Penelope Health's $100M Bet on Fixing Healthcare's Hidden Rules

Jan de Vries · 2026-09-18

Imagine you're a doctor. You've got a patient in front of you who needs a specific procedure. You know it's medically necessary. But will their insurance cover it? That's the million-dollar question—literally. And most of the time, the answer is buried in a labyrinth of policies, updates, and fine print that changes constantly. That's the problem Penelope Health is trying to solve. And they just got a serious vote of confidence: a funding commitment of €87 million (about $100 million) from Thoreau, along with existing backers Bertelsmann Healthcare Investments, Twine Ventures, and Seedcamp. ### The $100 Million Question: Can AI Untangle Insurance Rules? Penelope isn't just another health tech startup. They're building what they call a "shared layer" for real-time payments and clinical rules. In plain English? They're turning the messy, fragmented world of payer policies into a single, dependable source of truth. "The rules that determine whether care is covered by insurance are foundational to the healthcare system, yet they remain opaque, fragmented, difficult to interpret, and are constantly changing," says Dr. Sohum Patel, CEO and co-founder. "Penelope was founded to turn that complexity into a dependable, up-to-date reference that healthcare companies can use in real time." That's a mouthful, but it's also true. Anyone who's ever dealt with insurance knows the frustration. Penelope's platform currently covers policies for over 200 million Americans, spanning more than 15,000 procedures and drug codes. That's a lot of rules—and they're all in one place. ### From NHS to Startup: The Team Behind Penelope Dr. Patel isn't a tech bro who stumbled into healthcare. He practiced in both inpatient and outpatient settings in the UK's National Health Service, at the Royal Free London and University College London hospital systems. He saw firsthand how administrative complexity gets in the way of patient care. His co-founder, Mattijs De Paepe, spent nearly four years at Via Transportation, building machine-learning systems for transit products. Together, they're combining deep clinical experience with serious technical chops. "Realising our vision requires a deep technical understanding of constantly evolving payer rules," De Paepe says. "We are excited to build the infrastructure for AI to power a more efficient healthcare system. The opportunity extends far beyond any single workflow. We believe that a shared infrastructure layer can remove administrative burden for both payers and providers." ### The Bigger Picture: European Health Tech Is Heating Up Penelope's raise is part of a broader trend. In 2026 alone, European health tech startups have pulled in hundreds of millions. Stockholm-based Tandem Health raised €86.5 million. Berlin's Recare brought in up to €37 million. Barcelona's Health Force secured €4.2 million for AI agents that handle prior-authorization checks and claims. In the UK, London-based Semble raised €34.7 million to scale its healthcare management platform, while Flexzo AI secured €10.3 million for agentic healthcare workforce technology. So why does Penelope stand out? Because they're not just building another point solution. They're going after the underlying infrastructure—the rules that determine whether care gets paid for. And they're doing it with a single connection that any system can use, replacing the custom, one-off integrations that plague the industry. > "The opportunity extends far beyond any single workflow." — Mattijs De Paepe, CTO ### What's Next for Penelope Health? The new funding will be used to create new products that bring administrative efficiency to navigating payer requirements. In other words, they're going to make it easier for healthcare companies to check coverage, compare policies, and streamline their operations. For patients, that could mean fewer delays, less surprise billing, and faster access to care. For providers, it could mean less time on paperwork and more time with patients. For payers, it could mean fewer errors and lower administrative costs. It's a big vision. But with $100 million behind them and a platform that already touches the majority of insured Americans, Penelope Health is worth watching. They're not just building a company—they're building the infrastructure that could make healthcare work the way it should. And that's something we could all use.