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DesignedbyMeganWoodard
PublishedonJanuary18,2024
Contents
Keytakeaways
Introduction
Stalledfunding,outdatedvaluations
Shiftingmarketexpectations
HealthtechunicornM&Aoutlook
2024IPOwatch
Evaluatinghealthtechunicornprospects
Appendix
1
2
3
4
5
6
6
13
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EMERGINGTECHRESEARCH
EvaluatingHealthtechUnicorns
Dealtrends,exitopportunities,andwhatthefutureholds
PitchBookData,Inc.
JohnGabbertFounder,CEO
NizarTarhuniVicePresident,Institutional
ResearchandEditorial
PaulCondraHeadofEmerging
TechnologyResearch
InstitutionalResearchGroup
Analysis
PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,most
accurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.
AaronDeGagne,CFA
SeniorAnalyst,Healthcare
aaron.degagne@
pbinstitutionalresearch@
Keytakeaways
Publishing
?Late-stagefundingforhealthtechunicornshassignificantlyslowed,trailing
broaderhealthcarefunding.Currentunicornsraised$12.1billionofVCfundingin2021,$4.8billionin2022,andjust$1.2billionin2023.
?Investors’demandsofhealthtechunicornshavechanged.Expectationsofprofitabilityandmarginshaverisen,puttingapremiumonbusinessmodelsgearedtowardenterpriseascomparedtoDTCsolutionsrequiringhigh
marketingexpenses.
?Themarketenvironmentwillcontinuetobetoughforlate-stagedigitalhealth
startupsasthesectorfacesmarketheadwindsandasmallnumberofacquirers.Lowerinterestrateswillnotbeaquickfixtodrivesignificantdealflowinthe
nearterm.
?Inourbasecase,severalhealthtechunicornsgopublicin2024,andwepredictthatatleastthreewillsuccessfullyIPO.Indigitalhealthbroadly,ourtopIPO
candidatesfor2024areNoom,Ro,SpringHealth,HingeHealth,Headspace,andQuantumHealth.
?Musculoskeletalsolutions,digitaltherapeutics,andbehavioralhealtharecategoriesthatareanticipatedtoseeahigherrateofconsolidationoverthecomingyearsasscaledsolutionsaremorelikelytobesuccessfulinthesemarkets.
1
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PitchBookAnalystNote:EvaluatingHealthtechUnicorns
Introduction
In2021,digitalhealthunicornswerebeingmintedfasterthanpenniesatthemint.Midstagestartupswererapidlymakingthejumptounicornstatus,andgrowthwasthenameofthegame.Fast-forwardtotoday,andthestoryhasdramaticallyshiftedasmarketdynamicshavechanged.Onlytwonewhealthtechunicornsweremintedin2023,comparedwith52in2021and2022combined,andfundingforlate-stagehealthtechcompanieshasslowedsignificantly.
Healthtechunicornshavefacedturbulenttimesinrecentyears.ManyofthemwerecreatedduringtheCOVID-19bubble,butmarketconditionsshiftedbeforethey
couldsuccessfullygopublicviaIPOorseekoutanotherexitopportunity.Becauseofthis,thereisnowalargegroupoflate-stagehealthtechstartups—wecount70currentunicorns.Whileafewhaveespeciallystrongprospects,asagroup,they
facechallengesinadaptingtothepost-pandemicenvironment,growingtheir
valuationsdespiteprevioushigh-valueraises,andfindingexitopportunitiesgivenfewlargeincumbentsandastill-frozenIPOmarket.Currentunicornshavebeen
reluctanttogopublicdueinparttothesignificantstockpricedeclinesexperiencedbyhealthtechcompaniesthatlistedduringtheboomtimes.The“Healthtechstockprices”chartillustratesthematerialdropinvaluationthatnotablepublicdigital
healthcompanieshaveexperiencedsince2021.
