Rounds: Take the Money and R1, Megan Scheffel, Dan Bise, and Jeremy Friese

In Episode 5 of Rounds, Stephanie Davis and Christina Farr break down the latest healthcare headlines — including Oura's step toward an IPO with its S-1 filing revealing $1.4 billion in revenue, and a former Anthropic researcher's warning to the BBC that AI staff are "genuinely frightened" for humanity's future — before sitting down with Megan Scheffel, Head of Life Science and Healthcare at SVB, Dan Bise, Executive Vice President of Strategy & Corporate Development at R1, and Jeremy Friese, CEO and Founder of Humata Health.

We'll cover:

• Oura's S-1 filing and what it signals about the company's path to IPO

• Key takeaways from SVB's Healthcare Investments and Exits report — including why fewer specialized funds (not less capital) are driving the fundraising slowdown, why deal volume hit a multiyear low even as total dollars held steady, and why investors are increasingly rewarding proven commercial viability over pure technology hype

• The diverging exit landscape between biopharma (a record M&A year driven by looming patent cliffs) and healthtech (strong IPO performance, but few companies actually going public)

• How blurring lines between Dx/Tools, device, and biopharma are reshaping where capital flows

• The thesis behind CD&R and TowerBrook's take-private of R1, and the company's shift from tech-enabled services to a true AI-native, technology-first approach to automating the healthcare revenue cycle

• R1's first two acquisitions, Phare Health and Humata Health, and how Humata's prior authorization platform fills a key gap in R1's strategy to reduce downstream payer denials

• Dan Bise's investment approach — from setting strategy to evaluating the competitive landscape to aligning investors and the Board — and how it mirrors a thesis-driven, PE-style playbook

• Jeremy Friese's perspective as Humata's founder on what set R1 apart from other potential acquirers, and what convinced him to sell

Hosts and Guests:

• Christina Farr, CEO, Second Opinion; GP, Scrub Capital

• Stephanie Davis, Healthcare Industry Analyst

• Megan Scheffel, Head of Life Science and Healthcare at SVB

• Dan Bise, EVP, Strategy and Corporate Development at R1

• Jeremy Friese, Founder and CEO of Humata Health

Sponsored by Silicon Valley Bank.