Health tech startups are redefining the boundaries of healthcare and technology. In 2022, they made up 12.7% of the StartupBlink Index, with diverse sub-industries like medtech and fitness, showcasing their vital role in shaping a healthier future.
This article provides an insightful overview of the top health tech startups, highlighting their transformative approaches aimed at revolutionizing patient care and wellness.
Top health tech companies worth your attention
Artera
Year Founded: 2015
Location: Santa Barbara, California
Funding: $10 million
What They Do:
Artera (formerly known as WELL Health) is a healthcare communication platform, operating as a healthcare SAAS solution, designed to improve the patient experience by streamlining communication between patients and healthcare providers.
In partnership with Hyro, Artera launched an AI-powered virtual assistant, Artera Care Assist, to connect patients with care services, reducing administrative workload and stretching operational dollars.
It’s also important to note that Artera achieved SOC 2 Type 2 Compliance for data security, availability, and privacy, leading healthcare tech companies with six unique security and privacy certifications and compliance reports.
Pivot
Year Founded: 2015
Location: California, United States
Funding: $70 million
What They Do:
Pivot is one of the prominent health tech startups that specializes in behavioral change, primarily focusing on tobacco cessation and mental well-being.
Initially, their mission centered on empowering individuals to quit tobacco or vaping, directly contributing to improved overall wellness. Recognizing the broader scope of health behavior, Pivot extended its offerings to address everyday stress and resilience building.
Pivot’s approach to behavior change is holistic. Their flagship product, Pivot Breathe, was a testament to this, providing comprehensive support to tobacco users seeking to quit.
Expanding their focus, Pivot introduced Pivot Flex, a digital solution aimed at mental well-being. This innovation aligns with the increasing demand for digital solutions in mental health, showcasing Pivot’s adaptability to evolving healthcare needs.
In a significant achievement, Pivot’s smoking cessation program demonstrated a 44% quit rate in a randomized controlled trial. This achievement not only validates Pivot’s methodology but also positions them as a leader in effective behavioral change strategies.
Maven clinic
Year Founded: 2014
Location: New York, New York
Funding: $300 million to date
What They Do:
Maven’s platform addresses critical aspects of healthcare such as fertility, pregnancy, adoption, parenting, and pediatrics, emphasizing personalized care. This approach positions Maven among the forefront of healthcare startups, reflecting its dedication to transforming the healthcare experience.
Maven Clinic has been recognized by several prestigious organizations, indicating its impact on the healthcare sector. They were listed among the 100 Most Influential Companies by TIME in 2023, the CNBC Disruptor 50 in both 2022 and 2023, and the Most Innovative Companies by Fast Company in 2023.
What’s more, the company was included in the Digital Health 150 by CB Insights in 2022 and recognized for Excellence in Benefits by EBN in 2021. They were also acknowledged as Notable in Health Care by Crains in 2021.
Maven Clinic’s significant funding of $300 million highlights investor confidence and market potential in healthcare startups, especially in women’s and family health sectors.
Modern Animal
Year Founded: 2012
Location: California, United States
Funding: $89 million
What They Do:
Modern Animal stands out as a significant player among health tech startups and healthcare tech companies, focusing on pet healthcare innovation.
It operates a membership-based clinic network providing a range of veterinary services, including primary and preventative care, dentistry, surgery, and diagnostics for pets. They offer a unique approach to veterinary care, focusing on creating a sustainable career for veterinary professionals and enhancing the experience for pets and their owners.
Their services are designed to be more accessible and user-friendly, with a $100 annual membership granting access to clinics, 24/7 virtual care, and unlimited exams. The company’s emphasis on a membership model and the integration of technology into pet care aligns with the trends seen in healthcare SaaS companies, underlining their position as one of the top health tech companies in the veterinary sector.
