# Transformation Capital

> Transformation Capital is a VC fund in Boston backing Health Care and Medical. See 77 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Boston, United States
- Total investments: 77
- Last investment: May 2026
- Lead investor: 49%
- Fund size: $500M
- Last fund: Jan 2021
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/transformationcapital/
- X (Twitter): https://twitter.com/transformcptl
- Website: https://www.transformcap.com/

Transformation Capital is a VC fund in Boston focused on Health Care and Medical. Transformation Capital is the successor management company to Leerink Transformation Partners LLC (“LTP”).11 LTP was founded in 2016 by Todd Cozzens and Jared Kesselheim, MD together with SVB Leerink Capital LLC (formerly Leerink Capital Partners LLC) (“Leerink Capital”), an affiliate of SVB Leerink LLC (“Leerink”), a leading healthcare investmentbank. Leerink Capital provided seed capital to Fund I (approximately 3% of capital commitments) and operational support. In January 2019, SVB Financial Group (“SVB”), the holding company of Silicon Valley Bank, a U.S.-based high-tech commercial bank, acquired the Leerink businesses including Leerink Capital. Todd Cozzens, Jared Kesselheim, MD, and SVB expect to agree to a mutually beneficial ongoing relationship in which Transformation Capital (as an independent management company owned by Todd Cozzens, Jared Kesselheim, MD, and Michael Dixon and not affiliated with SVB or Leerink Capital) shall manage Fund II and whereby Transformation Capital shall manage Fund I’s investment portfolio pursuant to a sub-advisory agreement with SVB (or an affiliate). Transformation Capital has the same operational leader, Kevin Brown, formerly CFO of Leerink Capital, and Transformation Capital expects to continue to derive benefits from its ongoing relationship with Leerink and SVB.

## Contacts

5 contacts available for Transformation Capital. Shizune tracks 6 team members at Transformation Capital. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/transformation-capital-02f2?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Series B | $24M–$58M |
| Series C | $23M–$106M |
| Series D | $20M–$163M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Health Care | 45 | 58% |
| Medical | 16 | 21% |
| Software | 12 | 16% |
| Artificial Intelligence | 12 | 16% |
| Wellness | 8 | 10% |

71 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series B | 20 | 26% |
| Series C | 16 | 21% |
| Series D | 9 | 12% |
| Series A | 8 | 10% |
| Funding Round | 8 | 10% |