Lookingahead,weexpecttoseeamixofoutcomesforcurrenthealthtechunicorns.Notallcurrentunicornswillsuccessfullyexit,thoughunicornswithinnovative
solutions,stronggrowthcharacteristics,andlessmarketcompetitionaremore
likelytofindsuccessinthelongterm.Inthisnote,weexploretheinvestment
outlookforhealthtechunicorns,highlightIPOopportunities,andweighinonwhichunicornsarebestpositionedtobecomemainstaysinthehealthecosystem.
Healthtechstockprices
$120
$100
$80
$60
$40
$20
$0
JanMarMayJulSepNovJanMarMayJulSepNovJanMarMayJulSepNov
202120222023*
─—23andMe(NASDAQ:ME)Doximity(NYSE:DOCS)─—PriviaHealth(NASDAQ:PRVA)——Physitrack(STO:PTRK)
—CueHealth(NASDAQ:HLTH)Trellus(LON:TRLS)GoodRx(NASDAQ:GDRX)
Source:PitchBook?Geography:Global?*AsofDecember18,2023
2
US
China
Sweden
Ireland
Poland
Finland
Switzerland
France
uIndia
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PitchBookAnalystNote:EvaluatingHealthtechUnicorns
Shareofhealthtechunicorncountbycountry*
China
9.9%
US
80.3%
Source:PitchBook?Geography:Global?*AsofDecember5,2023
Shareofhealthtechunicorncountbystate/province*
California42.1%
NewYork
29.8%
California
NewYork
Texas
uMassachusetts
Colorado
Florida
Utah
Ontario
Tennessee
Illinois
Maryland
Nebraska
Minnesota
Source:PitchBook?Geography:USandCanada?*AsofDecember5,2023
Stalledfunding,outdatedvaluations
Currenthealthtechunicornsraised$12.1billionofVCfundingin2021,$4.8billion
in2022,andjust$1.2billionin2023.Ofthe70currenthealthtechunicorns,50%,
or35intotal,raisedtheirlastfundingroundover18monthsago.Alongertime
betweenfundingroundsisnotnecessarilyaconcernforwell-capitalizedstartupswithlongercashrunways.However,weexpectatippingpointin2024,wherein
manystartupswillbecomehighlymotivatedtoseekoutfundingasmilestonesarereached—thoughotherpotentialpathscouldbeexplored,suchasamerger,an
acquisition,oranIPO.Whileseveralnotablehealthtechunicorns—includingCapitalRx,SpringHealth,andAledade—haveraisedfundingsince2021atamarkedly
highervaluation,alargernumberofstartupseitherhavenotraisedrecentlyordidnotdisclosevaluationsinrecentrounds.InSeptember2023,wealsosawastartupfallfromunicornstatusasOliveAIdeclaredbankruptcyjustovertwoyearsafteritraiseda$400.0millionSeriesH.FormerCEOSeanLanecitedalackoffocusasa
3
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PitchBookAnalystNote:EvaluatingHealthtechUnicorns
keyreasonforthecompany’sdifficulties.1Inachallengingenvironmentforstartups,companieswithconservativebalancesheetsarelikelytofarebetterthanthosethatlackfocusoncorebusinessunits,evenifthatmoderationmayhavebeenpreviouslyinterpretedasalackofambition.
Ameaningfulnumberofunicornsarecurrentlyholdingontooutdatedandperhapsunreasonablevaluations—particularlyunicornsthatlastraisedin2021during
theheightofthebullmarket.Afewofthese,suchasCerebralandPapa,havehad
operationaldifficultiesinthemeantime,withapotentialeffectonvaluationthathasyettoshowupinapricedround.Healthtechunicornscurrentlyhaveanaggregatevaluationofnearly$175billion,andthatiswithonlytwonewunicornsmintedoverthepastyear.Manycompaniescouldbeseekinganexitpathinthenearfuture,
thoughnotalloftheseunicornswillmakeitthroughto2025ifmarketconditionsremainunfavorable.
