Charta Health raises $55 million to sell one chart-checking AI to insurers and doctors

Charta Health, a San Francisco maker of AI software that reviews medical charts before a bill goes out, raised a $55 million Series B led by Insight Partners, the company said on Tuesday, November 10, in a press release. The company was founded in 2023.

Existing investors Madrona, Bain Capital Ventures and South Park Commons joined the round, alongside QuantumLight. It brings Charta's total funding to $85 million and is its third round in less than two years, the company said.

Two engineers who studied for a coding exam first

Charta's founders, chief executive Justin Liu and chief technology officer Scott Morris, came from Rockset, a real-time data company that the release describes as OpenAI's first product acquisition. Before building Charta, the two "spent a year earning Certified Professional Coder credentials and interviewing more than 100 healthcare leaders," according to the release. The company now requires its engineering and growth teams to get certified in medical coding as well.

The problem they describe is that the chart, the record of what happened in a visit, is mostly free text, scans and images that software could not read reliably. "With large language models, we can now read every chart, including unstructured data, to understand what care was delivered and whether the documentation supports what was billed," Liu wrote in a post on the company's site.

From a provider tool to a product for insurers

Charta first sold to clinics and provider groups. When Madrona joined the $22 million Series A in July 2025, led by Bain Capital Ventures, the firm wrote in its investment note that in most provider groups "only 1–2% of charts are reviewed," and that Charta's platform reviews all clinical documentation before billing.

The Series B also launches a second business, Charta for Payers, six products for health plans that the company said it designed with one of the largest US health insurers, starting with plans in Medicare Advantage and the Affordable Care Act marketplace. Provider customers named in the release include American Family Care, Grow Therapy and Pediatric Associates Family of Companies.

Charta said its revenue grew tenfold in the last 12 months. It did not disclose revenue in dollars, its valuation or its headcount.

The founders' case for one standard on both sides

"Payers and providers should agree on the chart before a claim goes out, not fight about it after," Liu said in the release. "That's how we end the costly cycle of denials and appeals, and put billions of dollars back into patient care."

In his post, Liu described the current tools on both sides as "an AI arms race both sides are losing," with insurers using AI for denials and providers using automated appeals. Jeff Horing, co-founder and managing director at Insight Partners, said in the release that "Charta pairs AI with customer-specific coding expertise and serves both sides of that market."

The company said the money will fund AI research and development and the expansion of its provider product to new specialties.

Selling to both sides of a claim tests trust before growth

We think Charta's tenfold revenue growth is the milestone, not the $55 million. A company founded in 2023 that has raised three rounds and reports enterprise customers has shown that providers will pay for chart review; the open question is whether insurers, whose interests in a claim run the other way, will trust the same engine.

The opportunity is a category that larger billing vendors serve one side at a time. The threat is that a product built with a single large insurer depends on that relationship, and that providers may doubt a tool their payers also use. We would watch for named health-plan customers and a revenue figure in dollars; the next funding round is likely to depend on both, and we would change this view if provider customers leave after the payer launch.

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