What’s funding like in the healthcare AI market right now?

All funding deals in the healthcare AI market over the last 24 months

Below is the table listing all the deals. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our healthcare AI market report.

Is healthcare AI raising more money while backing fewer startups?

Healthcare AI is getting bigger checks from investors, but fewer startups are receiving them.

We tracked at least $14.0B raised in the last 12 months, compared with at least $10.0B in the 12 months before, an increase of 41%. Healthcare AI deal count fell 7%, to 311 deals from 333. The number of funded companies also declined 5%, from 300 to 285. So the bigger total tells only part of the story.

Look at the largest financings in the deals table above. Isomorphic Labs raised a $2.1B Series B in May 2026, Earendil Labs secured $787M in March 2026, and Chai Discovery raised a $400M Series C in July 2026. Isomorphic Labs says it is scaling an AI drug-design engine and advancing drug candidates; Earendil Labs focuses on biologics discovery and development; Chai Discovery has announced partnerships with drugmakers using its molecular-design models. Those are substantial, specific businesses to back. They do not tell us whether the next healthcare AI startup is finding fundraising easier.

Right now, the dollar total looks considerably healthier than the number of companies getting funded.

Would the healthcare AI funding boom survive without giant rounds?

Healthcare AI's headline growth mostly depends on its biggest rounds.

Financings above $50M represented 74% of capital in the last 12 months, versus 64% in the 12 months before. The number of such rounds rose from 43 to 58. Take them out and capital growth drops to 2%. Excluding only rounds above $100M produces a stronger increase of 23%, but still nowhere near the headline growth rate.

The top 3 deals captured 24% of capital, compared with 13% earlier. Isomorphic Labs alone accounted for 15% of tracked capital in the last 12 months. Isomorphic Labs, Earendil Labs and NewLimit show why individual drug-development bets can move the market so sharply. NewLimit says its epigenetic-reprogramming program is being prepared for human trials, while Chai Discovery has reported wet-lab evaluation of its molecular models by GSK. Investors are funding difficult, costly science as well as software.

The monthly figures make the distortion easier to see. May 2026 brought $2.6B in capital, and Isomorphic Labs accounted for 81% of that month's total. The median monthly capital total across the completed months was $985M, compared with $921M earlier. A spectacular month can be dominated by the date of a single financing.

Are smaller healthcare AI funding rounds growing too?

Healthcare AI's typical round is bigger, although the smallest startup checks are getting scarcer.

The median round increased 50%, from $10M to $15M, and the average rose 47%, from $31M to $46M. Among deals with disclosed amounts, rounds under $5M fell from 97 to 69, losing 8 pts of deal share. The $20M to under $50M bracket rose from 60 to 67 deals. The middle of the market is holding up better than the entry point.

October 2026 shows the range. CareLumi closed a $2.5M Seed round for clinical verification and audit software, Sunbound raised a $24M Series A for revenue-cycle automation, and Sirona Medical secured a $40M Series D+ for diagnostic imaging software. These are different businesses at different financing stages. A higher median across healthcare AI should not be read as a promise of larger seed checks for everyone.

Are healthcare AI investors moving away from seed funding?

Healthcare AI Seed deals fell to 104 while Series B rounds rose to 42.

Seed financings fell from 150 in the 12 months before to 104 in the last 12 months. Series A deals rose from 88 to 95, while Series B deals increased from 23 to 42. Early-stage deals fell from 76% to 67%, while later-stage deals rose from 24% to 33%. The shift is clearest at Series B, which now accounts for 31% of funding capital.

Brellium's $23M Series B in October 2026, Basecamp Research's $140M Series C in September 2026 and Pathos AI's $237M Series D+ in October 2026 show where sizeable checks are landing. Funded healthcare AI companies had an average age of 4.4, versus 3.9 before, while companies founded since 2022 accounted for 62% of the latest funded population, versus 55% earlier. Financing stage and company age tell different stories.

The table below shows healthcare AI deal counts by financing stage in both periods, alongside the latest stage medians and capital shares.

Stage	Last 12 months: deals	12 months before: deals	Latest median	Latest capital share
Series C	23	21	$70M	17%
Series D+	22	22	$64M	19%
Series B	42	23	$43M	31%
Growth Equity	11	9	$34M	9%
Series A	95	88	$16M	17%
Unknown	14	20	$5.2M	1%
Seed	104	150	$4.5M	6%

Can a new healthcare AI startup still get its first financing?

