Investment Thesis

Project Lifeboat
Rebuilding Healthcare
from the Ground Up

An AI-first healthcare system. Acquire clinics. Deploy Kairos. Own clinicians, EHR, AI, and data. Sell to employers. Repeat in every city. The Kaiser model rebuilt on AI.

"If we were to rebuild the healthcare system from scratch, with today's tools and patients, we would build something very different."

0
Patients per day
$0
Series A target
0
Chapters
~0
Pages
February 2026

We Can't Fix Healthcare,
We Have to Rebuild It

For ten thousand years, healthcare has been built on a single assumption: that medical knowledge is scarce.

This was true for almost all of that history. If you got sick in ancient Rome, in medieval England, in 1950s America, the bottleneck was always the same — you needed to sit in front of someone who knew things you didn't. A shaman, a physician, a specialist. The entire apparatus of modern healthcare — the appointments, the referrals, the waiting lists, the insurance networks, the hospital systems — is downstream of this one fact. Knowledge was rare, therefore the humans who carried it were rare, therefore their time was the scarcest resource in the system.

"That assumption just stopped being true, and almost nobody is acting like it."

Large language models now hold, within their weights, effectively the entirety of clinical human knowledge. Not approximately. Not “a useful subset.” The whole thing. And for the first time in history, you can have a realistic, sustained, deep medical conversation with a non-human intelligence. Not a chatbot that pattern-matches symptoms to WebMD articles. An actual diagnostic conversation — the kind where context accumulates, where family history matters, where the AI notices that your haemoglobin dropped 30 points over six months even though both readings were technically “normal.”

This changes everything. Not incrementally. Fundamentally.

But here’s what’s actually happening instead: we’re building faster horses.

Henry Ford’s famous insight — “If I had asked people what they wanted, they would have said faster horses” — has become a cliché, but it describes the current state of healthcare AI with painful precision. Every major health system in the world is trying to bolt AI onto existing workflows. Make the EHR a bit smarter. Help the doctor write notes faster. Summarise the discharge letter. Triage the inbox.

These are not bad things. But they completely miss the point. They’re like Blockbuster putting a recommendation engine on their in-store kiosks in 2006.

"The correct question isn't ‘how do we make the current system faster?’ It's ‘what would healthcare look like if we designed it today, knowing what we know?’"

Let me tell you what it would look like.

Seventy to eighty percent of correct diagnoses come from what the patient says alone. The history. The symptoms. The family background. The context. Migraine has no imaging, no blood test — it’s pure history. Almost every psychiatric condition is diagnosed entirely through conversation. Even much organic pathology — a 20-pack-year smoker with a wheeze and productive cough has COPD, and there isn’t much ambiguity about it.

This means the most important act in medicine — the diagnostic conversation — is precisely the thing AI can now do. And not just do, but do continuously, contextually, with perfect memory, at any hour, in any language, for any number of patients simultaneously.

Now layer on top of that wearable biosignals — heart rate variability, sleep patterns, weight trends — and you have something no human doctor has ever had: longitudinal awareness. Not a snapshot every six months when the patient finally books an appointment. A continuous signal.

With AI — Tomorrow

A 55-year-old man, previous smoker. One morning he mentions to his AI that his throat felt scratchy when he swallowed. The AI has been watching. It knows his HRV has been declining for six weeks. He’s lost 2–3 kilos unintentionally. His father died of a metastatic malignancy at 56. So the AI doesn’t say “give it a week.” It orders bloods. The FBC comes back with a haemoglobin of 130 — technically normal, but the AI knows this man used to run at 169. A 30-point drop is significant. FOB positive. Endoscopy arranged. Stage 1 oesophageal cancer. Surgery within two weeks. Three weeks end to end.

Without AI — Today

That same man ignores the scratchy throat for months. Maybe years. He loses more weight. Eventually drags himself to his GP, who tells him it’s probably nothing. Twice. Three times. Two years later he has stage IV oesophageal cancer that’s metastasised to the liver. He’ll never return to work. His chemotherapy costs the system 20 to 50 times what that single surgery would have cost. And he still dies.

The difference between these two stories isn’t a technology gap. It’s a systems gap.

Χρόνος   vs   Καιρός
Chronos — Scheduled Time   ·   Kairos — The Opportune Moment

There’s a beautiful Greek distinction between two concepts of time. Chronos is the steady march — the ticking clock, the appointment at 2:30 on Thursday, the six-month follow-up you might or might not attend. Kairos is the opportune moment — the right time, the moment of readiness.

