Healthcare AI Funding Tracker (638 deals)

Our funding tracker covering the healthcare AI market

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

And, if you want to gain a deeper understanding of the market and its current dynamics, get our report covering the Healthcare AI Market.

Is Healthcare AI really a $20 billion funding market right now?

Yes, but the $20.2 billion Healthcare AI funding total gives a very inflated idea of what a normal company can actually raise.

We tracked 638 financings across 549 Healthcare AI companies from 1 January 2024 through 21 September 2026. Across those deals, the median round was $11.05 million, while the average reached $31.87 million. That gap tells us immediately that the biggest rounds are pulling the headline upward.

Remove financings above $50 million and measured capital falls to $7.63 billion, a 62.2% drop. Only 83 deals crossed that $50 million threshold.

This is currently a large funding market, but the billions are much more concentrated than the headline suggests. Most companies are operating several floors below companies like Isomorphic Labs, Xaira Therapeutics and Abridge.

How many Healthcare AI startups are actually getting funded?

We found 549 Healthcare AI companies getting funded, and the striking part is that 474 of them appear only once.

That means 86.3% of the companies we tracked had a single qualifying financing during the period. Another 65 companies raised twice, while only 10 appear three times or more.

The smaller repeat group has an outsized grip on the money. Only 75 companies, or 13.7% of the total, raised more than once, yet they captured $9.66 billion, or 47.8% of all capital.

Some companies near the end of our window are obviously too young to have raised again, so a single appearance should not be read as failure. Still, the shape is clear: Healthcare AI has a wide entrance and a much smaller group of companies that investors keep backing.

Is Healthcare AI funding concentrated in just a few companies?

Healthcare AI funding is concentrated enough for a handful of companies to reshape the market, although no single startup explains the whole thing.

Isomorphic Labs raised $2.70 billion across two qualifying financings, giving it 13.4% of all recorded capital by itself. Xaira Therapeutics follows with at least $1 billion, then OpenEvidence with $735 million, Abridge with $700 million, Chai Discovery with $630 million and Pathos AI with $427 million.

The top five cumulative raisers hold 28.5% of market capital. Expand that to the top 10 and the share reaches 37.4%.

The concentration becomes even more interesting at company level because several of these businesses keep returning for larger rounds. Isomorphic raised $600 million and then $2.1 billion. Abridge went from a $150 million Series C to $250 million and then $300 million. Chai Discovery moved through Seed, Series A, Series B and a $400 million Series C.

Those sequences tell us more than a ranking of individual mega-rounds. Investors are increasingly concentrating large checks around companies that have already shown they can keep moving.

What can a normal Healthcare AI startup actually raise today?

A normal Healthcare AI financing today is around $11 million, and most companies are raising far less than the rounds that dominate the news.

The most common deal size is between $5 million and $20 million, with 232 financings in that range. Another 170 came in below $5 million. Combined, those two buckets represent almost two-thirds of every financing we tracked.

Yet they account for only 14.2% of all capital.

At the other extreme, 41 rounds of $100 million or more absorbed $9.75 billion. That is why the $31.87 million average feels so disconnected from the actual experience of most founders.

For a company trying to understand what the market currently looks like, the $11.05 million median is a much more useful starting point.

Deal size	Deals	Share of deals	Capital	Share of capital
Below $5M	170	26.6%	$471M	2.3%
$5M–<$20M	232	36.4%	$2.40B	11.9%
$20M–<$50M	135	21.2%	$4.06B	20.1%
$50M–<$100M	56	8.8%	$3.52B	17.4%
$100M+	41	6.4%	$9.75B	48.3%
Undisclosed amount	4	0.6%	-	-
Total	638	100%	$20.20B	100%

Which parts of Healthcare AI are getting the most money?

Life Science AI gets the serious money right now, while Care Workflow AI attracts the largest number of financings.

We counted 165 Life Science AI deals worth $9.06 billion. That gives the category 44.8% of all Healthcare AI capital from only 25.9% of the deals.

Care Workflow AI is broader. It produced 173 financings across 147 companies, making it the largest category by both deals and companies, but those rounds added up to $4.40 billion.

Diagnostic AI Software is another large company population, with 136 deals and 127 companies, although it attracted only $2.58 billion. Clinical AI Tools sits close behind in dollars at $2.53 billion despite having just 86 financings.

