PitchBook-评估Healthtech独角兽（英）-2024.1

EMERGING

TECH

RESEARCHPitchBookData,Inc.John

Gabbert

Founder,

CEOEvaluating

HealthtechNizar

Tarhuni

Vice

President,

InstitutionalResearch

and

EditorialUnicornsDealtrends,exit

opportunities,andwhat

thefuture

holdsPaul

Condra

Head

ofEmergingTechnology

ResearchInstitutionalResearchGroupAnalysisPitchBook

is

a

Morningstar

company

providing

the

most

comprehensive,

mostAaron

DeGagne,

CFASenior

Analyst,

Healthcareaaron.degagne@accurate,

and

hard-to-find

data

for

professionals

doing

business

in

the

private

markets.pbinstitutionalresearch@Key

takeawaysPublishing•Late-stagefundingforhealthtechunicornshassignificantlyslowed,trailingbroader

healthcarefunding.Currentunicornsraised$12.1billionofVC

fundingin2021,$4.8

billionin2022,and

just$1.2

billionin2023.Designed

byMegan

WoodardPublished

on

January

18,

2024•Investors’demands

ofhealthtechunicornshavechanged.Expectations

ofprofitabilityand

marginshaverisen,

puttingapremiumon

businessmodelsgearedtowardenterpriseas

comparedtoDTC

solutionsrequiringhighmarketingexpenses.ContentsKeytakeaways1Introduction23456613Stalled

funding,

outdated

valuationsShifting

market

expectationsHealthtech

unicorn

M&A

outlook2024IPO

watch•••The

marketenvironmentwillcontinuetobe

toughforlate-stagedigitalhealthstartups

as

thesector

faces

marketheadwindsand

asmallnumber

ofacquirers.Lowerinterestrateswillnotbe

aquickfix

todrivesignificantdeal

flowinthenear

term.Inour

base

case,

severalhealthtechunicornsgopublicin2024,and

wepredictthatatleast

threewillsuccessfullyIPO.Indigitalhealthbroadly,ourtopIPOcandidatesfor2024areNoom,

Ro,SpringHealth,HingeHealth,Headspace,

andQuantumHealth.Evaluating

healthtech

unicorn

prospectsAppendixMusculoskeletalsolutions,digitaltherapeutics,

and

behavioralhealtharecategoriesthatareanticipatedtosee

ahigherrateofconsolidationoverthecomingyearsas

scaled

solutionsaremorelikelytobe

successfulinthese

markets.1PitchBook

Analyst

Note:

Evaluating

Healthtech

UnicornsIntroductionIn2021,digitalhealthunicornswerebeingmintedfasterthanpennies

atthemint.Midstagestartups

wererapidlymakingthejumptounicornstatus,and

growthwasthename

ofthegame.

Fast-forwardtotoday,and

thestory

hasdramaticallyshiftedas

marketdynamicshavechanged.Onlytwonewhealthtechunicornsweremintedin2023,

comparedwith52in2021and

2022combined,and

fundingforlate-stagehealthtechcompanieshasslowedsignificantly.Healthtechunicornshavefaced

turbulenttimesinrecentyears.

ManyofthemwerecreatedduringtheCOVID-19bubble,

but

marketconditionsshifted

beforetheycouldsuccessfullygopublicviaIPO

or

seek

out

anotherexitopportunity.Becauseofthis,thereisnowalargegroupoflate-stagehealthtechstartups—wecount70currentunicorns.Whileafewhaveespeciallystrongprospects,

as

agroup,theyfacechallengesinadaptingtothepost-pandemicenvironment,growingtheirvaluationsdespiteprevioushigh-valueraises,

and

findingexitopportunities

givenfewlargeincumbents

and

astill-frozenIPO

market.Currentunicornshavebeenreluctant

togopublicdue

inpart

tothesignificantstockpricedeclinesexperiencedbyhealthtechcompaniesthatlistedduringtheboom

times.