Current healthcare operates entirely in Chronos. You see your doctor when there’s a slot. You get your scan when the waiting list permits. You present with symptoms when they’re bad enough to overcome the friction of booking an appointment, taking time off work, sitting in a waiting room.

An AI healthcare system operates in Kairos. It meets you in the moment you need it. On your walk to work. At 2am when you can’t sleep and you’re worried about that lump. In the accumulated pattern of six months of subtle biosignal changes, long before you feel anything at all.

"This is the Netflix model applied to healthcare. Netflix didn't just put TV shows on the internet. It fundamentally restructured how visual media is created, distributed, and consumed. Healthcare needs the same transformation."

From episodes of care to a continuous stream. No one is ever “lost to follow-up.” No letter goes missing. No patient falls through the gaps. A continuous companion, a continuous diagnostician, a continuous preventative health system — always on, always there, as much or as little as you need.

So why isn’t anyone building this?

The honest answer is that the barriers aren’t technical. They’re structural. Healthcare is perhaps the most structurally defended industry on earth. Consider what you’re up against: clinician misalignment, embedded EHR vendors with multi-year contracts, SaaS companies defending their margins, procurement bureaucracies designed to prevent change, regulatory regimes built for a pre-AI world, insurance models that profit from complexity, and governments running health systems with the agility of aircraft carriers.

Every single one of these actors has rational reasons to resist change. And the system is designed so that any innovation has to get permission from all of them simultaneously. This is why every large health system’s AI strategy amounts to “pilot projects.” Nothing that threatens the core operating model.

The Blockbuster Analogy

This is exactly what happened to the entertainment industry before Netflix. Warner Brothers tried to adapt. Blockbuster tried to adapt. They ran incremental experiments within their existing business models. It didn’t work, because the existing model was the problem. You can’t Netflix-ify a video rental store. You have to build Netflix.

The same is true here. You cannot incrementally transform a healthcare system built on the assumption that knowledge is scarce into one built on the assumption that knowledge is abundant. The architecture is wrong at every level. You have to start from scratch.

What does “from scratch” actually mean?

Start with the patient. Not the provider, not the payer, not the regulator. The patient.

Give them an AI-native electronic health record that they own. It ingests their wearable data. It holds their complete medical history, every prescription, every interaction with any healthcare professional, all logged and auditable. It knows their family history because it’s been building that picture over years of conversation.

This system is their first point of contact for any health concern. Not a phone queue. Not a receptionist who writes nothing down. An AI that listens, remembers, contextualises, and acts. It can order blood tests to your home. It can arrange imaging. It can escalate to a human specialist when — and only when — a human specialist is actually needed.

"The current NHS model processes patients through a pipeline of scarce human attention. An AI-first model inverts this entirely — abundant AI attention as the default, scarce human attention reserved for where it's genuinely irreplaceable."

There’s another argument for AI-first healthcare that doesn’t get enough attention: safety.

We don’t log most of what happens in healthcare. We log what clinicians write down, if they write anything down at all. Receptionists don’t document their interactions. Patients don’t document theirs. Phone conversations, corridor consultations, the GP who glances at a result and moves on — none of this creates an auditable trail.

In the Swiss cheese model of medical error, these undocumented interactions are the biggest holes. Patients fall through them constantly. A missed letter. A result that nobody reviewed. A referral that was never sent. A conversation that was never recorded.

An AI system logs everything. Every interaction, every decision, every recommendation, every piece of context that informed that recommendation. Not because it’s trying to create a surveillance system, but because that’s simply how software works. The audit trail is a natural byproduct, not an additional burden. And that makes the system dramatically safer.

The business model for this is surprisingly straightforward.

Start with direct-to-consumer primary care. Ninety percent of all NHS contacts start and end in primary care. Build something so good that people will pay for it out of pocket — which tells you immediately whether you’ve actually built something patients want, as opposed to something a procurement committee approved.

Add specialty care as a turnkey consultation service. Then vertically integrate. Diagnostics first — blood work, pathology. Then imaging. Bring it all in-house. One operational model, one system, across any region, any scale. What would have taken 20 to 30 years to build as a traditional healthcare company, you build in 2 to 3 years, because AI means a small team can operate at the scale of a large organisation.

