Tag Archives: Health Tech

Health Tech Trends: AI, Private Markets, and 2025 Predictions from Bessemer Venture Partners

December 20, 2024Business, Health, Innovation, StartupsAI, artificial intelligence, Bessemer Venture Partners, Digital Health, Health, Health Tech, Healthcare, Logan Plaster, Sofia Guerra, Steve Kraus, trendsNicole Kinsey

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On this week’s podcast episode, Steve Kraus and Sofia Guerra of Bessemer Venture Partners joined us to discuss the trends and predictions outlined in their second annual State of Health Tech report.

Key takeaways include:

AI: Health tech dollars invested in AI-focused companies have increased 1.5x in just two years, reaching 38% in 2024 to date.
Private market recovery: Mega rounds of $50M+ for later-stage companies with strong fundamentals, alongside a surge of seed and Series A companies scaling to $1M-$10M ARR within three years.
2025 predictions: Adoption of in-house services-as-software, AI enhancing doctors’ capabilities, AI streamlining value-based care, and more companies blending cutting-edge technology with deep healthcare expertise.

About Steve Kraus:
Steve Kraus is a partner at Bessemer in the Cambridge office and a world-renowned healthcare investor. He is the author of Bessemer’s 10 Laws of Healthcare, Benchmarks for Growing Health Tech Businesses, and co-host of the podcast Heart of Healthcare. Kraus currently sits on the boards of Bright Health Group, Headspace Health, Groups, Qventus, AspenRx, HouseRx, Oshi Health, Folx Health, Mural Health, and Alcresta.

About Sofia Guerra:
Sofia Guerra is a vice president at Bessemer Venture Partners, where she invests in seed to growth healthcare and life sciences companies. She is the co-author of State of Health Tech report, Benchmarks for Growing Health Tech Business, and How to Scale Health Tech Businesses to $100M and Beyond, a study of 100+ best-in-class companies to understand key metrics relevant for scalability in healthcare software and tech-enabled services.

Listen in for the complete chat with Steve Kraus and Sofia Guerra and learn about the key trends shaping the future of health tech.

Are you ready to tell YOUR story? Members of our Health Moonshot Communities are leading startups with breakthrough technology-driven solutions for the world’s biggest health challenges. Exposure in StartUp Health Media to our global audience of investors and partners – including our podcast, newsletters, magazine, and YouTube channel – is a benefit of our Health Moonshot Community Showcase Membership. To schedule a call and see if you qualify to join and increase brand awareness through our multi-media storytelling efforts, submit our three-minute application. If you’re mission-driven, collaborative, and ready to contribute as much as you gain, you might be the perfect fit. Learn more and apply today.

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Master the Art of Storytelling: Chrissy Farr’s Guide for Health Tech Founders

October 25, 2024Business, Health, Innovation, StartupsChrissy Farr, Digital Health, Health Tech, Logan Plaster, Manatt, Masterclass, StorytellingNicole Kinsey

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Elevate your startup’s narrative with Chrissy Farr, a renowned health tech journalist and investor.

In this Masterclass, members of StartUp Health’s Health Moonshot Communities had a chance to interact directly with Farr, Managing Director at Manatt Health, and health tech investor, advisor, and author of Second Opinion. Farr has impressive communications savvy and a deep understanding of the health industry and emerging trends, with an emphasis on the intersection of health and venture capital. She provides a range of go-to-market, fundraising / investor relations, social media strategy, content development and communications counsel to both emerging and established companies as well as the investors behind them.

In this insightful episode, you’ll learn:

The power of storytelling in shaping your company’s future
How to craft compelling narratives that resonate with investors and the media
Leveraging AI tools like ChatGPT for effective communication
Balancing founder time between operations and communications
Quantifying the impact of your communications efforts
The role of social media in your strategy

This episode is a must-listen for any health tech founder looking to refine their messaging and build a stronger brand.

Tune in now to unlock the secrets of effective storytelling!

Do you want to attend Masterclasses live and ask your questions of experts? Members of our Health Moonshot Communities are leading startups with breakthrough technology-driven solutions for the world’s biggest health challenges. If you’re mission-driven, collaborative, and ready to contribute as much as you gain, you might be the perfect fit. Learn more and apply today.

