HealthTech in the US has been booming for a few years now. The availability of massive amounts of healthcare data, such as electronic health records, as well as the methods to process them has opened new avenues in the healthcare sector. Furthermore, next-generation sequencing technologies, machine learning methods, and wearable technologies are making healthcare more affordable, accessible, and personalized.
Here are the top 10 companies that are making notable contributions in the HealthTech space.
Address: 269 E Grand Ave, South San Francisco, CA 94080
Funding Raised: $2.5B
Investors: Alphabet, Ontario Teachers’ Pension Plan, Silver Lake, Silver Lake Partners, Temasek Holdings
Verily, formerly Google Life Sciences, leverages AI for organizations that provide health management. The company has interdisciplinary teams that work across different departments to provide a holistic healthcare.
Verily enables healthcare service providers give precision healthcare to its clients. The company has access to research tools and expertise, as well as large-scale computational capabilities. This allows them to leverage patient-specific data from different clinical and non-clinical sources and suggest the best possible intervention.
At present, Verily is working with partners to develop a contact lens solution that comes with an embedded glucose sensor. Furthermore, they have also developed solutions such as Onduo, which focuses on chronic health management. Their Verily Value Suite is a hospital patient management solution. They also manufacture sensor-based devices for healthcare management.
USP: Verily has multiple products and services that use data science, machine learning, and computation to provide accessible and personalized healthcare solutions.
Address: Tempus Headquarters and Lab. 600 West Chicago Avenue Suite 510 Chicago, IL
Funding Raised: $620M (latest $100M, two years ago)
Investors: Baillie Gifford, Baillie Gifford & Co., Franklin Templeton, Kinship Trust Company, New Enterprise Associates, Novo Holdings, Revolution Growth, T. Rowe Price
Tempus is a bioinformatics company that provides precision oncology services. They use of sequencing technology to better understand the stage and type of pathologies. The company provides an in-depth analysis of this information, allowing clinicians to better prescribe medication to patients.
The present treatment for cancer often involves following an established protocol of treatment after the initial detection. However, the progress of malignancy also depends on the patient’s genetic profile, demography, and lifestyle. Therefore, cancer treatment must also be personalized. Tempus enables that personalized treatment for cancer to provide better in-clinic treatment.
USP: Tempus is one of the few startups right now that are leveraging sequencing technology and bioinformatics to provide precision treatment in the domain of oncology.
3. Devoted Health
Address: 221 Crescent St Ste 202, Waltham, MA 02453
Funding Raised: $362M (latest $300M, about a year ago)
Investors: Andreessen Horowitz, Eight Roads Ventures, F-Prime Capital Partners, Flat World Partners, K2 Global, Maverick Ventures, NextView Ventures, Oak HC/FT, Obvious Ventures, PremjiInvest, StartUp Health, Uprising Ventures, Venrock
About Devoted Health:
Devoted Health is an online insurance platform for individuals. Since accessibility to healthcare is still a challenge for many, Devoted aims to change that.
At present, healthcare in countries like the US is expensive and often provided as a “one size fits all” solution. However, often people do not use all the benefits of their healthcare plan, even though they pay for the initial upfront cost.
Devoted Health provides more personalized Medicare plans than a lot of popular insurance companies. They cover doctor’s visits, dental and vision, drug coverage, hospital treatments, and a whole lot more. The company also provides health-related tips to its users regularly.
USP: Devoted Health is one of the few companies providing personalized Medicare plans in the US.
Address: Ro New York HQ,116 W, 23rd St 4th floor, New York
Funding Raised: $876.3M (latest $500M, a year ago)
Investors: 3L, Altimeter Capital, Baupost Group, BoxGroup, Dragoneer Investment Group, FirstMark, FirstMark Capital, Forbes, General Catalyst, Initialized Capital, Liz Wessel, Philip Krim, Prehype, Radcliff, ShawSpring Partners, SignalFire, Sinai Ventures, Slow Ventures, TQ Ventures, The Chernin Group, Torch, Torch Capital, Tusk Ventures
Ro is a telehealth company that focuses on providing digital healthcare services for men. The company provides medication and treatment for male-specific problems, such as hair loss, problems related to sexual health, and more. It also offers treatment to help quit smoking, including an app to track smoking habits.