The

“Healthtechstockprices”chart

illustratesthematerialdropinvaluationthatnotablepublicdigitalhealthcompanieshaveexperiencedsince2021.Lookingahead,

weexpect

tosee

amixofoutcomesforcurrenthealthtechunicorns.Notallcurrentunicornswillsuccessfullyexit,thoughunicornswithinnovativesolutions,stronggrowthcharacteristics,and

less

marketcompetitionaremorelikelytofind

successinthelongterm.Inthisnote,weexploretheinvestmentoutlookforhealthtechunicorns,highlightIPO

opportunities,

and

weighinon

whichunicornsarebest

positionedtobecome

mainstaysinthehealthecosystem.Healthtechstockprices$120$100$80$60$40$20$0JanMarMayJulSepNovJanMarMayJulSepNovJanMarMayJulSepNov202120222023*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

•

*AsofDecember

18,

20232PitchBook

Analyst

Note:

Evaluating

Healthtech

UnicornsShareofhealthtechunicorncountby

country*USChinaChina9.9%SwedenIrelandPolandFinlandSwitzerlandFranceIndiaUS80.3%Source:

PitchBook

•

Geography:

Global

•

*AsofDecember

5,

2023Shareofhealthtechunicorncountby

state/province*CaliforniaNewYorkOntarioTennesseeTexasIllinoisCalifornia42.1%MassachusettsMarylandNebraskaMinnesotaColoradoFloridaNewYork29.8%UtahSource:

PitchBook

•

Geography:

US

and

Canada

•

*AsofDecember

5,

2023Stalled

funding,outdated

valuationsCurrenthealthtechunicornsraised$12.1billionofVC

fundingin2021,$4.8

billionin2022,and

just$1.2

billionin2023.

Of

the70

currenthealthtechunicorns,50%,or

35

intotal,raisedtheirlastfundingroundover18monthsago.Alongertimebetween

fundingroundsisnotnecessarilyaconcernforwell-capitalizedstartupswithlongercash

runways.However,weexpect

atippingpointin2024,whereinmanystartups

willbecome

highlymotivatedtoseek

out

fundingas

milestonesarereached—thoughotherpotentialpathscouldbe

explored,suchas

amerger,anacquisition,or

anIPO.Whileseveralnotablehealthtechunicorns—includingCapitalRx,

SpringHealth,and

Aledade—haveraisedfundingsince2021atamarkedlyhighervaluation,alargernumber

ofstartups

eitherhavenotraisedrecentlyor

didnotdisclosevaluationsinrecentrounds.

InSeptember

2023,

wealsosawastartupfallfromunicornstatusas

OliveAIdeclaredbankruptcyjustovertwoyearsafteritraiseda$400.0

millionSeries

H.

Former

CEOSean

Lane

citedalackoffocusas

a3PitchBook

Analyst

Note:

Evaluating

Healthtech

Unicornskeyreasonforthecompany’sdifficulties.1Inachallengingenvironmentforstartups,companieswithconservativebalancesheets

arelikelytofarebetter

thanthosethatlackfocuson

corebusinessunits,

evenifthatmoderationmayhavebeen

previouslyinterpretedas

alackofambition.Ameaningful

number

ofunicornsarecurrentlyholdingon

tooutdatedand

perhapsunreasonablevaluations—particularlyunicornsthatlastraisedin2021duringtheheightofthebullmarket.Afewofthese,

suchas

Cerebraland

Papa,

havehadoperationaldifficultiesinthemeantime,

withapotentialeffect

on

valuationthathasyettoshowupinapricedround.Healthtechunicornscurrentlyhaveanaggregatevaluationofnearly$175billion,and

thatiswithonlytwonewunicornsmintedoverthepast

year.Manycompaniescouldbe

seeking

anexitpathinthenear

future,thoughnotallofthese

unicornswillmakeitthroughto2025ifmarketconditionsremainunfavorable.Overthepast

12months,

nineunicornshavereceivedundisclosedVC

funding.Thisisasignthatthese

startups

havebothmaintainedinvestorinterestinamoredifficult

fundingenvironmentand

demonstratedapotentialpathtoprofitability,whichisanear

necessity

inthecurrentmarket.However,itispossiblethatdealvaluationswerenotdisclosedbecause

theyrepresentedavaluationdeclinefrompreviousrounds.