"The end state is a global healthcare company that doesn't sell software to health systems. It is the health system."

I should be honest about what makes this hard.

It will cost an enormous amount of money. Healthcare infrastructure — even AI-native healthcare infrastructure — requires real capital. Regulatory clearance in multiple jurisdictions is slow and expensive. Building trust with patients takes time. The political pressure will be immense, because you’re implicitly arguing that the existing system is failing, which it is, but nobody in power wants to hear that.

And there are genuine clinical safety questions that need rigorous answers. When does the AI escalate? How do you validate diagnostic accuracy at population scale? How do you handle the long tail of rare conditions? How do you ensure the system doesn’t subtly optimise for efficiency at the expense of the edge cases that matter most?

These are serious problems. But they’re engineering problems and operational problems. They’re not “is this possible?” problems. The gap between what AI can do today and what the healthcare system actually delivers to patients is so vast that even a cautious, safety-first AI system would represent a massive improvement over the status quo for the majority of patients.

The deepest reason to build this is moral, not commercial.

My uncle died of a missed cancer diagnosis. Repeated errors. The kind of thing that happens when a system built on scarce human attention fails in the way it was always going to fail — not through malice, but through the accumulated weight of too many patients, too little time, too many cracks to fall through.

That didn’t have to happen. And with the technology that exists today, it doesn’t have to happen to anyone else. But it will keep happening — every day, to thousands of people — as long as we keep trying to patch a system whose foundational assumption is no longer true.

Knowledge is no longer scarce. Time is no longer the binding constraint. The moral imperative is to rebuild — not reform, not optimise, not digitise — rebuild healthcare from the ground up, for the first time in ten thousand years.

We have the tools. We have the understanding. The only question is whether we have the nerve.

Founding Principles

What We Stand For

0. Zero tolerance for medical error.

Every failure is captured, analysed, and used to make the system safer.

1. Masters of our own destiny.

Build our own everything. Our stack, our data, our models, our destiny.

2. Patient first.

Safety above profit, every time, without exception.

4. Healthcare system, not SaaS.

We are becoming the system, not selling tools to a broken one.

5. Every AI statement is a citation.

Every claim traceable to source evidence. Every diagnosis verifiable.

8. Record everything, always.

100% of interactions recorded. Healthcare as accountable as a courtroom.

Chapter 01

Executive Summary

The Opportunity

Healthcare has always been predicated on arcane knowledge — elite, held by a few, requiring physical proximity to access. Large language models have upended that premise. Intelligence is now freely available. We are moving into the Netflix era of healthcare — always accessible, consumer-centred, streaming 24/7.

"This isn't just a technology opportunity, it's a moral one. Every day we delay getting AI into that room is another day of needless and preventable deaths."

Last year a 32-year-old woman attended her GP multiple times with shortness of breath, chest pain and a swollen leg. She'd just started the oral contraceptive pill. She was prescribed propranolol for 'anxiety'. She went home, and she died. She had a massive pulmonary embolism. At the exact moment she attended for the 4th time, ChatGPT would have diagnosed a PE and recommended immediate A&E review.

Patient Journey: Today vs Tomorrow

Today

1Notice symptoms, procrastinate for days/weeks
2Book appointment, wait days-weeks
315 minute consultation, rushed
4Tests ordered, wait weeks for results
5Referral sent, may get lost in system
6Months pass. Sent home alone.

Tomorrow

1AI notices wearable data changes, checks in
2AI conducts thorough history over hours, days
3Home blood tests ordered, scan booked same day
4Results interpreted within 24 hours by AI + clinician
5Diagnosis confirmed, treatment started immediately
6AI monitors recovery. Never lost to follow-up.

The Thesis

The pivot is two-pronged:

  1. Maximise the existing business — hyper-aggressive pricing, regulatory leverage, expanded partnerships
  2. Build an AI-first direct-to-consumer healthcare provider — own clinicians, EHR, AI and models

The Ask

$50M
Series A
3 cities, 10 practices
$150M+
Series B (24mo)
30K patients, $30M ARR
$60-100
Per employee/mo
Employer health benefit
Chapter 02

Background: Why Now

The Generative AI Inflection Point

For the first time, machines can reason about complex, ambiguous, multi-factorial clinical problems with competence that approaches — and in narrow domains exceeds — the average human practitioner. This is not incremental progress. This is a phase change.

