Heidi
ConvictionContext
Freemium land-and-expand. A usable free tier (unlimited transcription, capped 'Pro Actions') acquires individual clinicians, who convert to a paid seat (reported ~US$1,800/clinician/yr, up ~67% in early 2026), then to Practice and Enterprise terms. Four products: Scribe, Comms (AI phone agent, Feb 2026), Evidence, Remote (capture device, Mar 2026). Geographically inverted vs its US rivals — AU/NZ/UK/Canada first.
Revenue
Not disclosed — no ARR has ever been published. Aggregator Latka lists ~$21.9M for 2025but its companion valuation field is wrong against the Oct-2025 round, so treat it as unverified. Heidi discloses volume only: 73M consults over 18 months, ~2.7M weekly interactions (Jul 2026).Rev growth
Unmeasurablein dollars. Volume: 2.0M+ → ~2.7M weekly interactions Oct 2025 → Jul 2026 (+~35%) — volume, not revenue, since the free tier is unlimited. Valuation rose ~4.7x in five months.Gross margin
Not disclosed. Software-like less per-encounter ASR + LLM inferencewhich scales with consults rather than seats; the free tier consumes inference at zero revenue.Op margin
Not disclosedassume deeply negative — three product launches plus US/UK/Canada build-out and senior hires inside twelve months.Capex intensity
Low — asset-lightcompute is cloud opex. Heidi Remote adds a first hardware BOM: small on the balance sheet, new as a regulatory surface.Valuation
n/aprivate) — none exists. Last mark US$465M post-money on a US$65M Series B led by Point72 Private Investments (6 Oct 2025), up from ~US$100M in May 2025. A negotiated price with one lead, not a clearing price. AU coverage reports the same round as A$98M at A$703–704M.The read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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