Meet the Top 5 Global Healthtech Unicorns
Previously: The Meteoric Rise of Healthtech Unicorns
Once a niche in our digital age, Healthtech faced skepticism from tech giants while holding vast potential.
Despite initial challenges, the sector is now undergoing a remarkable digital transformation. Today, numerous companies find untapped Healthtech niches, resulting in a surge of unicorns that even seasoned market watchers find astonishing.
In this article, get to know some of the top highly valued healthtech unicorns:
Sector: Health Insurance
Valuation: $12.7 Billion
Fundraising to date: $1.2 Billion
In Frame: Ed Park, Co-Founder and Chief Executive Officer of Devoted Health
Founded in 2017, Devoted Health has embarked on a mission to reshape healthcare with a focus on Medicare Advantage plans in the United States. Devoted Health guides the senior community through the complex healthcare insurance system with personalized guides, employing cutting-edge technology for streamlined experiences and joining forces with leading providers to ensure optimal health results. They raised $2 billion in total funding across five rounds since its inception, most recently securing a $1.2 billion Series D round with lead investment from SoftBank Vision Fund and Uprising Ventures in October 2021.
“We are very proud that others understand and believe in the value of our mission and model, and we are very much looking forward to using this capital to bring the Devoted Health experience to people across the country," said Ed Park, co-founder and CEO at Devoted Health. While they may be the new kid on the block, Devoted Health’s unwavering dedication to the welfare of Medicare recipients has not gone unnoticed, and their pronounced emphasis on preventive measures, complemented by tailored support for chronic conditions, sets them apart from other insurtechs.
Sector: Health Discovery
Valuation: $12.4 Billion
Fundraising to date: $778 Million
In Frame: Osman Kibar, Founder and Executive Chairman, Biosplice Therapeutic
Biosplice Therapeutics has been developing tissue-engineering technologies in functional and regenerative medicine since 2008. Having achieved its $12 billion valuation in 2018, the Biosplice team narrowed its focus in 2022 to harness small molecules and modulate RNA splicing to regulate harmful protein production and investigate splicing’s potential in treating major diseases including osteoarthritis, cancer, Alzheimer’s and other degenerative conditions. So far, Biosplice Therapeutics have made strides in studies and clinical trials for Knee Osteoarthritis, Idiopathic Pulmonary Fibrosis, and Endometrial Cancer treatments.
3. Resilience Biotechnologies Inc.
Sector: Drug Production
Valuation: $9.0 Billion
Fundraising to date: $2.5 Billion
In Frame: Rahul Singhvi, CEO of Resilience
Founded in La Jolla, California, Resilience is a biomanufacturing company which develops cell therapy, gene therapy, nucleic acids, and vaccines to help biopharmaceuticals with the drug development process from preclinical development to commercial supply. Since 2020, Resilience has forged strategic collaborations with key industry players, including Takeda’s Plasma-Derived Therapies Business Unit, Be Biopharma’s proprietary engineered B-Cell Medicines platform, and gene therapy leader, Opus Genetics.
Resilience has been making strides in health technology such as integrating SwiftScale Biologics’ innovative cell-free protein synthesis into their fold to enhance drug manufacturing efficiency. The company also entered a 10-year agreement with a major pharmaceutical firm, and are anticipating record 2023 revenues for its portfolio of services across Process and Analytical Development, Drug Substance, and Drug Product manufacturing. Most recently, Resilience announced their expansion plans with Saudi Arabian biopharma, Lifera, to develop biomanufacturing capacity in the Kingdom’s capital of Riyadh.
Sector: Precision Medicine
Valuation: $8.0 Billion
Fundraising to date: $1.3 Billion
In Frame: Eric Lefkofsky, CEO of Tempus
One of the leading healthtech startups in the US, Tempus uses AI to help physicians make more informed diagnoses and open patients' treatment options. Founded in 2015, Tempus had raised over $1.3 billion following its latest venture funding round in October 2022. In addition to collaborations with pharma-giants AstraZeneca and GSK, Tempus’ latest major pharma move came earlier this year when they signed with Pfizer focusing on cancer drug discovery and development with the aim of getting novel treatments to patients faster.
"The benefits of data science and AI have the potential to increase the probability of success of Pfizer's existing efforts, both internally and with their biotech partners, which in turn, benefits patients,” said Tempus founder and CEO, Eric Lefkofsky. If Lefkofsky sounds familiar, he was one of the co-founders of Groupon.
Earlier this summer, Tempus announced the launch of Tempus One – the first, AI-enabled clinical assistant that leverages advancements in generative AI to provide clinicians access to patient insights directly at their fingertips.
5. Caris Life Sciences
Sector: Precision Medicine
Valuation: $7.8 Billion
Fundraising to date: $1.7 Billion
In Frame: David Halbert, CEO of Caris Life Sciences
As a US based trailblazer in transformative healthcare, Caris Life Sciences boasts the world's most extensive and insightful platform for cancer analysis offering unparalleled tumor profiling. With its latest funding round led by Sixth Street drawing an impressive $830 million in PE financing in 2021, Caris reached a staggering valuation of $7.8 billion.
In January 2023, Juniper Biologics was entrusted with the distribution of Caris' molecular profiling services in Southeast Asia, an initiative set to equip medical professionals with top-tier diagnostic tools. Simultaneously, Caris forged a partnership with ConcertAI, a frontrunner in oncology data and AI, to create one of the largest platforms geared toward advanced drug research and development, which expanded into a shared database paving the way for pivotal breakthroughs in precision medicine and therapeutic research just this June.
Healthtech Unicorns from Around the World
19 out of the most highly valued healthtech unicorns hail from the USA; but there are many other countries minting their own unicorns. Here are a list of the most highly valued unicorns from countries around the world.
To read more about the transformative innovation of digital health in 2023 – read the full report here.