PitchBook-评估Healthtech独角兽（英）

DesignedbyMeganWoodard

PublishedonJanuary18,2024

Contents

Keytakeaways

Introduction

Stalledfunding,outdatedvaluations

Shiftingmarketexpectations

HealthtechunicornM&Aoutlook

2024IPOwatch

Evaluatinghealthtechunicornprospects

Appendix

1

2

3

4

5

6

6

13

(pitchBooK

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

(pitchBooK

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

(pitchBooK

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

(pitchBooK

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

(pitchBooK

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,