Hercules Capital has provided debt financing to Suki, a Redwood City, California-based healthcare AI company, as part of a $90m Series E. Hercules was one of three new investors in the round, with Healthier Capital and Crosslink Capital.
All existing institutional investors participated, including Venrock, Flare Capital Partners, Hedosophia, Philips Ventures and Zoom Ventures.
Proceeds will advance Suki’s technology partner ecosystem, AI technology, integrations and commercial organisation. The size and terms of the Hercules debt and the split between equity and debt were not disclosed.
Suki, founded by Punit Soni, makes ambient clinical intelligence software that turns clinician-patient conversations into documentation, coding and other workflows, and Suki said revenue doubled in 2025. It has expanded beyond clinical documentation into clinical reasoning, revenue cycle and operational workflows, serves more than 450 healthcare organisations through its clinician app, and works with more than 30 technology partners that embed its AI in their own products.
Punit Soni, founder and chief executive of Suki, said: "Healthcare doesn’t need another collection of disconnected AI features. It needs an intelligent operating system that understands the patient, works across the health system, and can help clinicians and organizations get work done."
Suki raised a $70m Series D in October 2024 led by Hedosophia, with Venrock and March Capital also participating, taking total funding to $165m at the time. Reuters reported, citing a person familiar with the round, that it valued Suki at about $500m.
Hercules Capital, listed on the NYSE as HTGC, is a business development company focused on technology and life sciences lending. With its adviser subsidiary, it manages about $6.1bn of assets and had committed more than $28bn to more than 700 companies as of 30 June 2026. It reported $2.74bn of new debt and equity commitments in the first half of 2026.