Tiger connect
Year Founded: 2010
Location: Santa Monica, California
Funding: $81 million
What They Do:
TigerConnect has significantly influenced the landscape of healthcare communications. With a mission to radically improve the way care is delivered, TigerConnect offers cloud-native Clinical Communication and Collaboration (CC&C) solutions. These solutions are utilized by over 7,000 healthcare organizations and 700,000 care team members, indicating the widespread adoption and trust in their technology.
TigerConnect’s suite of products enables seamless coordination of care across teams and facilities, integrating with electronic health records (EHR), nurse call systems, and physiological monitors for efficient, actionable alerts and notifications. Their commitment to standardizing communication and streamlining workflows on a single, integrated platform demonstrates their role as a leader among healthcare IT companies.
Their patient engagement tools, which include text, voice, and video communication, make it easier for patients and families to connect with healthcare providers. This focus on patient-centered care aligns with the evolving needs of healthcare delivery, particularly in the digital age.
In recognition of their innovative contributions to the healthcare sector, TigerConnect has been named a leader in the 2023 Gartner® Magic Quadrant™ for Clinical Communication and Collaboration. This accolade, along with their inclusion in the Inc. 5000 list of America’s fastest-growing private companies, underscores their significant impact as one of the top healthcare startups.
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Headspace
Year Founded: 2010
Location: Santa Monica, California
Funding: $322.11 million
What They Do:
Headspace’s mission is to provide every person access to lifelong mental health support. As a healthcare SaaS company, it offers a range of services including evidence-based meditation and mindfulness tools, mental health coaching, therapy, and psychiatry. These services are designed to help individuals create life-changing habits to support their mental health and find a healthier, happier version of themselves.
Headspace’s approach to mental health support is accessible to everyone, regardless of background or experience. Through their flagship Headspace app, they offer mindfulness tools for everyday life, including meditations, sleepcasts, mindful movement, and focus exercises.
Their enterprise offerings combine these digital experiences with a human-centered model of care, offering coaching, therapy, psychiatry, and Employee Assistance Program (EAP) services. Their team comprises mental health clinicians, Emmy award-winning producers, and data scientists, all working together to help millions of people worldwide be healthier and more productive.
Overall, Headspace represents a key player among top health tech companies and top healthcare startups, demonstrating innovation and dedication to improving mental health globally.
SonderMind
Year Founded: 2010
Location: Santa Monica, California
Funding: $322.11 million
What They Do:
SonderMind is among health tech startups at the forefront of revolutionizing mental health care. Their primary mission is to make effective mental health care accessible for everyone, emphasizing the importance of timely and suitable care for all individuals, regardless of age.
The core of SonderMind’s services lies in providing licensed and specialized mental health care, including therapy and psychiatry, utilizing most major insurance plans. This makes their services widely accessible and removes common barriers to mental health care. Clients can use their insurance, including HSA, FSA, EAP, and Medicare plans, for therapy, and they also offer affordable self-pay rates.
SonderMind is distinguished for its flexibility, offering clients the ability to meet with their providers online or in person, seven days a week. This adaptability ensures that individuals can receive care in a manner that suits their lifestyle and preferences, a critical feature in today’s fast-paced world and a hallmark of top healthcare startups.
Additionally, their approach to care is clinically proven to help people see change faster, aligning with the goals of many top health tech companies aiming to deliver effective and evidence-based solutions
Their user-friendly platform facilitates easy connections between clients and providers. After a brief online questionnaire or a phone call, SonderMind matches individuals with the right provider for their specific needs. The platform also allows clients to coordinate sessions, track progress, and reach their mental health goals with the support of their therapist or psychiatric provider.
LOOM
Year Founded: 2010
Location: Los Angeles, California
Funding: $322.11 million
What They Do:
LOOM focuses on providing reliable health information and resources, particularly for women. Recognizing the widespread issue of misinformation in online health resources, LOOM stands out as a healthcare tech company committed to delivering accurate and trustworthy information.
The platform also features real health stories, offering a space for shared experiences and collective learning. This approach resonates with the goals of many mental health startups and healthcare SaaS companies, which aim to create community and shared understanding around health issues.