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A Masterclass with the Founder of One of the Great Success Stories in Health Innovation

June 14, 2024Business, Health, Innovation, Startupsbusiness, diabetes, Digital Health, health innovation, Health Moonshot, health startups, Health Tech, Health Transformer, Innovation, Logan Plaster, Sami Inkinen, Type 2 Diabetes, Virta, Virta HealthNicole Kinsey

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Virta Health is one of the greatest success stories in health tech today.

Join us for an insightful StartUp Health NOW episode featuring Sami Inkinen, the visionary CEO & Founder of Virta Health, a pioneering company focused on the reversal of Type 2 diabetes. In this Masterclass, originally recorded in front of a virtual audience of entrepreneurs in the StartUp Health community, Inkinen – also a member of the community – shares his journey and the innovative strategies behind Virta Health’s success.

Inkinen’s impressive background includes co-founding Trulia, leading it to a successful IPO and eventual sale to Zillow Group. At Virta Health, he’s raised $366M and achieved a $2B valuation, with the company recognized as a TIME100 Most Influential Company in 2023. Beyond his business acumen, Sami is a world-class athlete and health advocate, known for his rowing expedition to raise awareness about diabetes.

In this episode, Inkinen delves into:

The biggest surprises he faced as a health tech founder
Balancing his roles as CEO, father, and husband
The strategic planning rhythms that drive Virta’s mission
His personal journey, from existential crises to global health impact

As is typical of members of the StartUp Health community, Inkinen is generous in sharing his wisdom. Tune in to learn from his experience and gain valuable insights into leadership and achieving sustainable product-market fit in the digital health industry.

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How Two Founders Raised Millions During a Challenging Funding Market

April 4, 2024Business, Health, Innovation, Startups9amHealth, Anton Kittleberger, Funding, Health, Health Tech, Healthcare, Innovation, Logan Plaster, Matt Swanson, Reciprocity HealthNicole Kinsey

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As a healthcare startup, you can have the best idea in the world, but if you don’t have the capital to hire the right people, build your product, and survive a long sales cycle, you’re unlikely to have a huge impact. To put it simply, raising funds has been challenging for health startups over the last couple years.

In this StartUp Health NOW episode, we dive into the realm of funding challenges – and despite the hurdles, we bring you tales of hope and inspiration from two founders who successfully raised significant early capital.

First up is Matt Swanson, CEO & Co-founder of Reciprocity Health. Reciprocity Health – which joined the StartUp Health community in 2023 shortly after their launch – offers personalized digital programs with financial incentives for completing health actions, aiming to improve patient engagement. Despite being in business for just one year, Swanson and his team secured more than $5 million in funding to expand their innovative financial incentive program. Swanson shares the critical elements that paved the way for their successful first raise.

Next, we sit down with Anton Kittelberger, Co-CEO & Co-founder of 9amHealth. 9amHealth – which joined StartUp Health in 2022 – offers comprehensive care for chronic conditions like diabetes, hypertension, and obesity through a virtual clinic. Kittelberger and his team recently closed a substantial $9.5 million Series A extension, leveraging a unique leadership structure and capitalizing on emerging trends in the healthcare market. Discover how they navigated the challenges and capitalized on opportunities to propel their virtual clinic for cardiometabolic conditions to new heights.

Join us as we uncover the strategies, insights, and stories behind these funding successes. Whether you’re a seasoned entrepreneur or just starting out, this episode offers invaluable lessons and inspiration for anyone navigating the healthcare startup landscape. Tune in and get ready to be inspired!

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Qura’s Tiny Implantables Could Revolutionize How We Treat Hypertension

February 16, 2024Business, Health, Innovation, StartupsCure Disease, Dr. Hendren, Health Moonshot, Health Moonshot Update, Health Tech, Health Transformer, Health Transformers, Implantables, Innovation, Logan Plaster, Qura, Will HendrenNicole Kinsey

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When it comes to health technology, often the next big thing is really, really small.

Our guest on the show this week, Dr. Will Hendren, has seen personally that when it comes to implanting a medical device in the body, size matters.

Dr. Hendren spent decades as a surgeon working with rescue devices like pacemakers, which themselves have evolved from being the size of a pack of cigarettes to being smaller than a triple A battery. It doesn’t take a degree in biomechanical engineering to appreciate that you want a lower profile machine sitting next to your heart.

