Amid the Covid-19 pandemic, digital health categories including telehealth, at-home diagnostics, and remote monitoring have been the object of renewed attention. In this map, we highlight the top-funded digital health startup in every US state.
The digital health industry is continuing to mature. Seed/angel deals have dropped to 30% of deal share in 2020 year-to-date (YTD), after accounting for more than half of deals in 2015. Meanwhile, late-stage (Series D and E+) deal share has increased to hit a record 6% in 2020 YTD.
Digital health startups raised over $17B across more than 1,700 deals in 2019, representing a 2% increase in funding and relatively flat deal activity from the year prior. Now, amid the Covid-19 pandemic, many of these startups are receiving more attention than ever.
In 2020 YTD, the states that have seen the most equity deals to digital health startups are, unsurprisingly, California, New York, and Massachusetts — but investors have bet on the sector across the country.
Using CB Insights data, we mapped out the top-funded digital health startup in every US state.
Collectively, these startups have raised more than $10B in total disclosed equity funding, with leading companies including cancer-focused molecular and clinical data startup Tempus (Illinois), emerging health insurer Bright Health (Minnesota), and insurtech unicorn Clover Health (New Jersey).
See the full map below. For more on top-funded digital health startups, check out our research on the top 10 most well-funded US digital health startups over time.
We define digital health to include companies in the healthcare space that use technology and software as a key differentiator.
Please click to enlarge.
- The most well-funded US digital health startup is California-based early cancer detection startup Grail, valued at $3.2B with $1.7B in total disclosed equity funding. Most recently, the startup raised a $125M Series D from ARCH Venture Partners, Qiming Venture Partners, and Decheng Capital.
- Grail is followed by New York-based tech-focused health insurer Oscar Health ($1.3B in total disclosed funding) and Minnesota-based insurtech company Bright Health ($1.1B).
- New Jersey-based health insurer Clover Health ($838M in total disclosed funding) and Massachusetts-based DNA startup Ginkgo BioWorks ($726M) round out the top 5.
- There are 6 unicorn startups on our map: Tempus ($5B valuation), Ginkgo BioWorks ($4.2B), Oscar ($3.2B), Grail ($3.2B), Clover Health ($1.2B), and Bright Health ($1B).
- 21 startups on our map have at least $100M in disclosed equity funding.
- 40 startups on our map have raised more than $10M in disclosed equity funding.
- 11 companies in our map are included in our Digital Health 150 list, which highlights the most promising private digital health companies working to transform the healthcare industry. This includes gut microbiome startup Viome (New Mexico), healthcare API startup Redox (Wisconsin), and health benefits company Accolade (Pennsylvania). See the full list here.
|State||Company||Total Equity Funding ($M)|
|New York||Oscar Health||1268|
|New Jersey||Clover Health||838|
|Missouri||Essence Group Holdings||407|
|Arizona||Centauri Health Solutions||118|
|Kansas||Bardavon Health Innovations||21|
This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
- Business Relationships to quickly see a company’s competitors, partners, and more
- Market Sizing Tools to visualize market growth and spot the next big opportunity