Healthcare AI still has first-time fundraisers, but the door has become narrower.

First financings declined from 86 to 70 deals, and their share slipped from 26% to 23%. First financings attracted 6% of capital in the last 12 months, against 11% in the 12 months before. Follow-on financings, by comparison, represented 237 deals and at least $13.2B, with a median round of $22M rather than the $4M median for first financings.

New names are still getting checks. BioStack raised a $9.5M Seed round in October 2026, Rivercell secured a $25M Seed round that month, and Otter Health closed an $8M Seed financing. These deals span life-science models and payer-focused software. Yet the first-financing numbers show less room for newcomers than there was in the preceding period.

A first financing means the first round identified in our tracking, rather than proof that a company has never received any outside support.

Are healthcare AI startups taking longer to raise another round?

Healthcare AI startups with observable funding histories are taking longer to return to investors.

The median interval since the previous financing increased from 12 to 17 months. The share that raised again within 12 months fell from 47% to 38%. The repeat-funding interval measure covers 50% of deals in the last 12 months and 44% in the 12 months before; it is a view of the trackable repeat-funding population, not every startup in the market.

Check sizes between consecutive rounds have also become less predictable. The median round-size step-up declined from 2.3x to 2.1x, based on the 47% of latest deals and 38% of earlier deals with comparable disclosed amounts. Chai Discovery moved from its $130M Series B in December 2025 to a Series C in July 2026. Forus recorded a $160M Series B in May 2026 and a $150M Series C in September 2026. Heidi Health raised a $17M Series A in June 2026 and a $100M Series C in September 2026. Individual companies can move quickly, but the median shows that repeat fundraising has slowed.

Is drug discovery taking over healthcare AI investment?

Healthcare AI funding is shifting toward Life Science AI, with 94 deals and at least $7.9B in the last 12 months.

Life Science AI grew from 79 deals in the 12 months before and gained 7 pts of deal share. Life Science AI attracted at least $3.7B in the earlier period and now accounts for 57% of healthcare AI capital. Unlike a trend supported only by an outlier, this one also shows up in the number of deals.

Isomorphic Labs is working on AI-designed drugs, Chai Discovery builds molecular-design models for pharmaceutical partners, and Earendil Labs develops biologics with AI. NewLimit adds cellular reprogramming to the mix. Chai Discovery's collaboration with GSK followed a company-reported wet-lab evaluation; the FDA has also published draft guidance on the evidence needed when AI supports decisions about drugs and biological products. Both help explain why pharmaceutical applications need scrutiny beyond model performance. They do not prove that investors' returns will be better.

The table below shows healthcare AI deal counts and tracked capital by category for both periods.

Category	Latest deals	Earlier deals	Latest capital	Earlier capital
Life Science AI	94	79	$7.9B+	$3.7B+
Care Workflow AI	88	95	$2.6B+	$2.8B+
Clinical AI Tools	42	47	$1.3B+	$1.4B
Diagnostic AI Software	50	75	$1.1B+	$1.3B+
Revenue Cycle AI	24	27	$805M	$496M+
Payer AI Platforms	13	10	$256M	$320M

A plus sign indicates a minimum because a financing amount was undisclosed.

Is diagnostic healthcare AI becoming harder to fund?

Healthcare AI diagnostic software is attracting fewer deals, even though established players are still raising serious money.

Diagnostic AI Software fell from 75 to 50 deals and lost 6 pts of deal share. Tracked capital moved from at least $1.3B to at least $1.1B. Aidoc raised $150M in April 2026, Beacon Biosignals secured a $110M Series B in September 2026, and Elucid raised $55M in September 2026. Those rounds make the sector visible, but they do not erase the decline in the number of financings.

The rules are getting clearer. The FDA has guidance for managing changes to AI-enabled medical-device software, and its public medical-device records distinguish products authorized for marketing from products still under review. Aidoc said in June 2026 that its radiology report-drafting system received Breakthrough Device Designation, while explicitly noting the system had not been cleared or approved. A strong funding round and a promising regulatory designation do not replace clinical evidence or authorization where it is required.

Are healthcare AI tools for doctors still getting large investments?