The vision of LOOM, as articulated by its co-founder & CEO, is to create a new era of well-being where women are more informed, connected, and cared for.
This vision of empowering women through reliable health information and community support places LOOM among the top healthcare startups that are not just offering services but also driving positive change in societal attitudes towards health and well-being.
SimplePractice
Year Founded: 2012
Location: Santa Monica, California
Funding: Undisclosed
What They Do:
SimplePractice, a notable healthcare SaaS, has established itself as a comprehensive solution in healthcare IT. It offers an all-in-one Electronic Health Records (EHR) software, designed to streamline practice management for health and wellness professionals. This platform simplifies various aspects of professional practice, including documentation, scheduling, client sessions, and more, catering to both virtual and in-office settings.
Their software is particularly user-friendly, featuring an easy-to-use client portal that simplifies client care management. SimplePractice provides flexibility and efficiency, with tools that help professionals control their schedules and workloads, enhancing operational effectiveness.
The EHR solution is adaptable to various practice sizes, making it suitable for solo practitioners and larger groups alike. SimplePractice supports health professionals throughout their careers with a range of tools and resources, demonstrating their commitment to ongoing professional development in the health tech field. This approach solidifies SimplePractice’s position as an innovative and supportive entity in the health tech companies.
Modern Fertility
Year Founded: 2017
Location: San Francisco, California
Funding: $22 million
What They Do:
Modern Fertility offers a range of fertility-related services and products, emphasizing innovation in women’s health and fertility. Their solutions are tailored to empower individuals with knowledge and options regarding their fertility.
A flagship offering of Modern Fertility is their at-home fertility hormone test. This test is designed to be both easy and affordable, allowing individuals to be proactive about their fertility. It provides valuable insights into fertility hormones, catering to those who are planning for kids now or in the future.
Modern Fertility also offers an ovulation test that helps in identifying the two most fertile days of a cycle. These test strips track luteinizing hormone (LH) levels to predict ovulation, providing more detailed insights into the fertile window than other ovulation tests. The free accompanying app allows users to scan and log their LH tests, enhancing the usability and effectiveness of this product.
Their home pregnancy test is designed to be affordable and highly accurate, comparable to top-selling tests available in stores. It allows users to test for pregnancy early, six days before the missed period and is 99% accurate from the day of the missed period.
Moreover, Modern Fertility provides a personalized online birth control prescription service. They offer a unique approach where a provider evaluates multiple birth control options to make a personalized recommendation. This service includes free shipping, emergency contraception with the first order, and the flexibility to cancel at any time.
This personalized approach to birth control prescription reflects the innovative solutions that top health tech companies are known for, focusing on individualized care and convenience.
Lyra Health
Year Founded: 2015
Location: Burlingame, California
Funding: $ 910.1 million
What They Do:
Lyra Health specializes in evidence-based mental health care, offering a range of options tailored to individual preferences, including self-guided programs, mental health coaching, therapy, and medication management.
Their services are accessible through various modalities such as in-person, video conferencing, and text messaging. The company also provides a 24/7 in-house concierge care navigator team and culturally responsive care from providers with diverse backgrounds, underscoring its commitment to accessible and inclusive care.
The company has a vast network of over 20,000 vetted and trained providers across more than 200 countries and territories. This network caters to a broad spectrum of care needs through culturally responsive and localized care, demonstrating its global reach and inclusivity.
Lyra Health’s approach also includes clinician-led workshops, interactive online courses, and other tools that address workplace mental health issues and promote diversity, equity, inclusion, and belonging.
Lyra Health’s effectiveness is supported by peer-reviewed research, with significant results such as a high utilization rate compared to traditional Employee Assistance Programs (EAPs), an 88% improvement in members, and a reduction in healthcare claims costs.
Lyra Health represents the innovative and excellence-driven spirit of top health tech companies, effectively combining a broad range of mental health services with a global and inclusive approach.