Arcane Knowledge Is Now Free

A GP must hold thousands of conditions, drug interactions, guidelines, and pathways in working memory. An LLM does this trivially, with perfect recall, at zero marginal cost.

The Access Crisis
7.6M
NHS waiting
list (2025)
10M
WHO clinician
shortfall by 2030
18 mo
Mental health
wait times
2,000
Fewer GPs
than 2015
5-10x
AI clinician
multiplier

Capped vs Uncapped

Three forces constrain AI deployment: clinician preferences, EHR business practices, and procurement cycles. These are structural barriers of working within the existing system. By becoming the healthcare provider, we remove all three.

"All roads lead to the same place: AI-mediated healthcare delivery with human oversight. The question is who will build it, and from what starting position."
Chapter 03

TORTUS Today

0
Patients/day
0
Daily users
3 yrs
In production

Competitive Position

The Three Barriers

1

Clinician preferences — adoption requires changing deeply ingrained workflows

2

EHR business practices — closed ecosystems, data lock-in, integration friction

3

Government procurement — 6-18 month cycles, constrained budgets, death by committee

"TORTUS can grow on its current trajectory. It will not, however, create massive impact in the world. To create the impact we set out to create, we must change the game entirely."
Chapter 04

Technical Approach

Multi-Agent Architecture: Kairos

Kairos is not a single model. It is a multi-agent system where specialised components collaborate under clinical supervision — 100+ structured pathways aligned to NICE/SIGN guidelines, with dual-pathway re-matching mid-consultation.

System Architecture
🎙
Patient Voice Agent
Natural voice intake, full history, empathetic clinical rigour
🧠
Clinical Decision Engine
NICE guidelines, scoring systems, differential diagnosis
🛡
Clinical Supervisor
Red flags, safety rules, pathway constraints
📋
Own EHR
OpenEMR + AI-native extensions, full data ownership
Statement Verification
Every claim traced to source evidence, confidence badges
👨‍⚕️
Clinician Review Interface
Human-in-the-loop verification, sign-off, prescribing

Clinical Pathways

117+ structured pathways covering the top primary care presentations. Each defines red flags, NICE/SIGN references, risk-stratified investigations, referral triggers, and safety netting — aligned with Eolas official guidelines. Dual-pathway architecture enables mid-consultation re-matching when clinical picture evolves.

Observability

100% of conversations recorded. Every clinical decision logged with its reasoning chain. Every AI statement linked to source evidence. This level of observability is impossible in traditional healthcare, where fewer than 5% of GP consultations are recorded.

Chapter 05

Clinical Approach

A New Paradigm

AI does the 80% that doesn't require a doctor, so doctors can focus on the 20% that does. Patients get unlimited time with an AI that never rushes, never forgets, never gets tired.

The Five-Step Clinical Flow

1

Patient Context — demographics, PMH, medications, allergies, previous encounters

2

Presenting Complaint — clinical essence, red flags, structured note

3

Investigations — risk-stratified labs and imaging, clinician-confirmed ordering

4

Patient Contact — optional call with recording, transcription, verified notes

5

Decisions — AI assessment verification, NICE guidelines, referrals, sign-off

Safety Architecture

Multiple independent layers — no single point of failure can cause patient harm.

PATIENT Clinician Review AI Verification Red Flag Detection Pathway Rules Continuous Monitoring

Human-in-the-Loop Evolution

v1 (now) — clinician reviews every case, approves all orders, signs off every encounter

v2

v2 (future) — clinician reviews high-risk and flagged cases; routine cases expedited

v3

v3 (long-term) — AI manages routine care autonomously; clinician oversight is statistical

Chapter 06

Product & Roadmap

What the Patient Gets

24/7
Access
No waiting rooms
Time
AI never rushes
100%
Recorded
Full audit trail

What the Clinician Gets

0
Overhead
Turnkey platform
PAYG
Flexibility
Work when you want
50-70%
Time saved
AI-prepared cases

Phased Rollout

Phase I — Month 1
Prototype. Prove core technology end-to-end. 5 clinical pathways. Decision engine. Clinician review UI. Red teaming infrastructure.
Phase II — Month 2
Actor Testing. Trained actors simulate patients. Real doctors review every consultation. Measure diagnostic accuracy, triage, red flag detection.
Phase III — Month 3
Real-World Pilot. Real patients under full clinician oversight. Safety monitoring board. Comparative analysis. Publish results.
Phase IV — Month 4+
Launch & Scale. First paying patients. UK telemedicine. US clinic-in-a-box. Payment infrastructure. Clinician recruitment.
Chapter 07

Commercial & Go-to-Market

"To achieve real system change, we need to become the system."