Inothercases,

smallerdealscouldbe

intendedtoclosethegapuntilalargerroundor

exitcan

be

pursued.The

topfivehealthtechunicorninvestorsbydeal

countareAndreessen

Horowitz,with24;ThriveCapitaland

Founders

Fund,with22

each;and

TigerGlobalManagement

and

General

Catalyst,with20each.

Itisalsousefultodistinguishbetween

thenumber

ofdealsand

thenumber

ofcompaniesthese

VCshaveinvestedin.

Ahighdeal

countwithalowernumber

ofcompanieswouldindicatehigherconfidenceinfewerstartups—andthisisthecase

forAndreessenHorowitz,whichhasinvestedin24

dealsacrossjusteightcompanies.

Incontrast,TigerGlobalManagement’sbets

aremorespreadout,

with20dealsacross14healthtechunicorns.Shiftingmarket

expectationsInvestors’demands

ofhealthtechunicornshaveevidentlychanged,andexpectations

forprofitablebusinessmodels

and

marginshaverisen.

Unprofitablepubliccomparables,

suchas

23andMe

and

Hims&Hers,

haveseen

theirvaluationsdecline,whileincontrast,companiesthathaveprofitablebusinessmodels,

suchasNoom,

arewellpositionedforanIPO

when

thepublicmarketwindowreopens.

Wehavealsoseen

changesinbusinessmodels

flowthroughtoVC

fundingactivity

andvaluations.Duringthepandemic,

direct-to-consumer(DTC)

telehealth,prescriptiondelivery,and

remotepatientmanagementwerehotcategoriesdrivenbyaneed

tomaintainand

expandaccesstocare.

Now,weareseeingmorestartups

pursue

anenterpriseB2Bapproach,

whichcan

providelonger-termstability,and

healthcareITventurefundinghasmeaningfully

surpassed

fundingintheconsumerdigitalhealthsector

sinceearly2022.1:“Once

aHigh-Flying

‘Unicorn,’

OliveAI

Sells

TwoKeyBusinesses,

Winds

Down

Operations,”

Fierce

Healthcare,

Heather

Landi,

October

31,

2023.4PitchBook

Analyst

Note:

Evaluating

Healthtech

UnicornsInDTC

telemedicine,fragmentationisreducingthepotentiallong-termgainsofenteringthismarket,thoughopportunity

remainsstronginspecializedareasduetoless

competition.Investorshaverecentlyshowninterestincategoriesincludingweightloss,

gastrointestinal,women’shealth,and

dermatology.There

isalsosignificantmomentum

behind

value-based-care(VBC)models.

EvenoutsideofformalVBC

arrangements,

atminimum,platformsareexpected

toprovideevidenceoftheircostsavingsand

improvedoutcomestopayersand

employers—especiallyinthecurrentenvironment,wherenewbenefits

areheavilyscrutinized.Whileallpayertypes

aimtoadd

benefits

thatultimatelyimprovepatientoutcomes,therealityisthatcareimprovementson

paper

must

increasinglybe

backedupbyhardevidence.The

demise

ofPearTherapeutics

inearly2023hasincreasedpayerskepticismofnewplatforms,

as

theyneed

totrustthatvendors

willbe

aroundforthelongterm.Forthisreason,

healthtechstartups

thathavelongtrackrecords,limitedfundingrisks,

and

moreconsolidatedofferings

aremorelikelytosee

ahighershareofclientand

investorinterestgoingforward.

Overall,thehealthtechmarketisundergoingapivotalshift,

and

growthand

exitoutcomesovertheyearahead

willplayalargeroleindeterminingwhichhealthtechunicornswillbecome

coreplayersinthehealthecosystembytheend

ofthedecade.HealthtechunicornM&A

outlookInthehealthtechspace,

severalcategoriesarefragmentedand

havebusinessmodels

ripeforconsolidationamong

unicorns.Musculoskeletal(MSK)solutions,digitaltherapeutics

(DTx),

and

behavioralhealtharecategoriesthataremorelikelytosee

ahigherrateofconsolidationoverthecomingyears.

