ConcertAI
Oncology real-world data and AI platform selling to pharma and providers.
On the record
Checkpoint: Tempus AI's Personalis acquisition expected to close, testing account wins against ConcertAI
The call
ConcertAI still makes money on real data and real contracts, but it is the smallest of three players in a race where the other two are spending faster.
ConcertAI collects and sells cancer patient records and AI tools to pharmaceutical companies and hospitals. It has a real advantage: 7 million patient records locked into long-term contracts and real profits. But Flatiron Health (owned by Roche, the drug giant) and Tempus AI are both bigger, richer, and moving faster. Both have released AI tools that do what ConcertAI does cheaper and faster, and new AI models can now pull information from medical charts automatically, which eats into the human work ConcertAI used to sell. The one thing that could change everything: if Tempus AI buys another genomics company and uses it to win away ConcertAI's pharma customers, ConcertAI could get squeezed between two much larger competitors with nowhere to grow.
Why
01
AI pressure: Flatiron Health's Telescope tool and generative AI chart abstraction. LLMs now abstract charts and screen trials automatically, cutting the manual labor ConcertAI used to bill for. Could AI do the core job? Unlikely.
02
Bigger players: Flatiron Health (Roche) and Tempus AI. Roche backs Flatiron's data reach and Tempus is buying genomic depth via Personalis, squeezing ConcertAI into third place. Could a giant copy it? Probably.
03
What protects it. Licensed access to roughly 7 million patient records plus locked-in pharma and provider workflows under HIPAA and IRB rules.
What would change this call
ConcertAI announces a new priced funding round, IPO filing, or M&A activity by mid-2027. Would show renewed investor confidence versus prolonged stagnation since 2022.
Tempus AI publicly wins one or more of ConcertAI's named pharma accounts (e.g., AbbVie, BMS, Bayer). Would show ConcertAI's data moat eroding to a better-funded rival.
Further ConcertAI headcount cuts or additional C-suite departures beyond the 2025 CEO change. Would indicate continued financial or organizational stress rather than growth.
Tempus AI publicly wins one or more of ConcertAI's named pharma accounts (e.g., AbbVie, BMS, Bayer). Would show ConcertAI's data moat eroding to a better-funded rival.
Further ConcertAI headcount cuts or additional C-suite departures beyond the 2025 CEO change. Would indicate continued financial or organizational stress rather than growth.
Key numbers
- ~$200-250M revenue, mid-teens EBITDA margin
- No priced round since $1.9B valuation
- Headcount down ~15% to ~1,074
Named risks
- No new priced funding round since March 2022 despite headcount contraction signals into 2025 and 2026.
- Two larger, better capitalized rivals (Flatiron, Tempus) shipping competing AI native tools and consolidating the market.
- AI driven automation of chart abstraction and screening compresses services labor margins sector wide.
- Reliance on vendor claimed, unaudited revenue and customer figures makes financial health hard to verify externally.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Flatiron Health | gaining on | Roche owned, 5M+ records, shipped Telescope AI cohort tool May 2026 vs ConcertAI's 7M CancerLinQ records |
| Tempus AI | gaining on | Public since 2024, guided to $1.59B FY2025 revenue, announced $1.5B Personalis acquisition July 2026 |
| IQVIA | contesting | Broadest global RWD scale, pharma buyers often license IQVIA alongside ConcertAI and Tempus per 2026-07 industry comparison |
Questions people ask
- Is ConcertAI profitable in 2026?
- ConcertAI stated it exited FY2024 profitable with mid-teens unadjusted EBITDA margins, on reported revenue over $200M, per its January 2025 J.P. Morgan Healthcare Conference presentation. No audited financials have been made public as of 2026.
- Who is ConcertAI's biggest competitor?
- Flatiron Health (Roche-owned, 5M+ oncology records, shipped its Telescope AI tool in May 2026) and Tempus AI (public, NASDAQ: TEM, guiding to $1.59B FY2025 revenue) are ConcertAI's two larger, better-capitalized rivals in oncology real-world data.
- Could AI replace ConcertAI's business model?
- AI is automating manual chart abstraction industry-wide, ConcertAI's own 2024 ASCO study showed AI screening running 3x faster than manual EMR review. But its licensed CancerLinQ network and provider/pharma data partnerships are not easily replicated by a generic model alone.
- Who owns ConcertAI?
- ConcertAI is privately held, majority backed by Executive Chairman Dr. Romesh Wadhwani, with institutional investors including Sixth Street, which led its $150M Series C in March 2022 at a $1.9B valuation, the company's last publicly confirmed priced round.
- Is ConcertAI planning an IPO?
- As of 2026 ConcertAI has not filed for an IPO and remains privately held. Its last confirmed valuation is $1.9B from the March 2022 Series C led by Sixth Street; no new priced round has been reported since.
- What is CancerLinQ and why does ConcertAI own it?
- CancerLinQ is ASCO's oncology real-world data network. ConcertAI acquired it in December 2023 with a planned investment of about $250M, adding roughly 7 million patient records across more than 100 cancer centers to its data moat.
Timeline
- 2026-07-22Tempus AI announces roughly $1.5B acquisition of Personalis, expected to close late 2026 or early 2027
- 2026-06-22Flatiron Health (Roche owned) ships Telescope, a natural language cohort querying AI tool
- 2026-02ConcertAI launches Accelerated Clinical Trials, an agentic AI platform, at SCOPE 2026
- 2026-01-12ConcertAI and Foundation Medicine announce partnership integrating a roughly 500,000 patient clinicogenomic dataset
- 2025-10-15Flatiron Health deploys LLM based progression data extraction at scale industry wide
- 2025-05-01Eron Kelly named ConcertAI CEO, founder Jeff Elton becomes Vice Chairman
- 2024-05-29ConcertAI ASCO 2024 study shows AI based trial screening over 3x faster than manual EMR review
- 2023-12ConcertAI acquires ASCO's CancerLinQ oncology data network for a planned roughly $250M investment
- 2022-03-29ConcertAI raises $150M Series C from Sixth Street at a $1.9B valuation
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- ConcertAI Presents at 43rd Annual J.P. Morgan Healthcare Conference (2025-01-13)
- ConcertAI Raises $150 Million Series C from Sixth Street at $1.9 Billion Valuation (2022-03-29)
- CB Insights Company Profile (2026-05-11)
- ConcertAI Highlights 2024 Partnerships, Strategy, Business Results and AI Roadmap at 42nd Annual J.P. Morgan H (2024-03-06)
- $248M Est. ARR, $1.9B Valuation (2025-11-27)
- ConcertAI and Foundation Medicine Integrate Genomic and Clinical Data to Transform Translational Research and (2026-01-12)
- ConcertAI Number of Employees 2026 (2026-06-29)
- ConcertAI Announces Leadership Transition to Accelerate AI Innovation and Growth (2025-05-01)
- ConcertAI Acquires CancerLinQ
- ConcertAI Announces Leadership Transition to Accelerate AI Innovation and Growth (2025-05-01)
- Businesswire (2026-01-12)
- ASCO 2024 study demonstrates AI screening 3x faster than traditional methods (2024-05-29)