Hi Rasmus Raises $50 Million. What Kind of Platform Is It Becoming?
A year in which capital has become harder to find across autism services just produced a $50 million investment in an ABA technology company.
Hi Rasmus announced Thursday that Updata Partners has made a $50 million minority investment in the company. The founders retain majority ownership, and CEO Nikolaj Hendriksen remains at the helm.
The size of the investment matters. But perhaps more interesting is what Updata is investing into—and the position from which Hi Rasmus is taking the money.
Hi Rasmus says it now serves more than 1,000 organizations across 90 countries, supporting 19.6 million hours of client sessions annually. It also says it is currently onboarding two of the world's largest ABA providers.
That makes this more than another funding announcement. It is a useful signal about where capital still sees opportunity in ABA technology. And it raises a more interesting question about where Hi Rasmus intends to compete.
Investors Are Cautious on the Market—Not the Infrastructure Underneath It
The most useful thing this deal tells us isn't that money is flowing back into ABA. It's which ABA that money is willing to back.
Capital has clearly become more selective around provider businesses, which are confronting reimbursement pressure, labor constraints and less forgiving economics. The intuitive move is to extend that caution to the technology companies serving them.
The evidence increasingly says the opposite. Investors appear cautious about underwriting growth that depends simply on the ABA market expanding—but still willing to pay for the infrastructure beneath that market.
The clearest signal came at the top. In March 2025, Roper Technologies—an S&P 500 serial acquirer—agreed to buy CentralReach, the category's all-in-one incumbent, from Insight Partners. Roper's own filings put the purchase price at roughly $1.85 billion, and the company expects CentralReach to contribute around $175 million of revenue and $75 million of EBITDA in the twelve months ending mid-2026. That is a strategic buyer paying nearly $2 billion to own a critical piece of ABA's technology infrastructure.
Below that headline, the growth capital kept moving too. Also in March 2025, Motivity announced a $27 million investment from Five Elms Capital. Hi Rasmus has now raised $50 million from Updata.
Three deals, three very different shapes—a multibillion-dollar strategic acquisition, a growth round, and a founder-controlled minority round—but they point in the same direction.
The common bet isn't simply on ABA growth. It's on owning infrastructure underneath it.
The structure of the Hi Rasmus deal sharpens the point.
This is a minority investment, with founders retaining majority ownership and the existing leadership in place. Hi Rasmus reached more than 1,000 organizations without institutional capital, and only then took outside money. That gives this round a different starting point: Updata is investing into an established trajectory rather than financing the search for one.
Founder control doesn't mean investor influence disappears—Updata General Partner Braden Snyder is joining the board—but it does leave Hi Rasmus with unusual latitude for a company taking $50 million of growth capital.
And that matters because the question the money raises isn't simply how fast Hi Rasmus can grow. It's what Hi Rasmus wants to grow into.
And there's already evidence that the enterprise move has begun.
The Enterprise Evidence Is Starting to Accumulate
Hi Rasmus says it is currently onboarding two of the world's largest ABA providers. It doesn't name them, and "world's largest" is the company's characterization.
But we don't have to rely on an unnamed claim to see the direction of travel.
In August, Hi Rasmus publicly announced a deployment with Community Autism Services, part of The Stepping Stones Group—an implementation spanning nine states and serving an operation with more than 7,300 clients and 3,100 employees.
The architecture is as interesting as the scale.
The deployment combines Hi Rasmus and Lumary ABA, with the two platforms together supporting scheduling, documentation and billing. The first phase went live in May. That is an enterprise implementation by almost any reasonable definition.
Then there is Behavioral Framework.
Hi Rasmus and Behavioral Framework recently published outcomes research based on more than 1,000 home-based ABA clients across four states. Behavioral Framework is also one of the fastest-growing larger providers I track. It was part of MissionViewpoint's Q2 2026 Provider SCUBA MVP cohort, which identifies providers showing particularly strong staffing momentum, and is now closing in on the Top 20.
These are different signals. Stepping Stones demonstrates deployment at substantial organizational scale. Behavioral Framework demonstrates meaningful scale and growth, alongside Hi Rasmus's increasingly visible emphasis on measuring outcomes across large populations.
