Top 16 Health Tech Startups

Hermione at Pangea.ai
Naina Kaul
Published: 28.10.2022

In the wake of the pandemic, it has become clear just how imperative the medical industry is, not just to well-being, but also to handling global health crises at a national and regional level. COVID has not been a welcome guest. However, it has led to human innovation on a mass scale, across a wide range of industries. Not least of all for the healthcare sector itself, which has had to adapt to an entirely new landscape of providing primary through to quaternary care.

Below we will be looking at some of the healthcare innovations being conjured up within the health tech startup ecosystem. Many companies have been initiated, but which ones have staying power? Read on to find out.

Telehealth Startups

Given personal contact restrictions in place as a result of the pandemic, many startups have focused on tackling the issue of lack of proximity. Telehealth – or providing medical care without an in-person office visit – has exploded in necessity and demand. This has led to a swathe of startups growing within the Telehealth category, attempting to assist doctors in providing healthcare remotely.

Babylon Health

Startups Magazine mentions Babylon Health, based out of London, as one to watch. It offers round-the-clock service, personalized advisors, care plans, and referrals to specialists, among other things. Their business model rests on the use of AI technologies to ensure that simple diagnostics and remedies are offered digitally. Their tagline?

Affordable and accessible healthcare in the hands of everyone on Earth.”

No small feat, but it seems like their mission is succeeding, with a self-reported retention rate of 93% and 4/5 star ratings from more than 90% of the global user population.

Kry

A Swedish startup within healthcare, Kry has attracted funding to the tune of 262 million EUR, Fierce Healthcare reports. Similarly to Babylon Health, it offers ways for service to be provided without the need for physical presence. It provides a software platform and associated smartphone app - allowing for video and messaging communications between patient and provider. According to the startup itself, it has attracted a user base of 3 million patients since its inception in 2015. Check their website out here and marvel at their 4.9 App Store rating, quite a feat!

RO

Vator reports on a telehealth company that has been making moves on several fronts within the healthcare landscape:

Ro has been on a journey over the last 4 years: it started life as a telehealth company focused on men's health, before launching into new categories, including women's health with Rory, and Zero for smoking cessation.”

A first-person view of a man in a blue sweater checking his smartwatch

Internet of Medical Things (IoMT) Startups

The Internet of Things is a term used to describe devices, or ‘things’, that are connected to the Internet to engage in an exchange of data, according to Oracle. IoT is a burgeoning field, with about 7 billion connected devices already, and a projected 22 billion by 2025.

Given that the medical field consists of hardware that also relays data, it makes sense then that the industry is seeing a growth in the use of IoT, specifically as it relates to medical devices. According to a scientific journal article by Dwivedi et al. (2022),

“Sudden spurting of Coronavirus disease (COVID-19) has put the whole healthcare system on high alert. Internet of Medical Things (IoMT) has eased the situation to a great extent, also COVID-19 has motivated scientists to make a new ‘Smart’ healthcare system focusing towards early diagnosis, prevention of spread, education and treatment and facilitate living in the new normal.”

The motivations in the field may not exclusively be altruistic. There seems to be a lot of financial gain promised in this area of the health tech ecosystem. In fact, Fortune Business Insights estimates that the global market for the Internet of Medical Things will grow to $187.60 USD by 2028, from $30.79 USD in 2021.

Let’s take a look at the health tech startups making waves in the field of IoMT, along with their taglines. If you’d like to understand more about the IoT field in general, feel free to check out this Pangea.ai article.

Medicsen

Medicsen says of itself that it “was founded to improve quality of life with chronic diseases. We strive to deliver the latest technological advances to the medical world in order to reduce pain and uncertainty.”

AliveCor

AliveCor has the tagline: “Delivering intelligent, highly-personalized heart data to clinicians and patients anytime, anywhere.”

Proteus

Proteus - “Proteus Digital Health develops digital medicines that collect and aggregate various behavioral, physiological and therapeutic metrics.” According to CNBC, this startup filed for bankruptcy in 2020, becoming something of a cautionary tale.

CrossChx/Olive

CrossChx/Olive - “Olive's intelligent automation accelerates time to care and makes healthcare truly about quality patient experiences for all humans.”

Neurotech

Neurotech - “Move freely. Less pain, more quality of life!”

Sensely

Sensely - “Sensely is an empathy-driven conversational platform powered by world-class content, designed to enhance the member experience, elevate brand preference, and influence behavior.”

Pear Therapeutics

Pear Therapeutics - “Prescription Digital Therapeutics for the treatment of serious disease.”

Clover Health

Clover Health - “Using data and technology from the Clover Assistant, we empower physicians to make the best health recommendations based on your complete health history—all with the lowest cost and the highest value.”