The Model: Buy, AI-fy, Sell

Acquire private primary care practices. Deploy Kairos AI across them. Sell AI-powered healthcare to employers. Expand the panel. Repeat in the next city.

The Acquisition Economics

At Acquisition

400
patients
$540K revenue
15-20% margin

Post-Kairos (12mo)

2,500
patients
$2.4M revenue
40-50% margin

US: MSO/PC Architecture & DPC Roll-Up

MSO (Lifeboat Health Inc) — Delaware C-Corp. Owns technology, brand, employer contracts, all economics.
PCs — one per state, owned by licensed physician partner with MSO equity alignment.
IMLC Compact — two physicians = 41-state telehealth coverage in 4 months.

"$10M buys 12 DPC practices with $6M instant recurring revenue. Deploy Kairos across all 12. Margins triple. That's not a startup — that's a replication engine."

Employer Health Benefit

$60
Core tier
Unlimited AI + GP
$80
Plus tier
+ Bloods & occupational
$100
Complete tier
+ Specialist & POCUS

UK: CQC + TORTUS GP Network

CQC registered. 10,000+ GPs already on the TORTUS platform — many want to go private. We provide the CQC umbrella, AI stack, billing, and governance. They join our network. Instant distribution.

Roll-Up Targets

2,688
US DPC
practices
$47B
US MSO
market
£1B+
UK private
GP market
$4.9T
US healthcare
total spend

Strategic Partnerships

CostPlus Drugs (Mark Cuban)
Transparent generic pricing. Kairos prescribes, CostPlus fills. No PBM.
NVIDIA
Anamnesis as flagship healthcare AI use case. GPU infrastructure partnership.
Quest / LabCorp
Volume deals for cash-pay blood panels. At-home phlebotomy via Getlabs.
Hint Health (acquisition target)
1,500 DPC practices (55% of US market). $50-80M. Instant infrastructure.
Chapter 08

Financials

Path to First Patient

Phase I: PrototypeExisting team
Phase II: Actor Testing~£50-100K
Phase III: Pilot Study~£200-400K
Total to first patient~£500K

$50M Series A — Use of Funds

People (leadership, engineering, city teams)$22M — 44%
Clinic Acquisitions (10 practices, 3 continents)$8M — 16%
Working Capital & Contingency$6.5M — 13%
Technology & Anamnesis Infrastructure$4M — 8%
Clinical Services (bloods, diagnostics, stop-loss)$3M — 6%
Legal & Regulatory (CQC, MHRA, FDA, HIPAA)$2.5M — 5%
Sales, Marketing & Conferences$2M — 4%
City Transformation (90-day Kairos deployments)$2M — 4%

Unit Economics

$960
ARPU / year
$80 blended PMPM
~70%
Contribution margin
AI cost: $0.40/encounter
2,500
Patients per GP
vs 400 traditional

Series A → B Bridge

$50M
Series A
10 cities, prove the cell
30K
Patients @ 24mo
$30M ARR
$150M+
Series B
National + insurance
Chapter 09

Team

This is not a team that needs to learn healthcare. The board combines frontline clinical AI experience, the governance of some of the UK's largest health systems, and deep US healthcare venture expertise.