11 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United States | 49 | 64% |
| New Zealand | 1 | 1% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Jared Kesselheim | Co-Founder & Managing Partner | 20 | https://shizune.co/investors/profile/jared-kesselheim |
| Jenna Ciotti | Vice President | 1 | https://shizune.co/investors/profile/jenna-ciotti |
| Julie Murchinson | Partner | 0 | https://shizune.co/investors/profile/julie-murchinson |
| Michael Dixon | Managing Partner | 29 | https://shizune.co/investors/profile/michael-dixon |
| Todd Cozzens | Co-Founder & Managing Partner | 14 | https://shizune.co/investors/profile/todd-cozzens |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Solstice Health | Solstice Health is an AI life sciences marketing platform that offers a clinical data retrieval platform for oncology practice. | $21M | Series A | May 28, 2026 |  |
| Qualified Health | Qualified Health is a reliable partner for safely utilizing generative AI in medicine. Qualified Health's infrastructure solution offers safeguards for ongoing algorithm performance monitoring, active AI governance, and developing agents tailored to the healthcare industry. Qualified Health are revolutionizing healthcare in America with tophealth system partners. | $125M | Series B | Mar 25, 2026 |  |
| Latent | Latent is a creator of medical language models aimed at reducing healthcare operational costs. | $80M | Series A | Mar 18, 2026 |  |
| Grow Therapy | We’re on a mission to fundamentally transform mental healthcare accessibility. Grow Therapy empowers therapists to launch and grow thriving in-network private practices. We’re creating game-changing technology to build America’s biggest behavioral healthcare group and ensure that anyone can afford quality mental healthcare. With the mass increasein depression and anxiety from the pandemic, the need for accessibility is more important than ever. To make our vision for mental healthcare a reality, we’re building a team of entrepreneurs and mission-driven go-getters. Our founders come from Harvard Medical School, Stripe, and Blackstone, and are champions of balancing bold ambitions with a culture that promotes holistic well-being. Since launching in 2020, Grow has raised over $15M from top VCs and angel investors, including leaders from SignalFire, Village Global, Airbnb, Nurx, PatientPing, and Blackstone. | $150M | Series D | Mar 03, 2026 |  |
| Alaffia Health | Alaffia Health offers artificial intelligence solutions that support health plan claims operations by automating and improving clinical review workflows. Its platform uses AI agents to analyze complex medical claims data, extract structured clinical facts, and assist with payment integrity, utilization management, and appeals processing. Thecompany’s tools integrate with existing claims systems to prioritize cases, support clinician review, and help identify errors, waste, and inconsistencies before payment. Alaffia Health combines machine learning with clinician oversight to enhance accuracy in claims decisions and streamline administrative tasks for health insurance payers and related organizations. | $55M | Series B | Feb 03, 2026 |  |
| Tebra | Tebra provide independent healthcare practices with digital tools and support to thrive in a new era of healthcare.Tebra is to unlock better healthcare for every patient by getting your independent practice the right technology and support to thrive. In an industry marked by broken, disparate parts, and overstuffed with processes, we aredeveloping a single system that can truly be the backbone of practice success. | $250M | Private Equity | Dec 17, 2025 |  |
| Judi Health | Capital Rx is a health technology company that engages in managing pharmacy benefit plans. The company is redefining the way prescriptions are priced and administered in the U.S. Through its Clearinghouse Model, it unlocks the pharmacy supply chain and reduces prescription costs for employer groups. By establishing a competitive marketplace fordrug pricing, Capital Rx focuses its resources on deploying actionable strategies that improve plan performance and patient outcomes. | $252M | Series F | Sep 23, 2025 |  |
| Ketryx | Ketryx provides an AI-powered compliance platform for regulated product development in the life sciences industry. It automates documentation generation, ensures traceability, and enforces quality management procedures. The platform integrates with tools like Jira and GitHub to generate submission-ready documents directly from active developmentworkflows. Ketryx's AI agents detect compliance gaps, suggest actions, and automate routine processes while retaining human oversight. Ketryx helps teams in regulated industries and use their preferred tools. | $39M | Series B | Sep 04, 2025 |  |
| Citizen Health | Over 350+ million people worldwide are affected by one of the 10,000+ rare diseases of which 95% do not have a single treatment available. Through our AI-powered platform, we liberate and structure data to radically improve rare and complex disease treatment, widen access to expert care, and revolutionize the development of new medicines at afraction of the speed previously proven possible. Patients can share their health data across our multi-sided platform with caregivers, providers and researchers to illuminate better treatment and support options, while bringing therapies to patients faster. We support thousands of patients, work with a rapidly growing network of patient advocacy organizations, and innovate with leading biopharma organizations to accelerate therapies, always ensuring patients remain at the center. | $30M | Series A | Aug 14, 2025 |  |
| Arbital Health | Arbital Health is a healthcare company that offers a third-party adjudication utility to help bolster outcomes-based healthcare contracts. | $31M | Series B | Jul 29, 2025 |  |

10 of 77 investments shown.

## Co-investors
- [General Catalyst](https://shizune.co/investors/profile/general-catalyst-partners) — VC Fund, 14 deals together
- [Menlo Ventures](https://shizune.co/investors/profile/menlo-ventures) — VC Fund, 7 deals together
- [B Capital](https://shizune.co/investors/profile/b-capital-group) — VC Fund, 6 deals together
- [Frist Cressey Ventures](https://shizune.co/investors/profile/frist-cresseyventures) — VC Fund, 6 deals together
- [IVP](https://shizune.co/investors/profile/institutional-venture-partners) — VC Fund, 6 deals together
- [Casdin Capital](https://shizune.co/investors/profile/casdin-capital) — VC Fund, 5 deals together

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## FAQ

### What does Transformation Capital invest in?

Transformation Capital invests primarily in Health Care, Medical and Software startups, most often at Series B and Series C stage. Most of the 77 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Transformation Capital's check size?

Transformation Capital typically joins rounds of $24M–$58M at Series B, $23M–$106M at Series C and $20M–$163M at Series D. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Transformation Capital participates in.

### How do I contact Transformation Capital?

Public channels for Transformation Capital include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Transformation Capital?

The team at Transformation Capital includes Jared Kesselheim (Co-Founder & Managing Partner), Jenna Ciotti (Vice President) and Julie Murchinson (Partner), among 6 team members tracked by Shizune. The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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