There

aretoomanyMSKplatformswithscale

ambitions,includingunicornsHingeHealthand

SwordHealthand

smaller-scalestartups

KaiaHealthand

TailorCare.Inarecentinterview,HingeHealthCEODanielPerezsaidthatthestartup

isactivelylookingforpotentialtargets,

and

amerger

or

tuck-inacquisitioncouldbe

inthecards.2Inbehavioralhealth,Headspace

hasbeen

relativelyacquisitiveand

couldmakeaplayintoanadjacentarealikeAIchatbots,substanceuse,

youthmental

health,and/orspecialtycare.

Headwayisanotherunicorninthespacewithambition.Thestartup

intendstobuildout

anintegratedbehavioralhealthplatformthatcouldincludepopulation-and

condition-specificcare.InDTx,

no

startups

arecurrentlyvaluedabove$1

billion,but

weexpect

awaveofmergers

tooccuroverthelongtermthatcouldeventuallycreateaunicorninthespace.

The

severalrecenttransactions

inthespaceincludeBigHealth’sacquisitionofLimbixinJuly2023,

whichfollowedNoxHealth’sacquisitionofSomryst.

ThecurrentlargestDTx

startups,

suchas

ClickTherapeutics,

Mahana,and

Blue

NoteTherapeutics,

arelikelytopursue

acquisitionsor

mergers

as

theyseek

toholdon

tomarketleadership

and

buildout

theirportfolio

oftherapeutics

totakeadvantageofgrowingconsumer

awarenessand

DTx

provideradoption.2:

“Hinge

Health

Is

Shooting

for

Profitability

in

2024as

the

Physical-Therapy

Startup

Prepares

for

an

IPO,”

Business

Insider,

Rebecca

Torrence,October

16,

2023.5PitchBook

Analyst

Note:

Evaluating

Healthtech

Unicorns2024

IPOwatchInour

base

case,

severalhealthtechunicornsgopublicin2024,and

we

predictthatatleast

threewillsuccessfullyIPO.The

marketislikelytoplaceapremiumon

highlyprofitablebusinesses,

evenifthiscomes

attheexpense

ofgrowthinthenear

term,and

thechallengeofreturningtopandemic-eravaluationsmightholdback

telehealthand

DTC

startups

fromapotentialpubliclisting.We

expect

themarketenvironmentwillcontinuetobe

toughforlate-stagedigitalhealthstartupsas

thesector

struggles

withasmallnumber

ofacquirersand

headwindsfrommarketconditions.We

do

notbelievelowerinterestrateswillbe

aquickfix

fordrivingsignificantdeal

flowand

IPOs,

as

ratecuts

willtaketimetoflowthroughtotheventuremarket.Forsome

startups,

pressuretogopublichasbeen

risingfrominvestorsneeding

toreturncapitaltotheirLPs

and

alsofromemployeeswho

werepersuaded

tojointhese

companieswiththepromiseoftheirshareshavingworthinthepublicmarkets.Fewcompaniesarewillingtotestthewatersand

be

firstout

ofthegate.However,itispossiblethatasinglesuccessfulIPO

couldopen

thefloodgates.

Among

alldigitalhealthstartups,

our

topIPO

candidatesfor2024areNoom,

Ro,SpringHealth,HingeHealth,Headspace,

and

QuantumHealth.Evaluating

healthtechunicornprospectsTo

provideaframeworkforanalyzingtheprospects

ofhealthtechunicorns,wehavecuratedatablewithfundingand

operationaldataon

all70

healthtechunicornsinour

database.

Thistableincludestheirmost

recentVC

history,valuationstep-ups,relativerateofC-suiteturnover,and

revenueper

employee,as

wellas

our

viewofcompanyprospects

forthetop20startups

byVC

raised.Allhealthtechunicornsby

totalraised*Last

VCorLast

financing

PE

round

<Totalraised($M)Last

known

LastLast

knownvaluationstep-upRevenue/employee

Our

view($M)HQlocationC-suiteturnoverCompanyvaluation($M)financingdeal

typedate18monthsago?$1.6(Aboveaverage)Late-stage

December

29,Strong

metrics

and

cap

table.Losses

have

been

narrowingDevotedUS$2,222.5$1,544.7$1,432.7$12,900.0$6,864.0$10,250.0YesYesYes1.0x1.2x1.2xLowLowLowVC2023$0.5(BelowHighest-valued

non-UShealthtech

startup.