Overthepast12months,nineunicornshavereceivedundisclosedVCfunding.
Thisisasignthatthesestartupshavebothmaintainedinvestorinterestinamoredifficultfundingenvironmentanddemonstratedapotentialpathtoprofitability,whichisanearnecessityinthecurrentmarket.However,itispossiblethatdealvaluationswerenotdisclosedbecausetheyrepresentedavaluationdeclinefrompreviousrounds.Inothercases,smallerdealscouldbeintendedtoclosethegapuntilalargerroundorexitcanbepursued.
ThetopfivehealthtechunicorninvestorsbydealcountareAndreessenHorowitz,with24;ThriveCapitalandFoundersFund,with22each;andTigerGlobal
ManagementandGeneralCatalyst,with20each.ItisalsousefultodistinguishbetweenthenumberofdealsandthenumberofcompaniestheseVCshave
investedin.Ahighdealcountwithalowernumberofcompanieswouldindicatehigherconfidenceinfewerstartups—andthisisthecaseforAndreessen
Horowitz,whichhasinvestedin24dealsacrossjusteightcompanies.Incontrast,TigerGlobalManagement’sbetsaremorespreadout,with20dealsacross14
healthtechunicorns.
Shiftingmarketexpectations
Investors’demandsofhealthtechunicornshaveevidentlychanged,and
expectationsforprofitablebusinessmodelsandmarginshaverisen.Unprofitablepubliccomparables,suchas23andMeandHims&Hers,haveseentheirvaluationsdecline,whileincontrast,companiesthathaveprofitablebusinessmodels,suchasNoom,arewellpositionedforanIPOwhenthepublicmarketwindowreopens.WehavealsoseenchangesinbusinessmodelsflowthroughtoVCfundingactivityandvaluations.Duringthepandemic,direct-to-consumer(DTC)telehealth,prescriptiondelivery,andremotepatientmanagementwerehotcategoriesdrivenbyaneedtomaintainandexpandaccesstocare.Now,weareseeingmorestartupspursueanenterpriseB2Bapproach,whichcanprovidelonger-termstability,andhealthcareITventurefundinghasmeaningfullysurpassedfundingintheconsumerdigitalhealthsectorsinceearly2022.
1:“OnceaHigh-Flying‘Unicorn,’OliveAISellsTwoKeyBusinesses,WindsDownOperations,”FierceHealthcare,HeatherLandi,October31,2023.
4
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PitchBookAnalystNote:EvaluatingHealthtechUnicorns
InDTCtelemedicine,fragmentationisreducingthepotentiallong-termgainsof
enteringthismarket,thoughopportunityremainsstronginspecializedareasdue
tolesscompetition.Investorshaverecentlyshowninterestincategoriesincludingweightloss,gastrointestinal,women’shealth,anddermatology.Thereisalso
significantmomentumbehindvalue-based-care(VBC)models.Evenoutsideof
formalVBCarrangements,atminimum,platformsareexpectedtoprovideevidenceoftheircostsavingsandimprovedoutcomestopayersandemployers—especiallyinthecurrentenvironment,wherenewbenefitsareheavilyscrutinized.
Whileallpayertypesaimtoaddbenefitsthatultimatelyimprovepatientoutcomes,therealityisthatcareimprovementsonpapermustincreasinglybebackedupby
hardevidence.ThedemiseofPearTherapeuticsinearly2023hasincreasedpayerskepticismofnewplatforms,astheyneedtotrustthatvendorswillbearoundfor
thelongterm.Forthisreason,healthtechstartupsthathavelongtrackrecords,
limitedfundingrisks,andmoreconsolidatedofferingsaremorelikelytoseeahighershareofclientandinvestorinterestgoingforward.Overall,thehealthtechmarketisundergoingapivotalshift,andgrowthandexitoutcomesovertheyearaheadwill
playalargeroleindeterminingwhichhealthtechunicornswillbecomecoreplayersinthehealthecosystembytheendofthedecade.