Movn health
Year Founded: 2013
Location: Irvine, California
Funding: $39.22 million
What They Do:
Developed in collaboration with Stanford University, Movn Health’s program is based on extensive research, proven to improve clinical outcomes and reduce readmissions for heart disease patients. This collaboration and reliance on research underline their status as one of the top healthcare startups.
Movn Health has made significant strides in virtual cardiac rehabilitation, providing a solution that is not only innovative but also deeply impactful for patients with heart disease. Their approach is centered on providing personalized, affordable, and convenient cardiac recovery experiences.
Movn Health’s service is particularly noteworthy for its virtual care model, which addresses the lack of access to cardiac rehab for a significant portion of the American population. They overcome barriers like limited locations, transportation issues, high costs, long waitlists, and cultural factors through their virtual platform.
The platform is delivered through a mobile app and a remote monitoring care kit, ensuring compliance with HITRUST, SOC-2, and HIPAA standards.
The outcomes from thousands of patients who have used Movn Health’s services are impressive. They have delivered over 200,000 sessions, with an 80% completion rate and a 50% reduction in depression and anxiety among users.
Additionally, they report a 12% all-cause readmission rate at 12 months, which is significantly lower than the 40% national average. Their 97% medication adherence rate also stands out, showcasing the effectiveness of their program.
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Planning on entering the health tech market? Use the AI market research assistant to find out what competitors are doing and what their users are saying.
Uncover details about their marketing strategies and where they fall short – so you can avoid the pitfalls and fill the gaps.
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Chorus Innovations
Year Founded: 2019
Location: Long Beach, California
Funding: $ 120,000
What They Do:
Chorus stands out among top healthcare startups for its commitment to creating digital solutions that enhance public and behavioral health management, demonstrating innovation and adaptability in the rapidly evolving health tech landscape.
They focus on delivering digital solutions that are flexible, intuitive, and beautifully designed, ensuring technology serves the needs of its users effectively.
Chorus addresses the need for speed, breadth, and agility in today’s digital health systems. They offer rapid deployment of modules to aid in digital transformation efforts for healthcare organizations, reflecting the agility of healthcare IT companies.
Their platform includes ready-to-deploy digital tools aimed at improving workflows, delivering coordinated care, and better serving community users.
Chorus provides public-facing tools designed to connect community members with local resources, addressing various aspects of their lives. This innovative approach places them among leading healthcare tech companies focused on community engagement and support.
Paige
Year Founded: 2018
Location: New York, New York
Funding: $ 220 million
What They Do:
Paige, a leader among health tech startups, is revolutionizing cancer diagnosis and treatment through its advanced generative AI and digital pathology technologies.
Developed in collaboration with Stanford University, this healthcare tech company stands out for leveraging one of the world’s largest datasets, encompassing over 25 million glass slides and corresponding pathology reports.
Their AI-driven platform, the first to receive FDA approval in this field, offers a suite of applications for detecting and diagnosing cancer, as well as identifying molecular biomarkers in digitized tissue images not visible to the naked eye.
Paige’s technology significantly improves healthcare outcomes, evidenced by a 70% reduction in cancer detection errors and a 65.5% reduction in time to diagnosis.
Their web-based solution offers a full-scale, AI-enabled approach to pathology, transforming the industry with efficiency, precision, and affordability. This innovation extends to empowering pathologists and oncologists with tools that enable precision diagnosis and treatment, driving a new era of personalized cancer care.
As a healthcare SaaS company, Paige’s impact is profound, with its platform now deployed in some of the world’s largest pathology laboratory networks, solidifying its position as a beacon of health tech innovation.
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Planning on entering the health tech market? Use the AI market research assistant to find out what competitors are doing and what their users are saying.
Uncover details about their marketing strategies and where they fall short – so you can avoid the pitfalls and fill the gaps.
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FAQ
What areas of healthcare do health tech startups typically focus on?
- Medicaid: Health tech startups are looking to innovate and improve the delivery of healthcare services to Medicaid beneficiaries, addressing the unique needs and challenges of this population.