EventualLate-stageVCWeDoctorTempusChinaUSJuly

3,

2022average)

Hong

Kong

listing

likely$0.6(Belowaverage)

October

2022Strong

cash

position;raised

$346.4

million

inDebtrefinancingApril

25,

2023Source:

PitchBook

•

Geography:

Global

•

*AsofDecember

20,

20236PitchBook

Analyst

Note:

Evaluating

Healthtech

UnicornsAllhealthtechunicornsby

totalraised(continued)*Last

VCorLast

financing

PE

round

<Totalraised($M)Last

known

LastLast

knownvaluationstep-upRevenue/employee

Our

view($M)HQlocationC-suiteturnoverCompanyvaluation($M)financingdeal

typedate18monthsago?$0.7(BelowPlanning

for

potential

2024IPO.

$6.2

billion

valuationLate-stage

October

28,VC

2021Hinge

Health

US$1,028.4$1,026.1$6,200.0$6,600.0NoNo1.9x1.3xModerateaverage)

unlikely

tohold

up$1.2(AbovePublic

comp

Hims

&

Hers

onthe

upswing.

FragmentedLate-stage

January

13,VC

2022RoUSUSLowLowaverage)

DTCmarket

isa

headwindRapid

valuation

rise

along$4.5Late-stage

January

19,with

investor

interest

in(AboveLyra$906.8$5,850.0No1.2xVC2022mental

health.

Could

beaverage)looking

toraise

again

soon$1.0(AboveDifferentiated

primary

caremodel.

Last

financing

roundLate-stageVCCityblockMedlinkerUS$886.0$768.3$759.0$6,300.0$4,000.0$1,530.0June

6,

2022April

12,

2021YesNo1.9x4.7x2.3xLowLowHighaverage)

had

undisclosed

valuationAt

risk

for

a

down

roundgiven

lengthy

time

sinceprevious

VCfundingLate-stageVCChinaUSN/A$1.2(AboveBenefits

and

care

navigationis

an

emerging

opportunity.CollectiveHealthDebt

-generalMarch

31,

2023

NoOctober

1,

2023

Yesaverage)

Likely

toraise

soonAbletoweather

the

storm$1.2(Aboveaverage)PE

growth/expansionin

DTChealth.

Focused

onreducing

marketing

spend.No

immediate

plans

toIPOŌuraFinland

$701.2$2,349.52.3xLow$0.8(AboveAn

early

market

leader.Digital

pharmacy

market

hasLate-stage

February

13,VC

2023CapsuleDXYUS$690.0$685.0$1,200.0$1,000.0YesNo2.3xN/ALowLowaverage)

room

for

growthMetrics

indicate

investorinterest

has

waned;

nofunding

since

late

2020Late-stage

December

28,VC

2020ChinaN/ASource:

PitchBook

•

Geography:

Global

•

*AsofDecember

20,

20237PitchBook

Analyst

Note:

Evaluating

Healthtech

UnicornsAllhealthtechunicornsby

totalraised(continued)*Last

VCorLast

financing

PE

round

<Totalraised($M)Last

known

LastLast

knownvaluationstep-upRevenue/employee

Our

view($M)HQlocationC-suiteturnoverCompanyvaluation($M)financingdeal

typedate18monthsago?$0.7(Belowaverage)

round

this

yearOne

of

the

few

digital

healthstartups

toreport

an

upDebt

-generalAledadeUSUS$678.4$668.8$3,500.0$3,700.0August

3,

2023

Yes1.1xLow$0.3(Belowaverage)

profitableTopIPO

candidate

for2024.Startup

iscurrentlyDebt

-generalNoomN/AYesYes10.1xLowLowTopIndia-based

health$0.2(Belowaverage)Late-stage

December

2,VC

2023startup,

though

fitness

isa

competitive

market.

Lastround

was

not

pricedCult.FitIndia$660.4$1,560.01.8xSuccessfully

pivoted

its$1.1(Aboveaverage)Late-stage

January

27,VC

2022business

model

through

thepandemic.

IPO

or

VCround

ispossible

in

the

year

aheadEverly

Health

US$638.1$624.6$619.2$3,623.0$1,300.0$3,200.0No1.3x1.5x7.0xLowLowLow$0.7(BelowOperating

in

a

high-growthcategory

(caregiving).

