Top 10 Global Health Unicorns Startups: Recent Health Tech Unicorn Development
Over the last three years, the number of Healthcare unicorn start-ups is increasing, and so has the number of funding and unicorns as well.
In 2021, around 85 global health tech start-ups achieved unicorn titles, 49% up from the previous year 2020.
However, if we look at the report for 2021, “the funding reached the highest peak ever by crossing $29.1 billion across 729 deals according to Rock Health.”
In addition, the last year seems to be the lowest than 2021, through the third quarter of 2022 so far the funding was a total of $12.6 billion across 458 deals.
This raises doubt about this year, as the market is already moving to a downturn investors have stopped funding the startups, and the speed is low compared to the previous year.
While even in these circumstances, so many start-ups grab good investments and generate a decent amount of revenue which helps them to reach unicorn status.
So, let’s look at some of the healthcare unicorns of 2022…
#1 Lyra Health
Lyra Health was established by David Ebersman in 2015 with the vision to make healthcare accessible to all.
“Worldwide, 970 million people are suffering from mental health issues. The biggest hurdle isn’t treatment—it’s access says the co-founder and CEO David Ebersman.”
Lyra Health is serving mental health care facilities in the united states. Initially, the company received $35 million in series A funding led by Greylock Partners and Venrock.
Gradually, they raised $45 million in series B funding, with Tenaya capital, Glynn Capital, Crown Ventures, and Casdin Capital in 2018.
Till now, the company had raised around $915 million in total, which also includes their recently raised biggest funding led by Dragoneer and included Salesforce Ventures and existing investor Coatue of $235 million.
As a result, the company reached a $5.58 valuation with a new aim of global expansion.
#2 PharmEasy
PharmEasy is the leading digital health platform in India. Which serves various healthcare services including teleconsultation, medicine delivery, and diagnostic test.
The company was established by the founders Dharmil Seth, Dhaval shah, and Mikhil Innani in 2015.
The company also operates an online pharmacy that helps patients to connect to with local pharmacy stores and diagnostic centers to fulfill the extensive needs of patients.
The startup company is funded and backed by Caisse de Dépôt et Placement du Québec (CDPQ), Ascent Health, Bessemer Venture Partners, Orios Venture Partners, Eight Roads Ventures, InnoVen Capital, and Temasek Holdings.
Till now, the company has raised $1.6 billion in total funding and reached to a $3.4 Billion valuation.
#3 Oura
Oura was founded in Finland with a singular focus on, improving the way we live our life, said the company.
The founder Petteri Lahtela, Kari Kivela, and Markku Koskela with Oura launched its sleep-tracking smart ring in 2015.
The smart ring tracks all the necessary health metrics including heart rate, blood pressure, pulse rate, temperature, and oxygen levels.
“We want everyone to realize health is a daily practice. We are creating a future where people have the understanding and tools to practice their health through continuous access to accurate information and personalized guidance wrapped around their fingers, says the company.”
Over the last decade, wearable technology consumption has increased, filled with health-conscious consumers. And this has driven more demand for Oura devices.
According to the company, they have reached the milestone of selling 1 million “smart rings” and also announced the capital raised that increased its valuations to $2.55 billion.
However, the company did not disclose the number of funds raised.
#4 Somatus
Somatus was established in 2017 by the founder Ikenna Okezie, M.D., (pictured) and, Tony Welters.
Somatus recently raised $325 million in funding series E to continue its vision of providing the value-based kidney model.
The round was backed by Wellington and Fidelity. Earlier, the company raised a total of $140 million. As a result, the company was valued at more than $2.5 billion.
Currently, the company is operating in 36 states, serving 160,000 patients across Medicare, with 1450 teammates and an 18% reduction in cost, in the United States.
In addition, the company partnered with various stakeholders in the healthcare ecosystem such as nephrology, primary care groups, and health plans in order to provide risk-free care for kidney disease.
As a result, the company received a good positive response to its kidney care model.
#5 Redesign Health
Redesign health has taken a unique approach to changing the healthcare ecosystem by fueling innovative start-ups.
Since 2018, the company has built and launched 40+ healthcare startups based in New York City.
Furthermore, the company has served more than 10 million+ people with various care facilities such as cancer care, teleradiology, senior care, COVID-19 testing, and metabolic health.
However, the company has raised $315 million in total funding and it is valued at $1. 4 Billion.
#6 Incredible Health
In healthcare shortage of nurses is the biggest issue that hospitals are facing from the very beginning. And to solve that with the modern tech facilities Incredible health was born and they came up with a digital platform that helps hospitals to recruit permanent nurses in thier house.
From its positive revenue record, the company has shown a rapid growth rate over the years.
In 2021 the revenue grew by fivefold expanded its workforce to 180 employees.
Furthermore, according to Iman Abuzeid, M.D., CEO, and co-founder, the company is now working with 600 hospitals and more than 10,000+ nurses are joining incredible health platforms weekly.
Although, the company has raised a total of $97.3 million in funding and reached a valuation of $1.65 billion.
#7 Transcarent
Transcarent is a pharmacy care company established on Jan 2022. A fresh start-up with a new innovative solution to solve the pharmacy care issues in healthcare.
Buying a pharmacy is overwhelming for every patient, from getting a prescription at a higher cost and finding the right pharmacy at a lower cost are irresistible and expensive for lower-income individuals.
As result, transcarent came up with its transparent pharmacy solution integrated with pharmacy benefits which makes drugs affordable and available.
Recently, the company has raised $200 million in funding series c and with that, the company is valued at $1 billion in valuations.
#8 Biofourmis
The company was launched in 2015, initially, the company raised $10 million in funding, and in April the company raised $300 million to fuel its growth.
In addition, the company has raised a total of $463 million and is valued at $1.3 billion. (according to CrunchBase)
Biofourmis is a technology startup and in the interview with fierce healthcare the company’s current executive told that the company is moving from technology to a tech-enabled care delivery company that co-manages the patients and even moves towards value-based care”
#9 Clipboard Health
By assisting healthcare organizations to address important gaps for qualified workers, Clipboard Health seeks to give nurses flexibility and control over their schedules.
Tens of thousands of healthcare workers and more than a thousand establishments are served by clipboard Health’s marketplace in more than 30 American cities, including Los Angeles, Philadelphia, Chicago, and New York.
According to Wei Deng, the company’s founding CEO at Clipboard Health, more cities will be added to the company’s launch schedule by the end of the year.
The patented software of Clipboard Health provides healthcare providers and facilities with immediate booking, instant payment, and other benefits.
Although, the company has raised a total of $94.1 million in funding. And the valuation hit $1.3 billion.
#10 TATA 1mg
Tata 1mg is the top digital healthcare platform in India and is trying to realize the goal of making healthcare intelligible, available, and inexpensive for all Indian consumers.
The company’s online store offers items for diabetes, bodybuilding supplements, home healthcare, infant care, nutrition, geriatric care, personal care, chronic care, vision care, and skincare.
The main line of business for the company is the provision of outpatient medical services, such as the distribution of medications, home diagnostic testing, and online consultations.
28 fulfillment centers and 15 retail storefronts make up the company’s extensive supply chain network, which services its consumers (recently launched and expanding).
As a result, more than 20,000 Indian pin codes are covered by the pharmacy delivery network.
Although, the company has raised a total of $40 million in funding through venture capital and the company is valued at $1.25 Billion.
Wrapping up
Although, the adoption of digital health facilities can make care delivery more hassle-free and accessible to everyone. And we need technologies such as telemedicine, medical office software, and NDIS software.
