Having recorded a $2.7 million funding round and 10X revenue growth in 2025, St. John’s-based SiftMed now hopes to book more sales – including enterprise clients – and capital in 2026.

In fact, Co-Founder and CEO Holly Hill revealed in an interview that the company’s ambition for this year is to increase its annual recurring revenue, or ARR, by four times. Assuming revenues and ARR are roughly synonymous, it means the company is looking at revenue growth of 40 times in two years.

Founded in 2022, SiftMed’s software helps medical insurers (and others who work with medical reports) to quickly and precisely extract essential information from medical data. Hill said SiftMed can process medical data in 10 to 15 minutes, offering a huge saving in time for its customers.

“Once the customer uploads all of their medical PDFs, we process them and get it back to them within 10 or 15 minutes,” said Hill in the interview. She added competitors “are still taking upwards of eight and 10 hours to get files back. . . . We've really focused on making that our kind of bread and butter, and we're super efficient, accurate, and quick at getting records back for customers.”

Having worked at such luminary startups as Verafin, Solace Power and Clockwork Fox, Hill teamed up four years ago with orthopaedic surgeon Jeremie Larouche to develop the medical investigation platform. While the company proceeded quickly in its early years, raising $2.7 million in 2023, it was in 2025 that it really began to scale.

Hill and her team (which now exceeds 40 people, according to LinkedIn) started the year knowing they were targeting a huge market, with 250,000 companies in North America viewed as potential clients. They also started 2025 with a fresh tranche of funding, once again worth $2.7 million.

To accelerate growth, they improved the software, increasing the speed at which it processed reports. They also developed the product into a collaborative hub, so that people in multiple organizations could work on the reports. These improvements allowed SiftMed to sign larger customers, and new features allowed them to work more smoothly in their own IT systems.

“We started working with larger corporate customers – our average deal size has grown by 5x,” Hill said. “In Q1 of this year, we signed our big first insurance player to launch us into the [enterprise] insurance space. So we're very much moving upstream in higher ACV, or annual contract value.”

As 2025 progressed, Hill also doubled down on efficiency, making sure SiftMed was performing well in terms of margins, cost of goods sold, and other such metrics. The team is still focused on improving sales, as seen in the target to increase ARR by 400 percent this year.

What’s more, the company is hoping to raise more capital in the near term, though Hill declined to reveal details.

“We are we are currently in discussions of a term sheet as I speak,” said Hill.  “So yes, we're in the middle of a round right now.”