LastLate-stage

September

1,HonorCedarUSUSYesVC2023average)

round

was

not

priced2021VCround

had

a

highSecondarytransaction

October

1,

2023

No-

private$0.5step-up

(7.0x);

however,(Belowsubsequent

funding

wasaverage)not

pricedGeneral-care

telehealth

is$0.7Late-stageVCoften

not

differentiated,(BelowKrySweden

$540.3$1,729.5$1,032.0July

21,

2022June

2,

2023YesNo2.4x1.4xLowthough

there

islessaverage)competition

in

EuropeSlow

and

steady

growth$0.3Debt

-generalsince

founding

in

2011.

On(BelowOmadaUS$529.5Highthe

watchlist

for

a

VCroundaverage)or

an

exit

in

2024Source:

PitchBook

•

Geography:

Global

•

*AsofDecember

20,

20238PitchBook

Analyst

Note:

Evaluating

Healthtech

UnicornsAllhealthtechunicornsby

totalraised(continued)*Totalraised($M)Last

knownvaluation($M)Last

VCor

PELast

financing

date

round

<

18months

ago?Last

knownvaluationstep-upRevenue/employee($M)Last

financingdeal

typeC-suiteturnoverCompanyHQ

location$0.7Komodo

HealthUS$527.5$504.0$502.7$495.6$465.0$461.4$3,300.0$1,600.0$2,100.0$1,325.0$1,320.0$4,800.0Late-stage

VCNovember

1,

2022April

1,

2023YesNo2.2x1.9x2.5x1.2xN/A4.0xLowLowHighLowHighLow(Belowaverage)Secondarytransaction

-private$1.1(Aboveaverage)ZocdocUSUSUSUSUSSecondarytransaction

-private$0.5(Belowaverage)MedableForwardBiofourmisCerebralMarch

4,

2022No$1.0(Aboveaverage)Late-stage

VCLate-stage

VCLate-stage

VCNovember

15,

2023July

27,

2022YesYesNo$0.9(Aboveaverage)$0.4(Belowaverage)December

8,

2021$0.3DoctolibFranceChina$461.1$441.5$394.6$6,462.4$1,686.3$1,000.0Late-stage

VCLate-stage

VCDebt

-

generalMarch

15,

2022January

10,

2023January

1,

2023No1.3xN/AN/AModerateLow(Belowaverage)MediTrust

HealthLetsGetCheckedYesYesN/A$0.8(Aboveaverage)IrelandLow$0.3InnovaccerTruepillUSUSUSUS$378.1$372.2$366.9$364.6$3,150.0$1,600.0$2,500.0$2,132.8Late-stage

VCLate-stage

VCLate-stage

VCLate-stage

VCDecember

7,

2021August

30,

2023April

12,

2023No2.3x31.4x1.2x1.7xLow(Belowaverage)$0.5(Belowaverage)YesYesNoModerateLow$0.6(Belowaverage)Spring

HealthVirta

Health$0.8(Aboveaverage)April

19,2021LowSource:

PitchBook

•

Geography:

Global

•

*AsofDecember

20,

20239PitchBook

Analyst

Note:

Evaluating

Healthtech

UnicornsAllhealthtechunicornsby

totalraised(continued)*Totalraised($M)Last

knownvaluation($M)Last

VCor

PELast

financing

date

round

<

18months

ago?Last

knownvaluationstep-upRevenue/employee($M)Last

financingdeal

typeC-suiteturnoverCompanyHQ

location$1.4ClarifyUS$353.0$340.5$337.0$336.9$331.0$324.9$1,500.0$21.0Late-stage

VCApril

5,

2022No3.0xN/A1.9x3.0x0.9xN/ALowLowLowLowLowLow(Aboveaverage)$0.6(Belowaverage)MindMazeK

