how people work. Businesses love it because they're converting far more patients and providing a 10x experience for patients and referral sources."

Tennr's mission is to convert more patients and increase visibility across the entire referral process. Now, the company is launching Tennr Network—a powerful new coordination layer that connects referring providers, receiving providers, and patients, giving each party real-time visibility into the referral status.

• Referring providers can see the current status of every patient they've sent out, eliminating phone tag and guesswork.
• Receiving providers can track the status of every referral, see which need more documentation, and identify which sources are driving the most conversions.
• Patients can see when their referral was accepted, when it's scheduled, and what to expect to pay. This brings the kind of transparency we take for granted in food delivery or e-commerce.

The secret behind Tennr is the combination of an enterprise orchestration engine and a series of specialized language models (RaeLM) trained on the nuances of processing medical documentation against strict payer criteria. Unlike generic large language models, RaeLM is optimized to understand the nuanced data in medical determinations across years of records. It evaluates documents against complex payer criteria to flag potential denials and denials.

"Tennr has revolutionized our fax-to-intake workflow, eliminating hundreds of hours of manual effort each day, removing human errors, and accelerating the creation of patient intakes. We've redefined operational agility in our revenue cycle—it's not just about moving faster—it's about serving healthcare practitioners and patients more effectively, in alignment with our mission of Serving You Better," said Ty Barnett, CIO at Norco Inc.

Tennr was founded by engineers Trey Holterman, Diego Baugh, and Tyler Johnson, who met at Stanford. Trey learned about the 'black hole' of the referral maze from his mom, who while working in family medicine, showed him how chaotic and slow the handoff between providers could be. Diego then experienced it personally as a patient when six-week delays between GI appointments sent him to the ER in college.

"Forcing healthcare providers to change the way they refer their patients doesn't work. Many have tried. Tennr is the first company that works the way healthcare already does: no EMR rip-outs, no need to retrain providers, no changes to how documentation is shared. By combining deep customer empathy for specialist workflows with technical excellence, Tennr builds software that actually gets used because it works with the system, not against it," said Zeya Yang, Partner at IVP.

For specialty providers who want to convert more patients, visit https://www.tennr.com

About Tennr
Tennr automates patient processing for referral-based care. Whether referrals come in by fax, email, or e-portal, Tennr helps providers convert more patients, cut denials, and deliver care without growing their teams.

About IVP
IVP supercharges growth in breakout companies, converting momentum into market dominance. One of the original venture firms on Sand Hill Road, IVP partners with companies that define their eras—from Slack, Crowdstrike and Coinbase to Perplexity, Abridge, Glean and Chainguard—before the world truly appreciated them. Each year, IVP invests in just a dozen breakout founders ready to scale from millions to hundreds of millions in revenue and expand from one market to many. We've guided market leaders through cycles and storms, unlocking pivotal growth by activating the right expertise at the moments founders need it. With 130+ IPOs out of 400 investments, IVP helps ambitious founders defy limits, command industries and cement their place at the top.

SOURCE Tennr