SAN FRANCISCO — Plenful, a fast-growing AI-powered platform aimed at modernizing healthcare administration, announced today it has raised $50 million in Series B funding to expand its product capabilities and accelerate adoption across the U.S. healthcare system. The funding round was co-led by Mitchell Rales, co-founder of Danaher Corporation—who also joins the company’s board—and Arena Holdings, with participation from Notable Capital, Bessemer Venture Partners, TQ Ventures, Susa/Kivu Ventures, and other leading investors.
With this round, Plenful has raised a total of $76 million to date. The company plans to use the new capital to deepen its presence across health systems, provider groups, pharmacies, and payers, while expanding its engineering, machine learning, product, and customer success teams.
“Healthcare teams have long been under immense strain from the complexity of their work. The need for change has never been more urgent,” said Joy Liu, founder and CEO of Plenful. “We built Plenful with deep understanding of the challenges healthcare workers face every day. By automating critical workflows, we’re helping organizations reduce errors, improve compliance, save time, and allow staff to focus more on patients.”
Plenful’s AI platform addresses what the company calls healthcare’s “$1 trillion admin problem,” referring to the annual cost the U.S. healthcare system incurs in administrative overhead. Many healthcare organizations still rely on outdated systems that are prone to inefficiency and human error. Recent surveys show that more than 80% of medical and claims staff say administrative tasks contribute to burnout, while two-thirds of providers express concern about the risk of errors.
Plenful automates data-heavy workflows across disparate systems, formats, and departments, providing real-time reporting and task management tools. Its most common use cases include prior authorization, 340B compliance auditing, and referral and order data entry. The platform is currently used by over 60 major healthcare organizations, including the Medical University of South Carolina, Cencora, Renown Health, Shields Healthcare Group, and Samaritan Health Services.
“What could take a large team many hours only takes seconds with Plenful,” said Savannah Randolph, pharmacy services analyst at Samaritan Health Services. “We’ve reduced our time spent by 96%. Plenful has allowed us to reallocate staff to higher-value tasks and run more efficiently overall.”
Mitchell Rales praised Plenful’s rapid growth and industry impact. “Plenful is tackling some of healthcare’s toughest challenges with an AI platform that’s already delivering measurable results,” he said. “Joy is a visionary leader, and the team has demonstrated exceptional execution and creativity.”
Chelcie Taylor of Notable Capital echoed that sentiment, noting, “The healthcare market is ready for transformation. Plenful’s ability to deliver immediate ROI gives them a strong edge as AI becomes a core solution for administrative efficiency.”
As the company scales, Liu emphasized a commitment to long-term impact. “This funding allows us to invest deeply in building a world-class team and expanding our platform’s capabilities. We’re just getting started in helping healthcare organizations unlock the full potential of AI.”