Now, with his company Qura – a member of the StartUp Health community since 2016 – Dr. Hendren is taking that concept to the next level. He and his team are the leading edge of miniaturizing medical devices to such an extreme degree that it opens up a whole new market for remote patient monitoring.

In our interview we’ll talk about how Dr. Hendren and his team have built an implantable the size of a vitamin that can take blood pressure readings passively and transmit that information to the patient and their caregiver wirelessly. We’ll talk about some of the tiny tech that it was necessary to invent in order to make this breakthrough possible, and we’ll talk about how remote monitoring at scale could be a gamechanger for hypertension and heart disease, which are two of the top causes of death globally.

Let’s get into it!

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10 Years Later: A Health Tech Investor Reflects on Her Early Days at StartUp Health

December 7, 2023Business, Health, Innovation, StartupsDigital Health, Funding, Health, Health Tech, investing, Irem Rami, Norwest, StartUp Health, startups, venture fundingNicole Kinsey

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Ten years ago, Irem Rami became one of the first Fellows to join StartUp Health. In her role she helped vet the very first companies to join our community. That was back when it seemed very audacious indeed to have a goal of supporting 1000 healthcare startups. A few years later and we’ve now welcomed 500 startups into the community and are still going strong. In that time Rami moved on, went to business school, and is now a principle health investor at Norwest, a $3B multi-stage fund.

We called up Rami up for this StartUp Health NOW podcast episode to give us that decade look back – you know, it’s hard to understand where you’re going if you don’t know where you came from. She’s got a unique perspective on the durability of the StartUp Health vision and what it means to chase the same seemingly impossible dream for more than 10 years.

We also wanted to hear Rami’s advice for health innovators seeking to raise funds in this difficult market. She evaluates opportunities on a daily basis and had some sage advice to share for our listeners.

Enjoy the episode.

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Quantifying Mental Health: How Mobio Interactive Is Unleashing Precision Psychiatry at Scale

October 5, 2023Business, Health, Innovation, StartupsBechara Saab, Digital Health, health innovation, Health Moonshot, Health Tech, Health Transformer, Innovation, Logan Plaster, mental health, Mobio Interactive, StartUp Health NowNicole Kinsey

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There’s a phrase that gets thrown around a lot in business: “You can’t manage what you can’t measure.” It’s a quote attributed to Peter Drucker, the famed management consultant.‌

If business leaders such as Peter Drucker are right, not being able to measure the effect of an action would make it impossible to know if we should be doing more or less of that action – or if we should be doing it at all.

But if the saying is true in management, it’s even more true in clinical medicine in most areas of healthcare. Despite this seeming to be self evident, you’ve got to measure it to manage it yet there are still swathes of care that are delivered by some version of trial and error.‌

Our guest this week is Bechara Saab, PhD, CEO, Chief Scientist & Co-founder of Mobio Interactive, a company that joined the StartUp Health community in 2022.‌

Dr. Saab started as an academic researcher. It’s safe to say he loves measuring, loves gathering hard data and proving that he has found causation not just correlation in his work. So when his research introduced him to the modern world of mental health diagnosis and mental healthcare, he was taken aback by what he saw as a lack of solid objective measurements.‌

How could you help someone with anxiety, for instance, if you couldn’t accurately measure their anxiety before and after a treatment?‌

That is the thorny challenge that Dr. Saab is tackling with Mobio Interactive.

As you’ll hear, he’ll explain just how his research led to a solution that provides those objective measurements. His company, based in Singapore, came up with an accessible tool that provides clinically-validated therapy within a platform that objectively quantifies how a patient’s mental health is affected by therapy in real time and without a wearable, thereby allowing personalization of mental health therapy at scale.

Enjoy!

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How GO-Pen’s “Insulin Pen for All” Is Making High-Quality T1D Care Globally Accessible

September 22, 2023Business, Health, Innovation, StartupsDenmark, diabetes, Diabetes Moonshot, GO-Pen, Health Device, health innovation, Health Tech, Innovation, Insulin, Insulin Pen, Logan Plaster, Ole Nielsen, Startup, T1D, T1D Moonshot, Type 1 DiabetesNicole Kinsey

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Our StartUp Health NOW guest this week is Ole Kjerkegaard Nielsen, PhD, CEO & Co-founder of GO-Pen, a company in our Type 1 Diabetes Moonshot community.

