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Leading health tech startups in 2022

by Babu Patil
Leading health tech startups in 2022

Here are the leading health tech startups in 2022

Hinge Health is a San Francisco-based digital chronic musculoskeletal care, exercise therapy, and health coaching provider. It works with more than 300 self-insured clients, such as Boeing Co. and Walgreens Boots Alliance. Its solution combines an app and sensors users can wear while working out to get feedback. They (users) also have a coach who keeps track of their progress and motivates them. The startup recently raised over $300 million at a valuation of over $3 billion.

British telehealth startup Babylon Health recently went public via a $4.2 billion SPAC deal. Babylon has developed an AI-enabled app. The IPO valued the startup at approximately $4.2 billion. Like a family physician, the app can do health assessments, diagnose chronic illness, then create a personalized treatment plan and monitor health progress through multiple devices connected to Babylon’s platform. Babylon’s founders are reportedly considering taking the company private less than a year after it went public.

French startup Doctolib, an online platform for booking or scheduling doctors’ appointments, has recently reached unicorn status at a €5.8 billion valuation. The startup claims to receive over 30 million online patient visits per month and to work with over 75,000 physicians who subscribe to its online service for 109 euros a month. The company’s investors include:

  • Eurazeo, an investment firm.
  • Bpifrance, a France-based state-owned investment bank.
  • Venture capital firms: Kernel and Accel.

Noom, a personalized weight-loss app, is planning to foray into a broader range of conditions. The app helps users lose weight, get fit, and stay healthy. After the user takes a Noom survey and answers a few questions, the AI-powered diet app formulates a weight loss program and pairs them with a dedicated coach who provides dietary guidance, information, and support. The subscription-based app started in 2006 under the name WorkSmart Labs. It is based in New York and has offices in Seoul and Tokyo. Noom could go public through an initial public offering that could value the company at approximately $10 billion.

Mindbody is an online platform for booking fitness boutiques, spas, beauty salons, and yoga classes. In June 2015, the company went public at a valuation of $448 million. About three years after going public, Mindbody was taken private in a $1.9 billion buyout deal by Vista Equity, a private equity firm. Last year, Mindbody bought fellow fitness booking service company ClassPass for an undisclosed amount and announced a $500 million strategic investment from Sixth Street. Before the pandemic, ClassPass had been valued at around $1 billion. For 2017, Mindbody reported revenue of nearly $182.6 million.

Telemedicine businesses are booming as many patients sought virtual care for the first time during the Covid pandemic. Ro (Roman) began as an online pharmacy selling erectile dysfunction medications for men but has since expanded into a full-fledged direct-to-consumer virtual health company treating a wide range of conditions (including allergies, weight loss, smoking cessation, erectile dysfunction, mental health, skincare, and more) in both men and women. In 2020, the company bought Workpath to offer in-home care to customers. Ro, which most recently bagged $500 million in Series D funding, is in talks to go public via a SPAC deal which could value it at approximately $4 billion.

Cityblock Health is a healthcare technology company that serves low-income urban people covered by Medicaid and Medicare. In order to offer the service to patients at no additional fee, Cityblock partners with a range of organizations, including physicians, health plans, and community groups. Cityblock is reportedly planning to launch its first healthcare center in New York. Sidewalk Labs spun off the company in 2017. Health equity has been its focus since its inception. The startup developed Commons to enable care provider collaboration.

Olive AI, described as an A.I. workforce, automates a range of repetitive, high-volume day-to-day administrative tasks such as prior authorizations, vendor contracts, and inventory for healthcare providers. Olive claims that its A.I. solutions are used in over 900 hospitals. In July last year, automobile startup Olive closed a $400 million investment at a $4 billion valuation. Olive recently laid off nearly 450 employees. 

MediTrust is one of China’s biggest healthcare payment and online medical service providers. Its platforms enable millions of patients with cancer, chronic diseases, and rare diseases to purchase the drugs at a more affordable price. The company recently raised $308 million from Boyu Capital, Lilly Asia Ventures, and CICC.

Medable is a virtual clinical trial software provider that helps patients participate in decentralized clinical trials. The software facilitates remote data collection and engagement between patients, sites, and clinical investigators.

