Particle Health
Particle Health runs an API pulling US patient records for health tech and payers.
On the record
Checkpoint: Ruling or settlement in Particle Health Inc. v. Epic Systems Corp. (S.D.N.Y. 1:24-cv-07174)
The call
Particle holds real compliance and network access built over years, but its main data pipeline runs through Epic, a company it is currently suing.
Particle Health is a company that helps hospitals and doctors find patient medical records stored in different computer systems, acting as a connector between these systems. It has real certifications and memberships that are hard to get, but Epic Systems, which runs most hospital software, can cut off Particle's access whenever it wants, and the company is already in a lawsuit with Epic over this. Meanwhile, artificial intelligence programs are getting better at understanding and organizing medical records automatically, which means Particle's main job of just finding and pulling records might become something any large tech company could do cheaply. The one thing that could save Particle is if it wins its legal fight with Epic or moves into smarter AI-powered services before the big tech companies do.
Why
01
AI pressure: Large-context clinical LLMs (e.g. from Epic, Abridge, Nuance/Microsoft). AI models that normalize and summarize raw records threaten to make Particle's core retrieval layer a cheap commodity. Could AI do the core job? Only partly.
02
Bigger players: Epic Systems. Epic controls the data pipes Particle depends on and is being sued by Particle for allegedly restricting access to squeeze out rivals. Could a giant copy it? Yes, easily.
03
What protects it. Network memberships (Carequality, CommonWell, eHealth Exchange) plus HITRUST/SOC2 compliance that took years to build.
What would change this call
Ruling or settlement in Particle Health v. Epic Systems (S.D.N.Y. 1:24-cv-07174). Shows whether Epic can durably restrict Particle's access to patient data pipes.
TEFCA QHIN designation granted or denied to Particle Health. Shows whether Particle closes the regulatory trust gap with Health Gorilla.
Announcement of a new funding round or two straight flat-to-down ARR quarters. Shows whether Particle's growth stall is reversing or worsening.
TEFCA QHIN designation granted or denied to Particle Health. Shows whether Particle closes the regulatory trust gap with Health Gorilla.
Announcement of a new funding round or two straight flat-to-down ARR quarters. Shows whether Particle's growth stall is reversing or worsening.
Key numbers
- Revenue estimated at $7.6M annually
- Web traffic down 17% quarter over quarter
- Headcount flat near 50, up only 4.2% YoY
Named risks
- Adverse ruling or settlement in Epic antitrust case could further restrict Particle's network access.
- No confirmed new funding round since December 2024 amid flattening web traffic.
- Core record retrieval and summarization value commoditized by large-context clinical LLMs.
- Health Gorilla's TEFCA QHIN designation could siphon preferential network access and customers.
- Small named customer base (One Medical, Strive Health, Cureatr, Invitae) implies concentration risk.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Epic Systems | contesting | Active antitrust litigation since Sept 2024; Epic controls network pipes Particle depends on, denied all claims Nov 2025 |
| Health Gorilla | losing to | Holds official TEFCA QHIN designation with lab-ordering and ADT-alert features Particle lacks |
| Zus Health | losing to | Moving up-stack into workflow tools while raw record retrieval commoditizes, per Mar 2026 commentary |
| Metriport, 1upHealth, b.well, Datavant, Innovaccer, Kno2 | contesting | Named as direct peers in clinical data aggregation and API space, 2026 |
Questions people ask
- Is Particle Health profitable in 2026?
- No profitability has been disclosed. Particle Health is privately held with an estimated ~$7.6 million in annual revenue as of July 2026 per ZoomInfo, and around 50 employees, suggesting an early-stage, not yet scaled financial profile.
- Could AI replace Particle Health?
- AI threatens Particle's summarization layer, its 'Snapshot' feature that condenses records could be compressed by large-context clinical LLMs, but its audited memberships in Carequality, CommonWell and eHealth Exchange plus HITRUST/SOC2 compliance are harder for AI alone to replicate as of 2026.
- Who is Particle Health's biggest competitor?
- Health Gorilla is a close rival with an official TEFCA QHIN designation Particle lacks, plus lab-ordering features. Epic Systems, the dominant EHR vendor, is simultaneously a gatekeeper of Particle's data pipes and its active litigation adversary since September 2024.
- What is the Particle Health versus Epic Systems lawsuit about?
- Particle sued Epic Systems in the Southern District of New York on September 24, 2024, alleging antitrust monopolization over EHR data access. In September 2025 a court let the Sherman Act Section 2 claim proceed while dismissing others; Epic denied all claims on November 3, 2025.
- How much funding has Particle Health raised?
- Particle Health has raised roughly $49.3 million total across a 2019 seed, a 2020 Series A of about $12 million led by Menlo Ventures, a 2022 Series B of $25 million led by Canvas Ventures, and an additional ~$10 million round in December 2024, with no confirmed new round since.
- Who owns or leads Particle Health?
- Particle Health is privately held and venture-backed, with no parent company. Jason Prestinario, formerly of Komodo Health and Palantir, became CEO in May 2023 after co-founder Troy Bannister stepped down; Bannister later founded a separate company, Onboard AI.
Timeline
- 2025-11-06Epic files answer denying all claims, accuses Particle of facilitating theft of patient health data
- 2025-09Court allows Particle's Sherman Act Section 2 claim against Epic to proceed, dismisses others
- 2024-12Particle closes roughly $10 million additional funding round
- 2024-11Particle launches Insights Platform with AI summarization tool Snapshot
- 2024-09-24Particle files antitrust lawsuit against Epic Systems in S.D.N.Y.
- 2023-05-15Jason Prestinario named CEO, replacing founder Troy Bannister
- 2023-04Particle launches Particle for Platforms interoperability gateway
- 2022Series B raises $25 million led by Canvas Ventures
- 2020Series A raises approximately $12 million led by Menlo Ventures
- 2018Particle Health founded by Troy Bannister and Dan Horbatt
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
- Particle Health Secures $10 Million in Funding... (2025-01-07)
- Particle Health - Headcount, Funding & Open Jobs (2026-06-21)
- Particle Health - Overview, News & Similar companies (2026-07-06)
- Actionable Data for Healthcare Innovators (2026-04-29)
- Introduction to Particle Health
- The Particle Insights Platform is here (2025-02-10)
- Particle Health Expands Capabilities to Allow Health Platform Companies to Offer Interoperability at Scale (2023-08-17)
- Medblocks vs Health Gorilla
- Particle Health Appoints Jason Prestinario as CEO (2023-05-15)
- Venture Vanguard: Troy Bannister... (2026-06-09)
- 10 Best AI Medical Records Retrieval Tools (2026)
- ANTITRUST, S.D.N.Y.: Claims against electronic health record provider Epic can proceed (2026-01-07)