HealthtechunicornM&Aoutlook
Inthehealthtechspace,severalcategoriesarefragmentedandhavebusiness
modelsripeforconsolidationamongunicorns.Musculoskeletal(MSK)solutions,digitaltherapeutics(DTx),andbehavioralhealtharecategoriesthataremorelikelytoseeahigherrateofconsolidationoverthecomingyears.Therearetoomany
MSKplatformswithscaleambitions,includingunicornsHingeHealthandSword
Healthandsmaller-scalestartupsKaiaHealthandTailorCare.Inarecentinterview,HingeHealthCEODanielPerezsaidthatthestartupisactivelylookingforpotentialtargets,2andamergerortuck-inacquisitioncouldbeinthecards.
Inbehavioralhealth,HeadspacehasbeenrelativelyacquisitiveandcouldmakeaplayintoanadjacentarealikeAIchatbots,substanceuse,youthmentalhealth,
and/orspecialtycare.Headwayisanotherunicorninthespacewithambition.Thestartupintendstobuildoutanintegratedbehavioralhealthplatformthatcould
includepopulation-andcondition-specificcare.
InDTx,nostartupsarecurrentlyvaluedabove$1billion,butweexpectawaveof
mergerstooccuroverthelongtermthatcouldeventuallycreateaunicorninthe
space.TheseveralrecenttransactionsinthespaceincludeBigHealth’sacquisitionofLimbixinJuly2023,whichfollowedNoxHealth’sacquisitionofSomryst.The
currentlargestDTxstartups,suchasClickTherapeutics,Mahana,andBlueNote
Therapeutics,arelikelytopursueacquisitionsormergersastheyseektoholdontomarketleadershipandbuildouttheirportfoliooftherapeuticstotakeadvantageofgrowingconsumerawarenessandDTxprovideradoption.
2:“HingeHealthIsShootingforProfitabilityin2024asthePhysical-TherapyStartupPreparesforanIPO,”BusinessInsider,RebeccaTorrence,
October16,2023.
5
PitchBookAnalystNote:EvaluatingHealthtechUnicorns
2024IPOwatch
Inourbasecase,severalhealthtechunicornsgopublicin2024,andwe
predict
thatatleastthreewillsuccessfullyIPO.Themarketislikelytoplaceapremium
onhighlyprofitablebusinesses,evenifthiscomesattheexpenseofgrowthinthenearterm,andthechallengeofreturningtopandemic-eravaluationsmightholdbacktelehealthandDTCstartupsfromapotentialpubliclisting.Weexpectthe
marketenvironmentwillcontinuetobetoughforlate-stagedigitalhealthstartupsasthesectorstruggleswithasmallnumberofacquirersandheadwindsfrom
marketconditions.Wedonotbelievelowerinterestrateswillbeaquickfixfor
drivingsignificantdealflowandIPOs,asratecutswilltaketimetoflowthroughtotheventuremarket.Forsomestartups,pressuretogopublichasbeenrisingfrominvestorsneedingtoreturncapitaltotheirLPsandalsofromemployeeswhowerepersuadedtojointhesecompanieswiththepromiseoftheirshareshavingworthinthepublicmarkets.Fewcompaniesarewillingtotestthewatersandbefirst
outofthegate.However,itispossiblethatasinglesuccessfulIPOcouldopenthefloodgates.Amongalldigitalhealthstartups,ourtopIPOcandidatesfor2024areNoom,Ro,SpringHealth,HingeHealth,Headspace,andQuantumHealth.
Evaluatinghealthtechunicornprospects
Toprovideaframeworkforanalyzingtheprospectsofhealthtechunicorns,wehavecuratedatablewithfundingandoperationaldataonall70healthtechunicornsin
ourdatabase.ThistableincludestheirmostrecentVChistory,valuationstep-ups,relativerateofC-suiteturnover,andrevenueperemployee,aswellasourviewofcompanyprospectsforthetop20startupsbyVCraised.