- Patient-to-patient support: Health tech startups exploring ways to facilitate peer support and connections among patients, leveraging technology to enhance patient engagement and support networks.
- Generative AI: There is a growing interest in the development of AI technologies that can produce content such as text, imagery, and audio to support various aspects of healthcare, including diagnostics, treatment planning, and patient education.
- Longevity: Health tech startups are focusing on promoting longevity and healthy aging, aiming to develop technologies and solutions that support the health and well-being of individuals as they age.
- Behavioral health: Addressing mental health and behavioral health challenges is another area of focus for health tech startups, with a focus on developing innovative solutions to improve access to mental health services and support.
- Affordable care: Health tech startups are working on solutions to make healthcare more affordable and accessible, aiming to address the cost barriers that many individuals face when seeking healthcare services.
- Patient engagement and care management: Health tech startups are developing platforms and technologies to streamline patient care processes, improve care coordination, and enhance patient-provider communication and collaboration.
- Digitalization and administrative efficiency: Health tech startups are reshaping the healthcare system by introducing digital solutions to speed up administrative processes and relieve the pressure of staff shortages in hospitals and doctor’s offices.
Where do health tech startups typically get their funding?
Health tech startups typically get their funding from government grants, venture capital, private equity, angel investors, and accelerators. These funding sources play a crucial role in helping health tech startups to fund research and development, build their business model, expand product offerings, and find new customers.
Additionally, some startups may also seek non-dilutive funding in the form of grants, such as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) federal programs, which provide over $2.5 billion in federal grants to stimulate technological innovation.
Venture capital firms, such as StartUp Health, Dreamit Healthtech, and Healthworx, are prominent investors in the health tech sector, providing seed funding and support for digital health, medical device, and diagnostic startups. Accelerators like Roch Health, Healthbox, and Blueprint Health also offer support programs and seed funding for healthcare startups.
What are the challenges and obstacles health tech startups face?
Health tech startups face a number of challenges, ranging from regulatory compliance and funding to vision, innovation, and talent acquisition.
Regulatory Compliance: Navigating the healthcare industry’s complex and ever-changing regulations and compliance requirements, such as HIPAA and FDA regulations for medical devices, is one of the biggest challenges for healthcare tech startups. Failure to comply with these regulations can result in costly fines, legal issues, and damage to the startup’s reputation.
Harnessing a Clear Vision: Health tech companies often struggle with having a unified vision on where the industry should be heading and what they can do to achieve this. With the industry attracting numerous startups, there is a greater concern for receiving funding and gaining tangible success rather than for innovating the industry and its technology for the consumer.
Money and Funding: While money isn’t technically the challenge for companies in the Health tech industry, ensuring that funding is being secured is a significant challenge. Startups need to secure funding to support their growth and development.
Duplication Over Innovation: There is a challenge in ensuring that the focus remains on innovating the industry and its technology for the consumer, rather than duplicating existing solutions.
Policy Makers Behind the Curve: Health tech startups may face challenges due to policy makers being behind the curve, which can impact the regulatory environment and the adoption of new technologies.
Hiring and Staffing Top Talent: Finding and retaining top talent in the highly competitive health tech industry can be a challenge for startups.
Technical Debt and Scalability: Startups may face technical debt that holds back scalability and growth to meet client needs. As they gain new customers, they may struggle to serve those customers due to scalability issues.
Fragmented Regulations: The healthcare industry is highly regulated, and startups must navigate diverse laws that dictate where health data can be stored, how it must be handled, and who can gain access. Understanding and ensuring compliance with relevant regulations is crucial for health tech startups.
Conclusion
As we conclude, it’s clear that these health tech startups are not just businesses, but beacons of hope, driving forward a healthier, more technologically integrated future.
If you’re on your way to joining them, use the AI market research assistant to find out what users are saying about your competitors and how you can create a revolutionary solution that solves your market’s problems.