Healthcare AI tools for clinicians keep winning sizeable follow-on rounds, but fewer deals are happening in the category.

Clinical AI Tools recorded 42 deals, down from 47, with at least $1.3B in capital versus $1.4B in the 12 months before. The median round moved from $15M to $16M. OpenEvidence closed a $250M financing in January 2026 and another $250M round in September 2026; Coherence Neuro raised a $45M Series A in October 2026; and Doctronic secured a $40M Series B in March 2026.

The products are far from interchangeable. OpenEvidence provides clinical evidence search, Coherence Neuro develops adaptive bioelectronic systems, and Doctronic builds clinical AI tools. According to the World Health Organization's guidance on large multimodal models, healthcare deployments need appropriate oversight and governance. Federal health IT rules also require transparency for certain predictive tools in certified systems. That adds a practical hurdle for new clinical products, although the deal count alone cannot show which companies meet it best.

Are hospitals still adopting healthcare AI workflow software?

Healthcare AI workflow products are being deployed in hospitals, even as funding for the category has cooled.

Care Workflow AI recorded 88 deals and at least $2.6B in the last 12 months, against 95 deals and at least $2.8B earlier. Care Workflow AI's share of healthcare AI capital fell from 28% to 18%, although the category median round increased from $8.6M to $10M. Abridge raised $316M in April 2026, Assort Health secured $120M in June 2026, and Hippocratic AI closed a $126M Series C in November 2025.

Abridge says its ambient documentation platform is running in Veterans Affairs care settings and has expanded across UCHealth. Assort Health has launched an agent that reads referrals, checks eligibility and books appointments, while Hippocratic AI describes non-diagnostic patient-facing agents for healthcare organizations. Those are concrete deployments and products, although company announcements are not an independent measure of adoption across the entire sector.

For new founders, the question is increasingly whether a hospital or practice has room for another workflow product after committing to one already in use.

Is healthcare AI billing software attracting more money than payer AI?

Healthcare AI revenue-cycle software is attracting larger rounds while payer-focused investment is becoming less consistent.

Revenue Cycle AI raised $805M in the last 12 months versus at least $496M in the 12 months before, even as its deal count fell from 27 to 24. Revenue Cycle AI's median round increased from $8.1M to $22M. Payer AI Platforms moved in the other direction on capital, from $320M to $256M, despite deal count rising from 10 to 13.

Candid Health secured a $120M financing in July 2026, AKASA raised $55M that month, and Lassie secured $75M in February 2026. Anterior's $40M financing and Otter Health's Seed round show that payer-facing businesses remain investable too. Sixth Street describes Candid Health as building the financial infrastructure that providers use for reimbursement, a more involved job than adding an AI assistant to an existing system.

CMS requirements for electronic prior authorization and data exchange could make connected payer-provider workflows more useful. The funding numbers, though, show financing activity rather than the cause of customers' purchasing decisions.

Is healthcare AI funding reaching fewer countries?

Healthcare AI funding reached 26 countries, down from 34, with North America recording 196 deals.

North America recorded 215 deals in the 12 months before, while Europe went from 80 to 75 deals. Asia-Pacific went against that decline, while several smaller regions remained thinly funded.

Isomorphic Labs in the United Kingdom, Heidi Health in Australia and Anew Labs in China illustrate the different businesses behind the regional totals. Headquarters location tells us where a company is based, not where its customers or research teams sit. And a large drug-discovery financing can change the dollar picture for an entire region without creating a broader local startup market.

The table below shows the number and value of healthcare AI deals by company headquarters region in both periods.

Headquarters region	Latest deals	Earlier deals	Latest capital	Earlier capital
Africa	1	1	$5.2M	$1.1M
Asia-Pacific	31	21	$831M+	$433M+
Europe	75	80	$3.2B+	$1.3B+
Latin America	2	3	$40M	$35M
Middle East	6	13	$224M	$269M
North America	196	215	$9.8B+	$7.9B+
All regions	311	333	$14.0B+	$10.0B+

Plus signs mean that undisclosed financings make these totals minimums.

Is healthcare AI in the United Kingdom catching up with the United States?

Healthcare AI funding in the United Kingdom has grown quickly, but the United States remains far ahead.