Allhealthtechunicornsbytotalraised*
LastVCorPEround<18monthsago?
Lastknownvaluationstep-up
Lastknownvaluation($M)
Lastfinancingdate
Revenue/employee($M)
Last
financingdealtype
C-suiteturnover
Totalraised($M)
HQ
location
Ourview
Company
DevotedUS
$2,222.5$12,900.0
Late-stageVC
December29,2023
Yes
1.0x
Low
$1.6
(Above
average)
Strongmetricsandcaptable.
Losseshavebeennarrowing
WeDoctor
China
$1,544.7
$6,864.0
Late-stageVC
July3,2022
Yes
1.2x
Low
$0.5
(Belowaverage)
Highest-valuednon-US
healthtechstartup.EventualHongKonglistinglikely
Tempus
US
$1,432.7
$10,250.0
Debt
refinancing
April25,2023
Yes
1.2x
Low
$0.6
(Belowaverage)
Strongcashposition;
raised$346.4millionin
October2022
Source:PitchBook?Geography:Global?*AsofDecember20,2023
6
PitchBookAnalystNote:EvaluatingHealthtechUnicorns
Allhealthtechunicornsbytotalraised(continued)*
Company
HQ
location
Total
raised
($M)
Lastknownvaluation($M)
Last
financing
dealtype
Lastfinancingdate
LastVCorPEround<18monthsago?
Lastknownvaluationstep-up
C-suite
turnover
Revenue/employee($M)
Ourview
HingeHealth
US
$1,028.4
$6,200.0
Late-stageVC
October28,
2021
No
1.9x
Moderate
$0.7
(Belowaverage)
Planningforpotential2024IPO.$6.2billionvaluationunlikelytoholdup
Ro
US
$1,026.1
$6,600.0
Late-stageVC
January13,
2022
No
1.3x
Low
$1.2
(Aboveaverage)
PubliccompHims&Hersontheupswing.FragmentedDTCmarketisaheadwind
Lyra
US
$906.8
$5,850.0
Late-stageVC
January19,
2022
No
1.2x
Low
$4.5
(Aboveaverage)
Rapidvaluationrisealongwithinvestorinterestinmentalhealth.Couldbelookingtoraiseagainsoon
Cityblock
US
$886.0
$6,300.0
Late-stageVC
June6,2022
Yes
1.9x
Low
$1.0
(Aboveaverage)
Differentiatedprimarycaremodel.Lastfinancingroundhadundisclosedvaluation
Medlinker
China
$768.3
$4,000.0
Late-stageVC
April12,2021
No
4.7x
Low
N/A
AtriskforadownroundgivenlengthytimesincepreviousVCfunding
Collective
Health
US
$759.0
$1,530.0
Debt-
general
March31,2023
No
2.3x
High
$1.2
(Aboveaverage)
Benefitsandcarenavigationisanemergingopportunity.Likelytoraisesoon
ōura
Finland
$701.2
$2,349.5
PEgrowth/expansion
October1,2023
Yes
2.3x
Low
$1.2
(Aboveaverage)
AbletoweatherthestorminDTChealth.Focusedonreducingmarketingspend.NoimmediateplanstoIPO
Capsule
US
$690.0
$1,200.0
Late-stageVC
February13,
2023
Yes
2.3x
Low
$0.8
(Aboveaverage)
Anearlymarketleader.
Digitalpharmacymarkethasroomforgrowth
DXY
China
$685.0
$1,000.0
Late-stageVC
December28,2020
No
N/A
Low
N/A
Metricsindicateinvestorinteresthaswaned;nofundingsincelate2020
Source:PitchBook?Geography:Global?*AsofDecember20,2023
7
PitchBookAnalystNote:EvaluatingHealthtechUnicorns
Allhealthtechunicornsbytotalraised(continued)*
Company
HQ
location
Total
raised
($M)
Lastknownvaluation($M)
Last
financing
dealtype
Lastfinancingdate
LastVCorPEround<18monthsago?