FemTech Startups

In their article about the ‘dawn of the FemTech revolution,’ McKinsey addresses the burgeoning opportunities within the field of startups tackling topics within female health. They provide a definition of the field as follows:

“FemTech provides a wide range of solutions to improve healthcare for women across a number of female-specific conditions, including maternal health, menstrual health, pelvic and sexual health, fertility, menopause, and contraception, as well as a number of general health conditions that affect women disproportionately or differently.”

It may be of benefit to consider how female health has traditionally been sidelined in the medical world, which means that from a scientific standpoint, much remains to be known, let alone managed. SpeedInvest tackle this in their take on FemTech, describing how research funding for male-dominant diseases is twice that of female-dominant diseases. They go on to explain that women have largely been excluded from medical trials until as recently as 1993. Upon reflection, it may be time for the focus to shift toward underrepresented areas of human health. Perhaps such an overcorrection could be of benefit, to shed light on female health processes previously steeped in mystery, so that the balance can be restored of all genders receiving equal amounts of attention.

Indeed, far from being a niche topic in the startup world, FemTech is becoming essential, according to this article by Crunchbase.

Elvie

Elvie is a FemTech startup that produces the Elvie Pump and the Elvie Trainer, used for pumping milk and for training the pelvic floor, respectively. As per Business Insider’s reports, it has raised a whopping $42 million in its Series B funding round. It is currently valued at $4 billion, according to Web Summit.

Inne

Betahaus mentions another power player within the FemTech scene. Inne is a device that addresses the entirety of a woman’s cycle, the complexity (and necessity) of which is mentioned above. It offers a way to track fertility using saliva samples, allowing for contraceptive health by employing digital tools. Inne’s founder Eirini Rapti has secured a substantial 8 million EUR in her Series A funding round.

In case you thought that FemTech was niche and not very lucrative, let the below list convince you otherwise. Rounding out our list of 16, we have these heavy hitters in financial milestones:

Thinx

Thinx, a New York-based period underwear company, hit $25 million in funding.

Progyny

Progyny, which deals in fertility benefits for employers, has a reported market capitalization of around $4 billion, having gone public in 2019 at a valuation of $1+ billion.

Maven Clinic

Maven Clinic, offering digital healthcare targeting feminine health throughout the lifecycle, has achieved unicorn status. Raising a reported $203 million, it has a valuation between $1-10 billion, according to CrunchBase.

Recommendations

Healthcare is an incredibly important topic, the scale of which can be measured individually as well as collectively. Healthtech startups are gaining traction not only because of their new, innovative ideas but also due to a rapidly changing landscape that is becoming increasingly inclusive and digital. The factors that contribute to this massive scale of change include such things as the aforementioned pandemic, more autonomy in medical decision-making, more focus on issues of inclusivity, as it pertains to different health demographics, as well as the information at every individual’s fingertips allowing them to be informed of not only health diagnostics and treatment but also preventative care. In short, the medical world is changing, and the people on the receiving end are changing right there with it.

There is a need to build new approaches - and founders are making their mark. From someone building their very own health tech startup - it is no easy feat. While still small, Abrigo is on a mission to make cycling during winter a painless, easy choice to act more sustainably. It has a Circular Design nomination for its prototype of heated seat covers for bikes, made out of sustainable materials.

Other approaches within healthcare exist, apart from large pharmaceuticals, national health services, and health tech startups. Nonprofits such as the Endometriosis Foundation of America can tackle specific challenges that impact a large population of patients. EndoFound, as it is called for short, works to fund research into endometriosis and spread awareness of it. A condition that often goes underdiagnosed, it can cause undue distress to patients and result in lower quality of life.

Looking for support with your health tech startup’s challenges? Try our search tool here and see if one of Pangea’s vetted vendors might be able to partner with you for your next level of growth.

FAQs:

Q1. What is the reason behind the new inventions of health technologies?

Many reasons exist, but the chief of them is the changing healthcare landscape. Issues like COVID have raised awareness of the need for alternative ways of delivering care. The rising prominence of feminine healthcare on the global agenda has also given rise to new health tech startups tackling a plethora of female-specific health issues such as period care, pre-, and post-natal care, menopause, and fertility. The emergence of technologies such as IoT has also led to new business ventures utilizing them.

Q2. What is healthcare technology?

Healthcare technology relates to innovations that aid with health issues. It can relate to digital technology, especially in the case of health tech startups, but it can be simpler than this. Some businesses offer hardware that aids in healthcare.

Q3. Which healthcare uses AI?

AI is employed by several startups tackling the effects of the pandemic, specifically by offering remote and round-the-clock services that opt for AI to supplement human advisors. An example of a healthcare startup that uses AI is Babylon Health.

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