Ro aims at enabling men to get simple and convenient healthcare through their app. Men can get easy access to treatment for mental health issues, fertility issues, or weight management without much hassle.
USP: Ro makes healthcare accessible for men.
5. Bright HealthCare
Address: 219 N 2nd St #310, Minneapolis
Employees: 1,500 (est.)
Funding Raised: $500M (two years ago)
Investors: Blackstone, NEA and Bessemer Venture Partners, T. Rowe Price Associates, Tiger Global Management
About Bright Healthcare:
Bright HealthCare is an online insurance platform that provides access to a network of doctors, clinics, and hospitals to its clients. In 2022, Bright HealthCare introduced a new Convenience care plan that makes it easier for its clients to get treated for minor health issues.
Often patients have to wait in long queues in hospitals or clinics just to get treated for minor illnesses or bruises. In such cases, Bright HealthCare, with its network of clinics, provides quick care to non-critical health issues. Like most popular health insurance providers, Bright HealthCare provides dental, vision, and hearing coverage.
USP: Bright Healthcare helps in getting quick treatment for non-critical health conditions.
6. Lyra Health
Address: 287 Lorton Ave, Burlingame, CA 94010
Funding Raised: $655.1M (latest $200M, a year ago)
Investors: Adams Street Partners, Addition, Breyer Capital, Casdin Capital, Castlight Health, Coatue Management, Crown Venture Fund, Glynn Capital, Glynn Capital Management, Greylock, Greylock Partners, Howard Schultz, IVP, Meritech Capital Partners, Origin Capital Management, Providence Health & Services, Providence Ventures, Tenaya Capital, Venrock
About Lyra Health:
Lyra provides services for employee behavioral health. They develop software solutions that enable employers to better understand the health of their employees and create a healthier workforce.
The solutions focus on undiagnosed behavioral health conditions such as mental illness or substance abuse. They match patients with the right healthcare provider and treatments. The company also provides care to family members of employees.
Lyra leverages big data to assess what would be the right solution for the employees at an individual level.
USP: Lyra aims at building a healthier workforce. They use advanced data analytics to find the right healthcare provider, identify undiagnosed conditions such as addictions and behavioral issues.
Address: 99 E Main St, Columbus
Funding Raised: $855.3M (latest $400M, a year ago)
Investors: Ascension Ventures, Base10 Partners, Dragoneer Investment Group, Drive Capital, GV, General Catalyst, Healthy Ventures, Khosla Ventures, Moonshots Capital, NCT Ventures, Oak HC/FT, SVB Capital, Sequoia Capital Global Equities, Silicon Valley Bank, Tiger Global, Transformation Capital Partners, Vista Equity Partners
Olive provides AI-based solutions to administrative tasks in healthcare. They build software to perform eligibility checks, unadjudicated claims, and other administrative tasks while minimizing errors. The solutions aim to improve staff productivity and increase patient satisfaction.
Olive brings payers and providers closer by streamlining and automating administrative tasks. With Olive’s solutions, hospitals can work much faster irrespective of their scale of operations.
USP: Olive uses AI solutions to simplify administrative operations and hospital management.
Address: 10 Hudson Yards 24th Floor, 347 10th Ave, New York
Funding Raised: $491.1M (latest $192M, a year ago)
Investors: 8VC, AIMS Imprint, Dr. Mario Molina, Dr. Patrick Conway, Echo Health Ventures, EmblemHealth, General Catalyst, Halle Tecco, Kinnevik AB, Maverick Capital, Maverick Ventures, Nat Turner, Nate Gross, Oxeon Partners, Redpoint Ventures, Richard Barasch, Sidewalk Labs, Soraya Darabi, StartUp Health, Thrive Capital, Tiger Global, Town Hall Ventures, Vivek Garipalli, Wellington Management, Zach Weinberg
Cityblock is a healthtech company that works with your existing insurance plan and fills in the gaps in your current plan. They connect community members to provide in-home virtual care.
