Payer Rules Become the Product for Penelope Health

A €87 million commitment backs an API covering US insurance policies for more than 200 million people and 15,000 codes.

23 Sep 2026

Penelope Health has secured a €87 million ($100 million) funding commitment to turn the complexity of US insurance coverage into a usable data service. Thoreau led the round with existing backers Bertelsmann Healthcare Investments, Twine Ventures and Seedcamp, the London startup announced on September 18, 2026.

Penelope’s platform covers policies affecting more than 200 million insured Americans and over 15,000 procedure and drug codes. Its API is intended to tell users whether a given insurer covers a CPT, ICD or HCPCS code under a specific plan in a particular state. The funding stage and company valuation were not disclosed.

Thoreau and Penelope also plan to build shared infrastructure for real-time payment and clinical rules. Penelope co-founder and chief technology officer Mattijs De Paepe said: “Realising our vision requires a deep technical understanding of constantly evolving payer rules.”

Thoreau is led by Matt Holt, a former president of New Mountain Capital. The firm is building a platform for healthcare compute, rules and research infrastructure, with Penelope and Ensemble Health as its initial partners.

Dr. Sohum Patel and De Paepe founded Penelope in 2025. Patel trained at Cambridge and practiced at the Royal Free and University College London, while De Paepe spent nearly four years building machine-learning systems at Via Transportation. Their proposed service addresses a moving target: coverage rules change, and the value of the API depends on keeping those rules current. The company has yet to describe the round’s valuation or stage.