Founder & CEO
Dr Dom Pimenta
NHS Internal Medicine physician · MBBS UCL · MRCP · 16 years clinical experience
Founded TORTUS through Entrepreneur First (2022), building it from zero to $2m ARR as a first-in-class pioneer in clinical AI. Published researcher in digital health and AI clinical trials (Richmond Research Institute). Former Clinical Lead for Cardiology at ORCHA. Founded the Healthcare Workers' Foundation during COVID, raising £3.2m in its first year. Forbes 30 Under 30 (Healthcare). Personally built the Lifeboat prototype -- the multi-agent intake system, clinician review interface, clinical pathway engine, and evaluation framework.
ClinicianAI Product BuilderCompany Operator
Chair
Dominic Dodd
Chair, UCLPartners · Chair, Skin Analytics · Former Chair, Royal Free London NHS FT
One of the most experienced healthcare system leaders in the UK. Chair of Europe's largest academic health science partnership. Chair of Skin Analytics, whose DERM product is the world's first Class III CE-marked autonomous AI medical device -- the only AI legally authorised to make independent clinical decisions without clinician oversight. Vice Chair of The King's Fund. Trustee of UK Biobank. Governor of Nuffield Health. Co-chair of the UK Government's Life Sciences strategy innovation workstream.
NHS GovernanceMHRA Class IIIRegulatory Pathways
Non-Executive Director
Dr Hal Paz
Operating Partner, Khosla Ventures · MD University of Rochester · Board-certified physician
Five-time CEO and executive leader of major US health systems: CEO of Ohio State Wexner Medical Center, CEO of Penn State Health, EVP and Chief Medical Officer of CVS Health/Aetna. At CVS/Aetna, launched AetnaCare connecting ACOs, health systems, and pharmaceutical companies through value-based contracts. At Khosla Ventures, works across ~100 healthcare portfolio companies including the Cleveland Clinic AI partnership. 100+ published papers.
US Health SystemsKhosla VenturesValue-Based Care
AI Strategy & Innovation
Sabine Azancot
VP Innovation & Strategy, UnitedHealth Group · Harvard Business School
Parent of Optum, the world's largest healthcare services company. MSc Behavioural Science. Previously at Afiniti (AI unicorn). Specialist in AI governance, enterprise AI adoption, and the behavioural barriers to AI deployment in clinical settings.
Frontier AI & LLM Alignment
Prof Michal Valko
Principal Llama Scientist, Meta GenAI · Core contributor to Llama 3 training & alignment
Former Senior Researcher at Google DeepMind (2019-2024). Professor at UCL. PhD in Machine Learning (Pittsburgh). Outstanding Paper Award at ICML 2023. Specialist in RLHF, LLM alignment, and deep reinforcement learning. Advises on foundation model strategy and clinical AI alignment.
NHS System Leadership
Prof Ian Abbs
Former CEO, Guy's and St Thomas' NHS FT · FRCP · MBA Cambridge
Led one of the UK's largest and most prestigious teaching hospitals (2019-2025) through COVID-19 and the Royal Brompton/Harefield merger. Former Chair of the NIHR Clinical Research Network. Brings executive-level understanding of NHS procurement, clinical governance, and digital transformation.
Digital Health Product
Lorenzo Espinosa
Former Product Lead, Ada Health
World's leading AI-powered symptom assessment platform. Direct experience building AI clinical triage and care navigation products at scale, with deep understanding of the product-clinical interface in consumer health.

Machine Learning & AI

ML Research Engineer (Lead)
Gianluca Truda
Former co-founder of Bountyful AI (Entrepreneur First). Built MLOps platform demonstrating 8x cost reductions and 3x speedup on LLMs through distillation, fine-tuning, and RLHF. MSc research on TableDiffusion -- the first differentially-private diffusion model for tabular data. Research focus on biomedical applications of generative models.
MLOpsRLHFGenerative Models
AI Safety Engineer
Sal Khalil
Former AI/ML specialist at the Financial Conduct Authority (FCA), working on AI governance, model risk management, and safety frameworks for regulated financial services. Owns the clinical AI safety evaluation pipeline, red-teaming infrastructure, and the CCQR-9 rubric validation work.
AI SafetyRed TeamingRegulated AI

Engineering

Alumni from Babylon Health (AI-first healthcare at scale), Healthtech-1 (NHS digital infrastructure), and Huddlestock (regulated fintech). Includes former practising doctors who code -- engineers with clinical context built in, not bolted on. Full-stack capability across Python, FastAPI, real-time voice/WebSocket systems, and cloud infrastructure (GCP).
Python / FastAPIVoice / WebSocketGCPHealthtech Alumni