It provides members with 24/7 access to a mental health specialist, a practicing nurse, or even a physician. Cityblock provides personalized care through the app and on-call support.
USP: Cityblock makes use of community support while providing coverage for services that are otherwise absent in most medicare plans.
9. Hinge Health
Address: 818 Mission St Ste 200, San Francisco, CA 94103
Funding Raised: $400M (9 months ago)
Investors: 11.2 Capital, Atomico, Bessemer Venture Partners, Coatue, Daniel Perez, Eleven Two Capital, Heuristic Capital, Insight Partners, Insight Venture Partners, Jon Reynolds, Lead Edge Capital, Quadrille Capital, The Vertical Group, Tiger Global Management
About Hinge Health:
Hinge Health provides personalized digital physiotherapy. The service aims towards providing a personalized solution for employees suffering from chronic pain or musculoskeletal issues.
It makes use of wearable sensors to provide visual feedback on proper exercises. The sensors can help provide short sessions of guided physiotherapy lasting fifteen to twenty minutes. Their app can also link up with the Enso wearable device for pain relief.
Hinge Health also provides personalized treatments from trained practitioners, training from coaches as well as nutrition-related suggestions. The coaches can also monitor the progress of the participants.
USP: Hinge Health focuses only on musculoskeletal and orthopedic issues which are predominantly present in workplaces with a sedentary working culture. Their wearable sensors make physiotherapy accessible to its clients, no matter where they are.
Address: One Broadway, 1 Broadway. Cambridge, MA, US. 245 Main St 12th floor. Kearney, NE, US
Funding Raised: $400M (a year ago)
Investors: 5Y Capital, Alphabet, China Life Healthcare Fund, OrbiMed, RRJ Capital, Renren Inc., Sequoia Capital China, Sino Biopharmaceutical, Susquehanna International Group, Tencent Holdings, Yael Capital Management Limited.
XtalPi helps predict the structure of a drug molecule. They have their proprietary technology called Fast Accurate Crystalline Engineering System or FACES which helps understand the crystalline structure of a drug compound.
The company uses Amazon Web Services (AWS) to run its computationally intensive algorithms. The team leverages machine learning and quantum physics to help design drug molecules and guides pharmaceutical companies during drug development processes.
Their recent Intelligent Digital Drug Discovery and Development (ID4) platform allows pharmaceutical companies to develop effective drugs more accurately and efficiently.
USP: Drug molecule design can often take years of research and even more time to receive approval to get launched in the market. XtalPi makes it easier for pharmaceutical companies to develop drugs using their proprietary ID4 process.
Our Research Methodology
This article aims at bringing to the world the most innovative HealthTech companies in the US. These HealthTech startups are actively filling in the gaps in the healthcare ecosystem in the US right now as well as bringing new business ideas to the table. Here is what we looked at.
- HealthTech companies that make a difference: Social impact is one of the key criteria when it comes to health tech. Companies like CityBlock, Devoted Health, or Bright Healthcare may not be bringing ground-breaking ideas to the table, but they are leveraging existing infrastructure to offer something new.
- Companies with novel ideas: Novelty is crucial for the future of healthcare. For instance, companies like Verily and Tempus are employing researchers and are making use of cutting-edge technology to provide personalized treatments for difficult medical conditions.
- Companies that fill in the gaps: We listed companies that address the gaps in the present healthcare sector. Companies like Olive, Lyra, or Hinge Health are looking at areas that traditional healthcare systems often overlook. Not only do these companies have a promising future, but they also make a significant contribution to society.