Forus Reaches $1 Billion Valuation With AI Prescription Software

Forus said it reached a $1 billion valuation after securing $160 million in total funding from investors including Thrive Capital, General Catalyst and Accel. The company stated its annualized revenue surpassed $10 million by the end of last year and has quintupled so far this year.

The software processes prescriptions after a physician writes them. It checks prior medications, pharmacy restrictions and insurance coverage, then displays updates for both the doctor and patient.

Forus said thousands of medical practices and health systems use its technology, with a 10-fold annual increase for the past two years driven by word of mouth. Medical practices using the software reported higher prescription fill rates, founder Sahir Jaggi said.

Jaggi, 31, previously worked at health insurer Oscar. He started the company, originally named Tandem, in 2023 to handle administrative tasks for prescriptions.

Half of the top 10 global pharmaceutical companies are now partners, the company said. Forus helps these firms prepare insurance processing and pharmacy stock for new drug launches. Prescription drug spending is projected to exceed $1 trillion this year, according to a report from the American Society of Health-System Pharmacists.

The company said more than $300 billion worth of therapies go unfilled annually.