Commercial

Head of Commercial (UK)
Henry Stoneley
Head of UK & Netherlands at HLTH, the world's largest healthcare innovation event. Former commercial roles at eConsult Health (NHS telemedicine), Q Doctor (digital primary care), and Lantum (NHS workforce platform). Deep network across NHS procurement, healthtech buyers, and the European health innovation ecosystem.
NHS SalesHealth Innovation
Head of Commercial (US / International)
Ladislaya Ladanyi
Former enterprise sales at VMware and Carbon Black (cybersecurity platform acquired by VMware for $2.1B). Entrepreneur First alumnus. Enterprise go-to-market discipline from scaling high-growth B2B technology companies in regulated markets.
Enterprise GTMUS Expansion
London Ambulance Service
Operational deployment in one of the UK's highest-acuity clinical environments
X-on Health
Partnership covering access to 60% of UK primary care through Surgery Intellect integration
GOSH, RDUH & NHS Trusts
Live enterprise contracts providing revenue, clinical data, and credibility
Nuffield Health
Potential strategic partner -- 31 hospitals and 113 fitness centres, established private healthcare infrastructure and CQC registrations
RoleTimelineLocationRationale
CTOQ1 2026London (hybrid)Architecture ownership, Kairos & Anamnesis platform
COOQ1 2026LondonClinical ops, CQC, clinic M&A, physician recruitment
US General ManagerQ2 2026NYCMSO/PC set-up, IMLC, NYC & SF practice acquisitions
Principal AI ScientistQ3 2026London / RemoteAnamnesis: memory architecture, continuous training, sleep cycles
VP Operations (per city)Q2+ 2026London / NYC / SFCity GM: acquire, transform, expand, sell to employers
US Legal / RegulatoryQ2 2026USHIPAA, FDA, state-by-state licensing, CPOM compliance
Mental Health LeadQ3 2026London / NYCTherapist recruitment, AI-CBT, mental health pathways

Organisational Design for Speed

Structured around two principles typically in tension: move exceptionally fast and never compromise clinical safety. The resolution is small, autonomous squads with clinical safety as a hard constraint.

Platform Squad
CTO + 5-7 engineers: Kairos, Anamnesis, EHR, clinician & patient UI
Clinical Squad
CEO + AI Safety + advisors: pathways, red-teaming, CCQR9, guardian layers
City Operations
COO + City GMs: acquire, transform, expand. Physician & therapist recruitment.
US Beachhead
GM + legal: MSO/PC, IMLC, DPC acquisitions, HIPAA, employer sales

Engineers who understand clinical context, clinicians who understand technology. Decision-making pushed to the edge. Clinical safety has veto power at every stage -- the Clinical Advisory Board can halt any deployment.

Chapter 10

Compliance & Regulatory

Existing Regulatory Assets

This groundwork transfers directly and represents years of work competitors must replicate.

CE Marking (MDR)
DTAC Compliance
DCB0129 Clinical Safety
NHS Assured Supplier
ISO 13485
ICO Registration
Cyber Essentials
Class IIA Certification

UK Framework

CQC — registration required. Named Registered Manager, clinical governance, regular inspections.
MHRA — AI system classification analysis underway. Existing CE marking provides foundation.

US Framework

MSO/PC structure — Corporate Practice of Medicine doctrine navigated via Management Services Organisation + Professional Corporations, one per state.
IMLC Compact — 40 states covered with single physician application in 2-3 months. California separate track.
DPC Act — Direct Primary Care explicitly exempted from insurance regulation in most states.
HIPAA — BAAs with all vendors, encryption, audit logging, regional data federation.
FDA — physician-accountable model keeps us outside SaMD classification initially. Pre-submission meetings budgeted.

Chapter 11

1, 2, 5 Year Strategy

Q1 — Foundation
CQC application. Delaware C-Corp. London practice acquired. CTO + COO hired. IMLC compact applied. Kairos deployed in London.
Q2 — Three Cities Live
NYC and SF practices acquired. Kairos deployed in all three. First employer contracts signed. IMLC licences received — 40-state coverage. Mental health therapists hired.
Month 9 — Unit Economics Proven
5,000+ patients. 9 employer contracts. CCQR9 quality demonstrated. Anamnesis training on 300K+ encounters. Playbook documented.
Month 12 — Replication
$6-8M ARR. Cities 4-7 due diligence (Chicago, Boston, Manchester, Berlin). Cross-city employer conversations. Phase I published.
Month 18 — Ten Cities
$18-22M ARR. 20,000 patients. First cross-city employer contract. CostPlus Drugs integration. Quest volume deal. MDR/CE marking obtained.
Month 24 — Series B Ready
$30M ARR. 30,000 patients. 50 employer contracts. Stop-loss partnership live. First insurance risk conversation. Anamnesis on 3M+ encounters.
Year 5 — Category Definition
200,000+ patients. $150M+ ARR. 50+ cities. Licensed health plan operator. Full integrated stack: provider, insurer, diagnostics, pharmacy, AI. The Kaiser model rebuilt on AI.
Chapter 12

The Anti-Investment Case

An honest investment thesis must confront its own weaknesses directly.