I don't know whether these are the two providers Hi Rasmus is referring to, and I wouldn't assume they are. I don't need to.
Together, the announcements make the broader point: Hi Rasmus's move upmarket is no longer theoretical.
The more interesting question isn't who those two providers are. It's what Hi Rasmus intends to become as it moves upmarket.
How Much of the Stack Does Hi Rasmus Want?
Hi Rasmus has historically been easy to understand as a clinical platform—which made it a natural complement to broader practice management systems.
Its relationship with Lumary is the clearest example: a provider can run the administrative side in Lumary's Salesforce-based environment while using Hi Rasmus for clinical workflows and data. The Stepping Stones deployment makes that architecture tangible at enterprise scale.
But look at how Hi Rasmus describes itself today.
The company says its platform now brings together clinical data collection, care-delivery workflows, scheduling, outcomes reporting and AI-supported tools.
Scheduling is worth noticing.
Once a clinical platform starts owning scheduling and care-delivery workflows, the boundary between "clinical platform" and "practice management platform" gets blurry. Add enterprise reporting, AI and integrations, and the question stops being how much better Hi Rasmus can make its original clinical product.
It becomes how much of the operating stack Hi Rasmus ultimately wants to own—and that is a question about who it competes with.
Push far enough up the stack and Hi Rasmus is walking toward CentralReach's lawn—and that lawn now belongs to Roper.
CentralReach is the all-in-one incumbent that has spent years assembling the clinical record, scheduling, billing, revenue cycle and reporting into a single system, and it now sits inside an S&P 500 acquirer that paid nearly $2 billion for it.
Much of ABA platform strategy has been built around the premise that one platform can own most of the stack.
Hi Rasmus presents a potentially different bet: can a clinical-first platform become substantially larger without becoming an all-in-one—owning more of the work while remaining part of a broader operating architecture?
Build More—or Connect More?
There are at least two logical paths, and they aren't necessarily mutually exclusive.
One path is horizontal. Scheduling leads to other operational workflows; clinical data supports increasingly sophisticated organizational reporting; AI sits across both. Enough adjacent capability accumulates that Hi Rasmus starts to look like a broad ABA operating platform—and starts competing more directly with CentralReach on its own terms.
The other path goes deeper in the opposite direction.
Hi Rasmus becomes an increasingly powerful clinical and care-delivery layer while investing heavily in the integrations that let administrative platforms do what they do best. In that model, interoperability isn't something you build until you can replace your partners.
Interoperability is the architecture.
Stepping Stones makes the distinction concrete. A large provider has already chosen the Hi Rasmus + Lumary model.
Does the next stage of Hi Rasmus make that combination more formidable against an all-in-one incumbent?
Or does Hi Rasmus gradually absorb enough administrative and practice-management functionality that large providers need less from the surrounding platform—at which point its relationship with Lumary starts looking less complementary?
Notably, Hi Rasmus lists both enterprise capabilities and integrations among the areas in which it plans to invest.
There's no reason yet to assume it has to choose an extreme. Enterprise customers may push in both directions at once—asking Hi Rasmus to own more workflows while demanding deeper interoperability with billing systems, Salesforce, HR platforms, data warehouses and the rest of their technology environment.
That may be where the enterprise platform market is heading anyway.
The More Interesting $50 Million Question
A bootstrapped company serving more than 1,000 organizations was already worth watching.
Add $50 million of growth capital while retaining founder control, a deployment at Stepping Stones scale, an outcomes partnership with a fast-growing provider like Behavioral Framework, and an explicit push into enterprise capabilities, and Hi Rasmus belongs in a different competitive conversation—one that runs closer to CentralReach than its clinical-first origins would suggest.
The funding is evidence that capital investment in ABA technology isn't dead.
What Hi Rasmus does with it may tell us something more important: whether the next generation of enterprise ABA technology consolidates around bigger platforms—or around better-connected ones.
With $50 million and founders still in control, Hi Rasmus is now positioned to pick a side. The interesting part is that it doesn't have to yet.