Biofourmis is an FDA-cleared predictive analytics engine that streamlines connections between patients and care teams. The startup is pioneering a new category of medicine by developing clinically-validated software-based therapeutics. Pharmaceutical companies prescribe digital therapeutics as companion therapy to high-value medications to improve efficacy and manage complex chronic diseases. 

TigerConnect develops clinical communication and workflow management platform for approximately 7,000 healthcare organizations and 700,000 care providers. The company, founded in 2010, delivers subscription-based collaboration, communication, scheduling, and patient engagement software. It plans to use A.I. and machine learning to create intelligent solutions. In February, it secured a $300 strategic investment from Vista Equity.

Cerebral is a mental health startup. It provides online counseling (for anxiety, depression, and insomnia) and medication management for a variety of mental and behavioral health conditions. Cerebral has a team of over 2,000 doctors across 50 U.S. states and partners with insurers such as Aetna, Cigna, Magellan, and Medicare, among others. Cerebral employs over 2,000 physicians across 50 states and works with insurers like Aetna, Cigna, Magellan, and Medicare, among others. Cerebral raised $300 million in December 2021 in a funding round led by SoftBank Vision Fund 2, bringing its valuation to $4.8 billion.

BetterUp is a digital corporate behavioral health coaching platform. Since its inception in 2013, BetterUp has raised $600 million for international development and product innovation. BetterUp’s platform currently has over 3,000 coaches. They offer one-on-one, specialized, and on-demand coaching, as well as group sessions for employees. BetterUp recently raised $300 million in a late-stage funding round, bringing its valuation to nearly $5 billion.

Capsule is an online pharmacy that offers same-day prescription delivery. Capsule began prescription delivery in New York City in 2015. The seven-year-old startup recently raised $300 million at a more than $1 billion valuation to expand its services across the U.S. More recently, it announced a partnership with HealthPartners (a Minnesota-based health system) to deliver prescriptions in Minnesota, New York, and Connecticut, to start.

Swedish digital health care startup Kry is one of Europe’s largest providers of online doctor appointments and telehealth services. The company operates under the name Kry in Sweden, Germany, and Norway and as a separate brand called Livi in the U.K. and France. It also expanded to the United States with the launch of Livi Connect. Kry recently raised $300 million in an oversubscribed funding round at a $2 billion valuation.

23andMe is a direct-to-consumer genetics testing company. The company provides FDA-approved tests that show whether a person carries genes associated with 36 different diseases, such as cystic fibrosis, that could be passed on to their children. 23andMe went public last year through a merger with a special-purpose acquisition company, a popular method of public exit for digital health companies. The deal values 23andMe at approximately $3.5 billion. 23andMe recently got approval from the FDA for a test that looks for a genetic sign of prostate cancer.

Collective Health, which started in October 2013, helps its clients save money by self-insuring rather than paying premiums to a health insurance company. The company claims to have served more than 30,000 members and processed more than $200 million in health insurance claims in 2016. Collective has onboarded several customers, including Activision Blizzard, Pinterest, Red Bull, Restoration Hardware, and Zendesk. The health tech company has recently reached a valuation of about $1.5 billion after raising $280 million in new funding. 

Founded in 2011, Butterfly Network aims to democratize medical imaging with its advanced handheld ultrasound device. The company has developed whole-body point-of-care ultrasound systems that can integrate with existing hospital workflows and assist physicians in improving the quality of patient care. Butterfly reported unaudited revenue of $45 million in 2020. Last year, Butterfly merged with Longview Acquisition at a valuation of $1.5 billion. The company’s common stock started trading on the NYSE under the symbol of BFLY.

Offered as a behavioral health benefit, Lyra Health matches and connects employees and their dependents to mental health professionals and evidence-based treatments. Lyra boasts clients like eBay and Uber and says it serves more than 2.2 million employees globally. Lyra has raised a total of over $900 million in funding to date, at over a $4.2 billion valuation. Lyra recently launched new tools that will help customers cope with suicidal thoughts, alcohol use disorder, and complex care needs....

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