Regulatory Risk

Against: Uncharted pathway for AI clinicians. Multi-jurisdiction complexity. Response: CE, DTAC, DCB0129 already held. Human-in-the-loop = clinician-delivered care. MSO/PC structure is proven US law. IMLC covers 40 states. Engaging regulators proactively.

Clinical Safety Risk

Against: AI errors can kill. Response: 6 independent safety layers. 100% auditability. Not "AI vs perfect doctor" — "AI-assisted vs current system" which kills thousands annually. Every consultation recorded and verifiable.

M&A Execution Risk

Against: Acquiring 10 practices in 3 countries is complex. Response: DPC practices are small, simple acquisitions ($300-600K each). Playbook repeatable. Risk bounded — each practice generates revenue immediately.

Market Timing Risk

Against: Patients may not trust AI yet. Response: 7.6M NHS waiting list. 30M uninsured Americans. Employer healthcare costs up 7% YoY. Market is desperate, not sceptical.

Competitive Risk

Against: Big tech and US startups. Response: Big tech won't take clinical liability. Healthcare is local. We have a 3-year regulatory head start. No competitor has the buy-deploy-scale clinic playbook.

Capital Intensity

Against: $50M is a lot. Response: $8M of it buys $6M in recurring revenue from day one. This is capital deployment with immediate cash flow, not pure R&D burn.

"These are not risks of concept — the evidence is overwhelming that AI healthcare will work. These are risks of execution. Execution risk is manageable. We are on the right side of market risk."
Chapter 13

The World of 2036

The Integrated Stack

Ten years from now, healthcare will no longer be delivered in episodes. It will be a continuous stream from a single, vertically integrated system. The Kaiser model rebuilt on AI.

The 10-Layer Integrated Healthcare System
Layer 10 — Anamnesis
Medical superintelligence with persistent memory, continuous learning, sleep consolidation cycles
Layer 1 — Kairos
AI clinician: voice, pathway, diagnosis
Layer 2 — Physicians
Employed GPs & specialists, IMLC
Layer 3 — Diagnostics
Quest/LabCorp + POCUS + AI triage
Layer 4 — Pharmacy
CostPlus Drugs integration
Layer 5 — Mental Health
Employed therapists + AI CBT
Layer 6 — Specialists
Contracted cardiologists, derm, etc
Layer 7 — Malpractice
Captive insurance entity at scale
Layer 8 — Health Plan
Self-insured employer option

Project Anamnesis

The endgame is not a better chatbot. It is a medical superintelligence that learns from every encounter, remembers every patient longitudinally, and consolidates knowledge the way human memory does — through something analogous to sleep.

Episodic Memory

Every encounter stored verbatim. Perfect recall of every conversation, every symptom, every test result.

Semantic Memory

Patterns extracted across millions of encounters. Population-level learning that no individual clinician could achieve.

Sleep Consolidation

Periodic training cycles that replay, promote, and prune — like biological sleep. The model doesn't degrade; it deepens.

Federated Architecture

US data stays in US, UK in UK, EU in EU. De-identified learning signals flow globally. Privacy by design.

A Patient Journey in 2036

1

Kairos notices your HRV declining for six weeks via wearable. It proactively checks in — it has known you for years.

2

You mention a scratchy throat. Kairos remembers your father's cancer at 56. It doesn't say "give it a week."

3

Within 30 minutes: bloods ordered to your home. Your haemoglobin is 130 — normal, but Kairos knows you used to run at 169.

4

FOB positive. Endoscopy arranged same week. Your physician reviews — Kairos has already prepared the full case.

5

Stage 1. Surgery within two weeks. Three weeks end to end. Without Kairos, this was Stage IV in 18 months.

6

Kairos monitors your recovery for years. You are never lost to follow-up. You are never alone with your health again.

Why TORTUS / Lifeboat

"We are not building a faster horse. We are not digitising the waiting room. We are building the healthcare system that should exist — where no one dies of a missed diagnosis, no one waits months in pain, and every human being has a doctor in their pocket who knows them, remembers them, and never stops watching."