As you’ll hear, Nielsen and his team based in Denmark have built a new kind of insulin pen, one that is affordable and accessible to all while also adhering to the absolute highest standards of quality. This more accessible insulin pen could change millions of people’s lives.

We’ll also get a glimpse into the uniquely challenging startup journey of developing a physical medical device. Nielsen and his team have been winning awards and grants on a regular basis, but the road is still steep. Whether it’s negotiating with a manufacturer across the globe or getting FDA approval, bringing a medical device to market as a startup with limited funds is a challenge that could intimidate even the most market-tested CEOs. Nielsen pulls back the curtain and lets us see that challenge from the inside and shows us where GO-Pen is going next.

Enjoy!

Innovators: Health Transformer University fuels your health moonshot

Two Top Health Investors Share Their 2023 Tips for Founders

July 6, 2023Business, Health, Innovation, Insights, Startups7wireVentures, Digital Health, Distributed Ventures, Entrepreneur, entrepreneurship, Funding, fundraising, health innovation, Health Tech, impact investing, investing, Lee Shapiro, Logan Plaster, raising funds, Shawn Ellis, WisdomNicole Kinsey

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Whether they like it or not – and they probably don’t – every health tech founder needs to think about money. How much they need, and how to get it. For many founders, raising outside funds becomes a whole new full time job that they have to take on. This year, funding in the sector has dipped sharply, making that job even harder and more stressful.

On our podcast this week, we hear from the other side of the table. We sat down with the heads of two major health tech investment firms and got their advice for health innovation entrepreneurs in 2023.

First up is Lee Shapiro, managing partner at 7wireVentures and long-time collaborator with StartUp Health. Shapiro is a luminary in digital health investing so we asked him for his macro view of the industry and got a few practical tips for founders raising funds today.

Then we hear from Shawn Ellis, managing partner at Distributed Ventures, a $100M fund that invests in Seed and Series A deals and has a strong health tech focus. In our chat Ellis broke down where his firm has found success recently and exactly what he looks for in a pitch.

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How Health Tech Startups Can Launch with Government Contracts

June 9, 2023Business, Health, Innovation, StartupsAccess to care, Digital Health, health innovation, Health Moonshot, Health Moonshots, Health Tech, Health Transformer, Health Transformers, Innovation, Logan Plaster, Nutrition, Nutrition and Fitness, Shireen Abdullah, Suzy Shirley, VA, Veteran Affairs, Veterans Health Administration, VHA, YumlishNicole Kinsey

Podcast: Play in new window | Download (Duration: 20:36 — 18.9MB)

So you’re healthcare founder who has designed and built, by the sweat of your brow, a new platform or product that can help people live longer, healthier lives. Now, you just need to get it into people’s hands so they can use it, give feedback, help you iterate, and ultimately scale. As every founder knows, building the product is just a first step. Getting to market is a whole other challenge.

There are lots of different approaches for go-to-market strategy – with StartUp Health’s community of nearly 500 companies we’ve seen them all. One we wanted to highlight today is the idea of pursuing partnerships with the government or military. Given the enormous number of people that fall within the care of the military and federal agencies and the funding that gets allocated for their health, this is a tempting strategy. But it’s not for the faint of heart or those short on runway.

In this week’s podcast episode we’ll talk to two people who are making this marriage of startups and government contracts work – from two different angles.

First we’ll hear from Shireen Abdullah, CEO & Founder of Yumlish (which joined StartUp Health in 2019), about how she’s working with the US Air Force to help keep recruits healthy and service ready. Turns out, poor nutrition could actually become a national security threat.

Second, we’ll hear from the other side of the table. Suzy Shirley heads up community engagement at the VA’s Pathfinder program. Pathfinder was established just recently with the express purpose of making it easier for startups to access the Veterans Health Administration, which, if you’re not familiar, is massive. The VHA is the largest integrated healthcare system in the United States, providing care at more than 1200 facilities, covering over nine million enrolled veterans. Many healthcare startups would love to work with this patient population, but traditionally the administrative barriers have been high. Suzy Shirley explains how her team is changing the paradigm. She provides some practical tips for how runway-limited startups can make meaningful headway with such a huge government institution and start piloting high-impact products.

Enjoy the episode, which was recorded at the ViVE 2023 conference in Nashville.

Founders: Health Transformer University fuels your health moonshot