United Kingdom companies recorded 30 deals, up from 20, and at least $2.5B, versus $786M earlier. The country's capital share rose from 8% to 18%. The United States recorded 191 deals, down from 207, and at least $9.7B in the latest period, compared with at least $7.9B before.

Isomorphic Labs makes the United Kingdom's capital growth look especially dramatic. Other British financings point to a broader mix: Qureight raised a $20M Series B in July 2026 for its AI imaging work in clinical trials, Frontier Health secured a $16M Seed round in June 2026, and Hypervision Surgical raised ~$23M in an April 2026 Series A. The United Kingdom has gained deal share and visibility. The distance from the United States is still large.

Is Asia-Pacific healthcare AI becoming a bigger destination for investors?

Asia-Pacific healthcare AI is gaining deals and capital, with much of the activity concentrated in a few markets.

Asia-Pacific recorded 31 deals, up from 21, and gained 4 pts of deal share. Asia-Pacific attracted at least $831M, compared with at least $433M earlier. China had 4 deals and at least $358M in capital, while South Korea and Singapore recorded 8 deals each. These are very different markets, so the regional improvement should not be projected onto every country.

Anew Labs raised a $290M Series A in China in September 2026, MindRank secured a $52M Series B there in July 2026, and Deep Intelligent Pharma recorded a $60M financing in Singapore in February 2026. South Korea also had AIRS Medical's $22M financing in September 2026. The mix runs from AI drug discovery to diagnostic imaging. The growth is visible in deal count, but big life-science rounds still shape the capital figure.

Are fewer investors willing to lead healthcare AI funding rounds?

Healthcare AI has fewer repeat lead investors, although Andreessen Horowitz led 6 rounds and Index Ventures and Flare Capital Partners tied at 4 each.

Unique investors declined from 397 to 380, and unique lead investors moved from 281 to 277. The share of financings with a disclosed lead rose from 80% to 82%, so a simple missing-data explanation does not fit the narrower lead pool. Repeat lead investors fell from 50 to 44, and their share of led rounds moved from 44% to 35%.

Andreessen Horowitz led rounds including OpenEvidence's September 2026 financing, Index Ventures led Chai Discovery's July 2026 round, and S32 led Basecamp Research's September 2026 Series C. Flare Capital Partners led GenHealth.ai's September 2026 Series A, while New Enterprise Associates led Basalt Health's September 2026 Series A. Those examples span clinical tools, life sciences and workflow software. Investors are still writing checks across the market, just with less repeat leadership in the deal records.

The table below shows the most active disclosed lead investors in healthcare AI during the last 12 months and the combined sizes of the rounds they led.

Lead investor	Rounds led	Combined round sizes
Index Ventures	4	$527M
Andreessen Horowitz	6	$407M
S32	3	$263M
New Enterprise Associates	3	$156M
Flare Capital Partners	4	$54M

Index Ventures and Flare Capital Partners are tied on rounds led; S32 and New Enterprise Associates are tied as well. Combined round sizes are not each investor's own checks.

What really changed in healthcare AI funding over the last 12 months?

Healthcare AI became a market of larger bets on fewer companies.

Total capital rose 41% while deal count fell 7%. That is a better fundraising environment for companies receiving large follow-on checks, but a thinner one when measured by participation.

The entry point weakened. First financings fell to 70, while the stage mix moved toward later rounds. The financing market is still producing new startups; those startups occupy a smaller part of it.

Concentration did much of the work. The top 10 deals captured 39% of capital, and excluding rounds above $50M leaves growth of just 1%. Anyone looking only at the headline funding total would miss how selective the market has become.

Life Science AI shows the clearest broad-based momentum, gaining 7 pts of deal share. Diagnostic AI Software lost 6 pts. Hospital workflow businesses remain commercially active, while Revenue Cycle AI is drawing larger checks into fewer transactions.

Lead-investor breadth is under pressure, and companies with trackable histories are fundraising less frequently. The number of unique lead investors was 277, while the median observed interval between financings reached 17 months. More capital in the system has not made each subsequent round easier to secure.

Healthcare AI today looks more mature and more concentrated, not universally healthier. Isomorphic Labs and Chai Discovery illustrate the scale of spending on drug discovery; Abridge, Candid Health and Assort Health show continued investment in operational software. The misleading takeaway would be that the rise in total capital means every healthcare AI startup is seeing stronger demand from investors.