Lastknownvaluationstep-up
C-suiteturnover
Revenue/employee($M)
Ourview
Aledade
US
$678.4
$3,500.0
Debt-
general
August3,2023
Yes
1.1x
Low
$0.7
(Belowaverage)
Oneofthefewdigitalhealthstartupstoreportanup
roundthisyear
Noom
US
$668.8
$3,700.0
Debt-
general
N/A
Yes
10.1x
Low
$0.3
(Belowaverage)
TopIPOcandidatefor
2024.Startupiscurrentlyprofitable
Cult.Fit
India
$660.4
$1,560.0
Late-stageVC
December2,
2023
Yes
1.8x
Low
$0.2
(Belowaverage)
TopIndia-basedhealth
startup,thoughfitnessisacompetitivemarket.Lastroundwasnotpriced
EverlyHealth
US
$638.1
$3,623.0
Late-stageVC
January27,
2022
No
1.3x
Low
$1.1
(Aboveaverage)
Successfullypivotedits
businessmodelthroughthepandemic.IPOorVCroundispossibleintheyearahead
Honor
US
$624.6
$1,300.0
Late-stageVC
September1,
2023
Yes
1.5x
Low
$0.7
(Belowaverage)
Operatinginahigh-growthcategory(caregiving).Lastroundwasnotpriced
Cedar
US
$619.2
$3,200.0
Secondarytransaction-private
October1,2023
No
7.0x
Low
$0.5
(Belowaverage)
2021VCroundhadahighstep-up(7.0x);however,subsequentfundingwasnotpriced
Kry
Sweden
$540.3
$1,729.5
Late-stageVC
July21,2022
Yes
2.4x
Low
$0.7
(Belowaverage)
General-caretelehealthisoftennotdifferentiated,thoughthereisless
competitioninEurope
Omada
US
$529.5
$1,032.0
Debt-
general
June2,2023
No
1.4x
High
$0.3
(Belowaverage)
Slowandsteadygrowth
sincefoundingin2011.OnthewatchlistforaVCroundoranexitin2024
Source:PitchBook?Geography:Global?*AsofDecember20,2023
8
PitchBookAnalystNote:EvaluatingHealthtechUnicorns
Allhealthtechunicornsbytotalraised(continued)*
Company
HQlocation
Total
raised
($M)
Lastknownvaluation($M)
Lastfinancingdealtype
Lastfinancingdate
LastVCorPEround<18monthsago?
Lastknownvaluationstep-up
C-suiteturnover
Revenue/
employee
($M)
KomodoHealth
US
$527.5
$3,300.0
Late-stageVC
November1,2022
Yes
2.2x
Low
$0.7
(Below
average)
Zocdoc
US
$504.0
$1,600.0
Secondary
transaction-
private
April1,2023
No
1.9x
Low
$1.1
(Above
average)
Medable
US
$502.7
$2,100.0
Secondary
transaction-
private
March4,2022
No
2.5x
High
$0.5
(Below
average)
Forward
US
$495.6
$1,325.0
Late-stageVC
November15,2023
Yes
1.2x
Low
$1.0
(Above
average)
Biofourmis
US
$465.0
$1,320.0
Late-stageVC
July27,2022
Yes
N/A
High
$0.9
(Above
average)
Cerebral
US
$461.4
$4,800.0
Late-stageVC
December8,2021
No
4.0x
Low
$0.4
(Below
average)
Doctolib
France
$461.1
$6,462.4
Late-stageVC
March15,2022
No
1.3x
Moderate
$0.3
(Below
average)
MediTrustHealth
China
$441.5
$1,686.3
Late-stageVC
January10,2023
Yes
N/A
Low
N/A
LetsGetChecked
Ireland
$394.6
$1,000.0
Debt-general
January1,2023
Yes
N/A
Low
$0.8
(Above
average)
Innovaccer
US
$378.1
$3,150.0
Late-stageVC
December7,2021
No
2.3x
Low
$0.3
(Below
average)
Truepill
US
$372.2
$1,600.0
Late-stageVC
August30,2023
Yes
31.4x
Moderate
$0.5
(Below
average)
SpringHealth
US
$366.9
$2,500.0
Late-stageVC
April12,2023
Yes
1.2x
Low
$0.6
(Below
average)
VirtaHealth
US
$364.6
$2,132.8
Late-stageVC
April19,2021
No
1.7x
Low
$0.8
(Above
average)
Source:PitchBook?Geography:Global?*AsofDecember20,2023
9
PitchBookAnalystNote:EvaluatingHealthtechUnicorns
Allhealthtechunicornsbytotalraised(continued)*
Company
HQlocation
Total
raised
($M)
Lastknownvaluation($M)
Lastfinancingdealtype
Lastfinancingdate
LastVCorPEround<18monthsago?
