CB Insights Reveals the "2024 Top 50 Digital Health Companies" List
Recently, CB Insights announced its “2024 Top 50 Digital Health Companies” list, identifying the 50 most promising private digital healthcare companies worldwide based on data signals and proprietary scoring.
Healthcare is shifting toward AI-driven infrastructures, advanced diagnostics, and specialized care platforms. This list will focus on companies that offer promising opportunities in technology application, investment, and strategic collaboration for CIOs in healthcare systems, investors in digital health, and executives in the life sciences sector.
This year's list highlights four key themes:
Artificial Intelligence as a Foundation: AI is becoming a cornerstone across the healthcare field, with 36 out of the 50 companies developing AI products—ranging from insurance claim assistants (Alaffia Health) to advanced medical AI models (Hippocratic AI). These startups reflect a broad shift from specific solutions to being an essential part of patient care services.
Continued Dominance of Diagnostic Innovation: Diagnostic innovation remained a major category, similar to last year's crowded listing. This year, it ranks among the largest categories, with 11 companies developing tools in radiology (Airs Medical), pathology (Proscia), and non-invasive diagnostics (Alimetry). These next-generation diagnostic technologies aim to make testing more convenient and non-invasive, prioritizing early detection.
Growth of Virtual and Hybrid Care: The number of virtual and hybrid care companies has more than doubled this year, reaching 11, up from 5 last year. This increase indicates a rise in specialized platforms in areas like mental health (Talkiatry) and cancer care (Resilience), marking a shift from general telemedicine to virtual healthcare models targeted at specific conditions.
Workflow Efficiency as a Key Priority by 2025: From medical document processing (Tennr) to environmental documentation (Abridge), 19 companies are streamlining administrative and clinical tasks. The surge in automation solutions suggests that healthcare institutions will prioritize efficiency amid workforce shortages, allowing healthcare professionals to focus more on patient care.
Highlights of the "2024 Top 50 Digital Health Companies"
The 50 companies on this year’s list have raised a total of $3.5 billion across 171 disclosed equity transactions (as of November 14, 2024). Among them, Monogram Health and Abridge lead in disclosed equity financing, with amounts of $555 million and $208 million, respectively.
Funding Exceeds $1.5 Billion for the 2024 Top 50 Digital Health Companies
So far in 2024, these companies have raised $1.6 billion across 47 disclosed equity transactions. The largest deals include:
Abridge — $150 million in Series C funding
Superluminal Medicines — $120 million in Series A funding
Grow Therapy — $88 million in Series C funding
CytoReason — $80 million in Series A funding
Ambience — $70 million in Series B funding
These companies with substantial funding are primarily focused on two AI applications: simplifying clinical documentation (Abridge and Ambience) and accelerating drug discovery (Superluminal Medicines and CytoReason).
Company Stages
Among the “2024 Top 50 Digital Health Companies,” 56% are in the early stage (seed or Series A), while 44% are in the mid-stage (mainly Series B or C).
Top Investors for the "2024 Top 50 Digital Health Companies"
These companies have attracted interest from many top-tier investors. One of Silicon Valley’s most prominent venture capital firms, Andreessen Horowitz, invested in 8 companies on the list, a number that significantly leads the pack, covering multiple fields in digital health, including:
D2C Health Testing — Function Health
Clinical Intelligence — Ambience, Hippocratic AI, Scribenote
Virtual and Hybrid Care — Talkiatry, Pomelo Care
Price Transparency — Turquoise Health
Administrative Workflow Optimization — Tennr
Following closely are BoxGroup, General Catalyst, and NVentures (NVIDIA's venture capital arm), each investing in 5 companies. All 5 companies backed by NVentures are focused on developing AI products, primarily in clinical intelligence (Hippocratic AI, Abridge, Artisight) and drug discovery (Lambic Therapeutics, Superluminal Medicines).
Healthcare systems and other large tech companies are also active investors in the "2024 Top 50 Digital Health Companies," with institutions like Mayo Clinic, Memorial Hermann, and Google Ventures investing in three companies on this year’s list.
Geographic Distribution
As for the geographic distribution of the companies on the list, the "2024 Top 50 Digital Health Companies" are headquartered in 9 countries, with the majority (36 companies) located in the United States. Outside of the U.S., Germany has the highest number of companies with 3 headquartered there, followed by Canada, Israel, South Korea, and the United Kingdom
The process for the list went through a rigorous three-step procedure:
Among over 10,000 digital health startups, a comprehensive analysis was conducted using CB Insights’ proprietary metrics of "Business Maturity" and "Mosaic Score" (a proprietary metric measuring the health and growth potential of private companies), along with additional data on partnerships, funding, patents, leadership, and employee numbers.
Companies with a Mosaic score above 500 that have been active in the market recently made it to the shortlist of 1,500 candidates.
Analysts then evaluated strategic partnerships, market adoption, and growth metrics to identify the 50 most promising digital health companies.
As of November 14, 2024, the average Mosaic score for the "Top 50 Digital Health Companies of 2024" was 771 (out of a maximum of 1000).
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