Stedi Raises $50M Series C for API Clearinghouse
Stedi, a U.S.-based programmable API-first healthcare clearinghouse, has raised $50M in Series C funding led by Addition. The platform handles eligibility checks, claims submission, ERAs, and more, connecting to over 3,400 U.S. payers. The capital will fuel product expansion and hiring across engineering, product, and go-to-market teams.
RCM Funding Accelerates with AI Shift
The round follows a wave of RCM investments, including Adonis raising $40M Series C days earlier and Commure securing $200M growth financing. Stedi, a customer of Adonis in some integrations, provides the underlying EDI infrastructure. This timing aligns with payer denials emerging as the top revenue risk per Adonis' 2026 RCM report.
Legacy EDI Slows Health Tech
Traditional clearinghouses rely on portals and batch processing, leading to delays in claims and eligibility amid rising denial rates. Healthcare providers face reimbursement pressures from complex payer requirements. Stedi targets health tech builders needing fast, scalable EDI integration.
Programmable APIs Replace Portals
Stedi delivers JSON-native APIs for 837 claims, 270/271 eligibility, 835 ERAs, and AI-powered Stedi Agent for workflow automation. Unlike Availity's portal-based system or Edifecs' enterprise software, Stedi enables integration in under 20 lines of code with 99.9% uptime. Customers report eligibility success rates jumping from 60% to over 80%, as with Berry Street.
AI Agents Automate Clearinghouse Tasks
Recent launches include transaction enrollment APIs handling paperwork and one-click payer enrollments for Independence Blue Cross and Sun Life. These features process over 1 billion claims and eligibility transactions annually, with customers growing 6x year-over-year.
As Stedi Founder & CEO Zack Kanter noted:
"We’re now processing more than a billion claims and eligibility transactions annually – to frame this on a relative basis, we processed more transactions in February alone than we did in the first half of 2025 combined."
Repeat Backers Signal Scale Conviction
Addition led the $50M round, with participation from Stripe, Ribbit Capital, USV, First Round Capital, BoxGroup, and Bloomberg Beta. This brings total funding to $142M following a $70M Series B. The investor mix underscores conviction in Stedi's API modernization of legacy EDI.
Clearinghouse Market Grows to $7.6B
The claims clearinghouse market stands at $3.2B in 2024, projected to reach $7.6B by 2033 at 10.1% CAGR. Healthcare EDI hits $5.2B in 2026 with 10.16% CAGR through 2031 per Mordor Intelligence. Incumbents like Waystar (public post-IPO) and Change Healthcare (Optum-acquired) dominate scale but lag in developer tools.
Founder Applies B2B Exit Playbook
Founder Zack Kanter previously built and sold Proforged, a B2B auto parts transaction platform, to Huron Capital. That experience in high-volume supply chain exchanges directly informs Stedi's programmable payer networks. Recent hires from Uber Health and 1upHealth bolster healthcare GTM.
Post-Series C Hiring Ramp
Stedi plans to fill dozens of roles in engineering, product, design, operations, and GTM functions. This supports scaling to meet 7x transaction growth and expand payer coverage beyond 3,400.