Lastknownvaluationstep-up
C-suiteturnover
Revenue/
employee
($M)
Clarify
US
$353.0
$1,500.0
Late-stageVC
April5,2022
No
3.0x
Low
$1.4
(Above
average)
MindMaze
Switzerland
$340.5
$21.0
Reversemerger
November20,2023
No
N/A
Low
$0.6
(Below
average)
KHealth
US
$337.0
$1,632.0
Late-stageVC
July18,2023
Yes
1.9x
Low
$1.3
(Above
average)
Color
US
$336.9
$4,600.0
Late-stageVC
November9,2021
No
3.0x
Low
$0.5
(Below
average)
IncludedHealth
US
$331.0
$1,340.0
PEgrowth/
expansion
June1,2023
Yes
0.9x
Low
$0.2
(Below
average)
SwordHealth
US
$324.9
$2,000.0
Late-stageVC
November22,2021
No
N/A
Low
$0.4
(Below
average)
Transcarent
US
$298.0
$1,820.0
Late-stageVC
January11,2022
No
3.2x
Moderate
$0.9
(Above
average)
Shukun
China
$295.3
$1,453.4
Late-stageVC
July31,2021
No
2.3x
Low
N/A
Maven
US
$289.7
$1,350.0
Late-stageVC
November14,2022
Yes
1.3x
Low
$0.5
(Below
average)
Viz.ai
US
$289.2
$1,200.0
Late-stageVC
March22,2023
Yes
1.7x
Low
$0.7
(Below
average)
Crossover
US
$281.5
$1,168.0
Late-stageVC
March22,2021
No
6.0x
Low
$0.6
(Below
average)
TebraTechnologies
US
$264.9
$1,000.0
PEgrowth/
expansion
July1,2022
Yes
1.0x
Moderate
$0.1
(Below
average)
BioIntelliSense
US
$260.6
$1,228.6
Early-stageVC
December30,2022
Yes
1.1x
Low
$2.5
(Above
average)
Source:PitchBook?Geography:Global?*AsofDecember20,2023
10
PitchBookAnalystNote:EvaluatingHealthtechUnicorns
Allhealthtechunicornsbytotalraised(continued)*
Company
HQlocation
Total
raised
($M)
Lastknownvaluation($M)
Lastfinancingdealtype
Lastfinancingdate
LastVCorPEround<18monthsago?