HealthSwitzerlandReverse

merger

November

20,

2023

No$1.3(Aboveaverage)USUSUSUS$1,632.0$4,600.0$1,340.0$2,000.0Late-stage

VCLate-stage

VCJuly

18,

2023YesNo$0.5(Belowaverage)ColorNovember

9,

2021June

1,

2023$0.2(Belowaverage)PE

growth/expansionIncluded

HealthSword

HealthYesNo$0.4(Belowaverage)Late-stage

VCNovember

22,

2021$0.9TranscarentShukunUS$298.0$295.3$289.7$1,820.0$1,453.4$1,350.0Late-stage

VCLate-stage

VCLate-stage

VCJanuary

11,

2022July

31,

2021NoNoYes3.2x2.3x1.3xModerateLow(Aboveaverage)ChinaUSN/A$0.5(Belowaverage)MavenNovember

14,

2022Low$0.7Viz.aiUSUS$289.2$281.5$264.9$260.6$1,200.0$1,168.0$1,000.0$1,228.6Late-stage

VCLate-stage

VCMarch

22,

2023March

22,

2021July

1,

2022YesNo1.7x6.0x1.0x1.1xLow(Belowaverage)$0.6(Belowaverage)CrossoverLow$0.1(Belowaverage)PE

growth/expansionTebra

Technologies

USYesModerateLow$2.5(Aboveaverage)BioIntelliSenseUSEarly-stage

VCDecember

30,

2022

YesSource:

PitchBook

•

Geography:

Global

•

*AsofDecember

20,

202310PitchBook

Analyst

Note:

Evaluating

Healthtech

UnicornsAllhealthtechunicornsby

totalraised(continued)*Totalraised($M)Last

knownvaluation($M)Last

VCor

PELast

financing

date

round

<

18months

ago?Last

knownvaluationstep-upRevenue/employee($M)Last

financingdeal

typeC-suiteturnoverCompanyHQ

location$0.4Evidation

HealthUS$259.2$256.3$249.9$1,003.0$1,000.0$1,041.0GrantSeptember

14,

2020

No2.7xN/A4.8xLowLowLow(Belowaverage)Weimai

Healthcare

ChinaLate-stage

VCDebt

-

generalJune

30,

2023June

12,

2023YesNoN/A$0.6(Belowaverage)Thirty

MadisonHealthCCapital

RxPapaUSUSUSUSUSUSUSUSUSUSUS$1.1(Aboveaverage)$247.0$247.0$241.4$241.0$239.6$233.7$232.3$205.0$191.5$191.3$1,031.5$1,072.0$1,400.0$2,085.0$1,682.4$1,025.0$1,000.0$1,020.0$1,170.0$2,000.0Late-stage

VCLate-stage

VCLate-stage

VCLate-stage

VCDebt

-

generalLate-stage

VCLate-stage

VCLate-stage

VCMezzanineFebruary

8,

2022October

11,

2023April

11,

2021NoYesNoNoYesNoYesNoNoNo6.2x1.2x3.0x9.5x1.2x3.5x1.1xLowLowLowLowLowLowLowLowLowLow$0.6(Belowaverage)$0.1(Belowaverage)$0.3(Belowaverage)Unite

UsNovember

17,

2021July

21,

2023$1.1(Aboveaverage)Nomi

HealthWheel

HealthHeadway$0.8(Aboveaverage)January

19,2022October

5,

2023February

24,2022February

1,

2023N/A$1.4(Aboveaverage)$0.9(Aboveaverage)AKASA2.9x2.4x2.2x$0.3(Belowaverage)Modern

HealthCalm$1.2(Aboveaverage)Late-stage

VCSource:

PitchBook

•

Geography:

Global

•

*AsofDecember

20,

202311PitchBook

Analyst

Note:

Evaluating

Healthtech

UnicornsAllhealthtechunicornsby

totalraised(continued)*Totalraised($M)Last

knownvaluation($M)Last

VCor

PELast

financing

date

round

<

18months

ago?Last

knownvaluationstep-upRevenue/employee($M)Last

financingdeal

typeC-suiteturnoverCompanyHQ

location$0.5CareBridge

Health

US$186.6$177.7$173.8$143.7$143.5$130.0$97.4$1,200.0$1,000.0$1,100.0$1,832.8$1,002.6$1,100.0$1,650.0Debt

-

generalLate-stage

VCLate-stage

VCLate-stage

VCEarly-stage

VCLate-stage

VCLate-