Penelope Health’s €87 Million Funding Boost for 200 Million Patients

Penelope Health Secures €87 Million Funding and Partners with Thoreau for Real-time Payments and Clinical Rules

Penelope Health, a cutting-edge provider and payer policy intelligence platform based in London, has recently announced a significant funding commitment of €87 million ($100 million). This funding, in addition to a strategic partnership with HealthTech infrastructure platform Thoreau, aims to establish a shared layer for real-time payments and clinical rules.

The generous funding was provided by Thoreau, along with existing supporters Bertelsmann Healthcare Investments (BHI), Twine Ventures, and Seedcamp. The allocated funds will be utilized to develop innovative products that enhance administrative efficiency in navigating payer requirements.

“The rules governing insurance coverage for healthcare services are fundamental to the healthcare system, yet they often lack transparency, are fragmented, difficult to decipher, and subject to frequent changes. Penelope Health was established to transform this complexity into a reliable, up-to-date resource that healthcare organizations can utilize in real time,” stated Dr. Sohum Patel, the Chief Executive Officer of Penelope Health.

Penelope Health’s funding announcement comes at a time of continued investment in European healthcare infrastructure and AI tools aimed at streamlining administrative tasks in the industry.

According to EU-Startups, approximately €182.5 million has been invested in a selected group of comparable and adjacent rounds this year. Notable funding rounds include €86.5 million for Stockholm-based Tandem Health, up to €37 million for Berlin-based Recare, and €4.2 million for Barcelona-based Health Force, which specializes in AI-driven hospital-insurance processes such as prior authorization checks and claims handling.

In the UK, London-based Semble raised €34.7 million to expand its healthcare management platform, while Flexzo AI secured €10.3 million for its innovative healthcare workforce technology.

Mattijs De Paepe, the Chief Technology Officer of Penelope Health, emphasized, “Realizing our vision requires a deep technical understanding of the ever-evolving payer rules. We are excited to build the infrastructure for AI to drive a more efficient healthcare system. This opportunity goes beyond any single workflow. We believe that a shared infrastructure layer can alleviate administrative burdens for both payers and providers.”

Established in 2025, Penelope Health was co-founded by Dr. Sohum Patel and Mattijs De Paepe. Dr. Patel’s background includes experience in both inpatient and outpatient settings within the UK’s National Health Service, while Mattijs previously worked at Via Transportation, where he developed machine-learning systems for transit products.

The company’s mission is to consolidate the intricate network of disparate data into a unified infrastructure layer for healthcare. Their platform enables healthcare organizations to verify coverage requirements, compare policies across different payers, and streamline internal operations. This grants organizations immediate, structured access to payer medical coverage policies for a majority of insured Americans.

Penelope’s platform currently encompasses policies for over 200 million Americans, covering more than 15,000 procedures and drug codes, thereby simplifying the process for healthcare providers and payers.