Onos Health raises $17M Series A

Costanoa led the round, with Flare Capital Partners returning and CVS Health Ventures joining as a strategic investor. Valuation was not disclosed. The company is based in San Francisco, and CEO Akshay Agrawal told Axios Pro it expects to raise a $25M to $40M Series B within 18 months. Agrawal founded Onos in 2024 after advising health plans at Bain & Company and Bain Capital. The round follows a $6.3M raise in October 2025, co-led by Haystack and Pathlight Ventures, which brings total funding to about $23.3M in under a year. Onos says more than 70% of the signals plans need to judge care quality sit in unstructured records such as session notes and treatment plans. Its models read those records and combine them with claims and utilization data. Aetna is among the plans reported to be using the platform. For AI founders, the deal is an example of a narrow payer-side product built on messy text data, with a strategic investor that is also a likely customer. The buyer's need is concrete: chart review and utilization management are labor-heavy workflows. Early adoption by large insurers helped Onos justify a fast follow-on round. Founders selling into regulated enterprise markets can read it as a sign that investors will fund vertical document-understanding tools once there are named customers.