US-based mobile healthcare platform Transcarent has raised $126m in a Series D investment round led by General Catalyst and 7wireVentures.

The funding round saw participation from existing investors such as Threshold Ventures and Kinnevik, as well as new backers such as Geodesic Capital and Memorial Hermann Health System.

It has increased Transcarent’s total capital raised to date to around $450m, valuing the company at $2.2bn.

Transcarent said the recent investment reflects strong investor confidence in its vision to simplify healthcare and reduce costs.

The company plans to use the funds to enhance its artificial intelligence (AI) capabilities, support its commercial growth and explore strategic growth opportunities.

General Catalyst CEO and managing director Hemant Taneja said: “Our continued support in Transcarent is driven by their technology, in what we believe is an unmatched integration of software, AI, robust data science and tailored health guidance.

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“This combination has sparked real change in the delivery of health and care, aligning with our founding mission: to empower millions in navigating the complexities of the healthcare system and achieve better health outcomes.”

Transcarent’s platform integrates medical, surgical, pharmacy and mental healthcare to provide a unified solution for individuals and employers.

Since its Series C round in January 2022, the company has expanded its services to include comprehensive care experiences in weight health, cancer, behavioural health and pharmacy care.

It has also acquired and integrated AI-powered virtual care platform 98point6 and its affiliated clinic.

Transcarent executive chairman Ken Frazier said: “I am proud of the progress Transcarent has made to improve the current system for employers and employees alike who are demanding a better, more affordable health and care experience.

“The outcomes that Transcarent has delivered allow all stakeholders to focus on what matters most: empowering employees with improved access to health and wellness care.”