Manav Sevak, former founder and CEO of Memora Health, has announced the launch of Novitas Holdings, a technology-enabled investment firm focused on supporting founder-led technology companies. The firm invests across all stages, with a strong emphasis on early-stage businesses. The launch follows the acquisition of Memora Health by Commure, a leading health operating system for healthcare providers.
The acquisition of Memora Health was completed in mid-2024. While the financial terms of the transaction were not disclosed, it marked a significant milestone for both companies.
Novitas Holdings is rooted in Sevak and team’s experience building and scaling Memora Health into a patient engagement platform for healthcare organizations. Memora Health raised over $80 million from leading Silicon Valley investors including Y Combinator and Andreessen Horowitz. Novitas has announced that Sevak and team will partner closely with entrepreneurs who are building durable, mission-driven technology companies. The firm provides capital alongside hands-on strategic and operational support. The firm additionally invests and acquires technology companies, according to reports. Sevak did not respond to a request for comment.
Sevak’s first business, Memora Health, was founded to improve communication between patients and care teams. The platform enabled health systems to automate and personalize patient interactions throughout the care journey. These interactions included appointment reminders, intake workflows, post-discharge follow-ups, and condition-specific care plans. Over time, Memora gained nationwide recognition for its ability to support better patient outcomes while integrating seamlessly into existing clinical workflows. Health systems used the platform to engage patients more proactively and consistently. This approach helped clinicians focus on care delivery rather than manual communication tasks.
In mid-2024, Memora was acquired by Commure in what was reported to be the coming together of two leading healthcare technology companies. Commure is one of the country’s largest healthcare technology companies that provides a unified operating system for health systems. Through the acquisition, Memora’s patient engagement capabilities were integrated directly into Commure’s platform. This strengthened Commure’s ability to deliver an end-to-end modern operating system at scale.
Novitas Holdings invests across sectors and has already been active in supporting an initial cohort of companies. The firm prioritizes companies that solve complex problems and are built for long-term relevance.
Novitas is structured as a technology-enabled investment platform. It leverages data, operating frameworks, and founder experience to support portfolio companies beyond capital alone. The firm works closely with founders on product strategy, go-to-market execution, hiring, and scaling. This approach is designed to support companies during their most formative stages.