Lastknownvaluationstep-up
C-suiteturnover
Revenue/
employee
($M)
EvidationHealth
US
$259.2
$1,003.0
Grant
September14,2020
No
2.7x
Low
$0.4
(Below
average)
WeimaiHealthcare
China
$256.3
$1,000.0
Late-stageVC
June30,2023
Yes
N/A
Low
N/A
ThirtyMadison
US
$249.9
$1,041.0
Debt-general
June12,2023
No
4.8x
Low
$0.6
(Below
average)
HealthC
US
$247.0
$1,031.5
Late-stageVC
February8,2022
No
6.2x
Low
$1.1
(Above
average)
CapitalRx
US
$247.0
$1,072.0
Late-stageVC
October11,2023
Yes
1.2x
Low
$0.6
(Below
average)
Papa
US
$241.4
$1,400.0
Late-stageVC
April11,2021
No
3.0x
Low
$0.1
(Below
average)
UniteUs
US
$241.0
$2,085.0
Late-stageVC
November17,2021
No
9.5x
Low
$0.3
(Below
average)
NomiHealth
US
$239.6
$1,682.4
Debt-general
July21,2023
Yes
1.2x
Low
$1.1
(Above
average)
WheelHealth
US
$233.7
$1,025.0
Late-stageVC
January19,2022
No
3.5x
Low
$0.8
(Above
average)
Headway
US
$232.3
$1,000.0
Late-stageVC
October5,2023
Yes
1.1x
Low
$1.4
(Above
average)
AKASA
US
$205.0
$1,020.0
Late-stageVC
February24,2022
No
2.9x
Low
$0.9
(Above
average)
ModernHealth
US
$191.5
$1,170.0
Mezzanine
February1,2023
No
2.4x
Low
$0.3
(Below
average)
Calm
US
$191.3
$2,000.0
Late-stageVC
N/A
No
2.2x
Low
$1.2
(Above
average)
Source:PitchBook?Geography:Global?*AsofDecember20,2023
11
PitchBookAnalystNote:EvaluatingHealthtechUnicorns
Allhealthtechunicornsbytotalraised(continued)*
Company
HQlocation
Total
raised
($M)
Lastknownvaluation($M)
Lastfinancingdealtype
Lastfinancingdate
LastVCorPEround<18monthsago?
Lastknownvaluationstep-up
C-suiteturnover
Revenue/
employee
($M)
CareBridgeHealth
US
$186.6
$1,200.0
Debt-general
August16,2022
No
9.9x
Low
$0.5
(Below
average)
NexHealth
US
$177.7
$1,000.0
Late-stageVC
April21,2022
No
2.0x
Low
$0.4
(Below
average)
IntelyCare
US
$173.8
$1,100.0
Late-stageVC
April6,2022
No
9.8x
Low
$0.1
(Below
average)
ZnanyLekarz
Poland
$143.7
$1,832.8
Late-stageVC
September1,2021
No
N/A
Low
$0.1
(Below
average)
Cadence
US
$143.5
$1,002.6
Early-stageVC
December10,2021
No
5.7x
Low
$1.0
(Above
average)
Rightway
US
$130.0
$1,100.0
Late-stageVC
March30,2021
No
N/A
Low
$0.5
(Below
average)
IncredibleHealth
US
$97.4
$1,650.0
Late-stageVC
August17,2022
Yes
26.5x
Low
$0.6
(Below
average)
ClipboardHealth
US
$94.0
$1,300.0
Late-stageVC
April18,2022
No
6.7x
Low
$0.2
(Below
average)
HelianHealth
China
$84.1
$1,000.0
Early-stageVC
June21,2018
No
N/A
Low
N/A
Datavant
US
$83.0
$7,000.0
PEgrowth/
expansion
October3,2023
Yes
N/A
Low
$0.3
(Below
average)
Bellabeat
US
$68.4
$1,020.0
Late-stageVC
August1,2022
Yes
1.3x
Low
$0.3
(Below
average)
Source:PitchBook?Geography:Global?*AsofDecember20,2023
12
PitchBookAnalystNote:EvaluatingHealthtechUnicorns
Appendix
Topinvestorsinhealthtechunicornsby
dealcount*
Investor
Dealcount
Investortype
InvestorHQ
location
AndreessenHorowitz
24
VC
MenloPark,US
ThriveCapital
22
VC
NewYork,US
FoundersFund
22
VC
SanFrancisco,US
TigerGlobalManagement
20
VC
NewYork,
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