Payer AI is much thinner than the other categories, with only 30 deals and 26 companies.

The market currently has two obvious centers of gravity: very capital-intensive AI for drug discovery and development, and a wider group of software companies trying to change how healthcare work gets done.

Category	Deals	Companies	Capital	Median round
Life Science AI	165	141	$9.06B	$12.0M
Care Workflow AI	173	147	$4.40B	$10.0M
Diagnostic AI Software	136	127	$2.58B	$10.0M
Clinical AI Tools	86	79	$2.53B	$15.6M
Revenue Cycle AI	48	41	$940M	$13.5M
Payer AI Platforms	30	26	$694M	$15.1M
Overall market	638	549 unique	$20.20B	$11.05M

Why is Life Science AI raising such huge rounds?

Life Science AI companies are raising enormous amounts because successful companies eventually have to pay for drug development, not just AI models and engineers.

The category's average financing is $55.6 million. Care Workflow averages $25.4 million and Diagnostic AI $19 million.

Isomorphic Labs makes the difference visible. Its $2.1 billion Series B is being used to keep developing its AI drug-design engine, grow globally and move therapeutic programs toward the clinic. Xaira launched with more than $1 billion of committed capital. Chai Discovery has now accumulated $630 million across four rounds, including a $400 million Series C. Pathos AI raised $365 million in its Series D to advance its oncology pipeline and continue developing its AI platform.

Enveda gives us another useful example because the progression has already reached patients. Its $150 million Series D followed earlier $55 million and $130 million financings in our window, and the company announced the round alongside the enrollment of the first patient in a Phase 1b trial.

Once an AI drug company moves in that direction, capital has to cover laboratory work, preclinical development, clinical studies, regulatory work and the rest of the infrastructure around a therapeutic pipeline. McKinsey has previously estimated that pivotal clinical trials can cost more than $40,000 per patient, with the journey from Phase I to launch still taking around a decade on average.

That helps explain why Life Science AI can feel like a different funding market from the software categories sitting beside it.

Why are investors funding so many Care Workflow AI companies?

Care Workflow AI is attracting so many companies because hospitals can buy these products against expensive work they already have to do every day.

We tracked 173 financings across 147 Care Workflow companies. The median financed company is only two years old, so investors are backing this category very early.

Ambient documentation has been the most visible entry point, but the companies raising serious money are already pushing beyond note-taking. Abridge said when it raised its $300 million Series E that it was working with more than 150 enterprise health systems and expanding from clinical documentation into financial workflows.

That expansion has continued lately. In September 2026, BJC Health and WashU Medicine said Abridge had expanded from a 450-clinician pilot to roughly 4,000 clinicians. Abridge then introduced a pre-bill review product for clinical documentation integrity and coding teams, taking the same clinical context further into reimbursement workflows.

Ambience is moving in a similar direction. After raising $243 million, it expanded beyond documentation into revenue integrity, patient engagement and care orchestration. In August 2026, the company also introduced a model where part of the commercial relationship is tied to measurable outcomes rather than simply AI usage.

These companies are currently trying to own more of the workflow around the clinician rather than sell a single AI feature. That gives investors several ways to imagine a much larger business if the initial deployment works.

How mature is Healthcare AI funding right now?

Healthcare AI is already mature in dollars even though most financings still happen at Seed and Series A.

We counted 252 Seed rounds and 188 Series A rounds. Together, Seed and A represent 74.6% of deals with a classified stage, but only 35.3% of the capital.

The money moves sharply upward later. The median Seed round is $4.36 million, rising to $17 million at Series A, $39.5 million at Series B, $53.2 million at Series C and $70 million at Series D+.

That combination makes the market feel younger when we count companies than when we count dollars. There is still a huge layer of experimentation, but most of the serious capital has already moved toward businesses that are further along.

The presence of companies such as Abridge, OpenEvidence, Pathos, Enveda, Hippocratic AI and Isomorphic also makes it hard to describe Healthcare AI these days as a collection of early prototypes. The market already contains companies financing large-scale deployment, acquisitions, drug programs, clinical development and international expansion.

Stage	Deals	Companies	Capital	Median round
Seed	252	248	$1.58B	$4.36M
Series A	188	185	$5.07B	$17.0M
Series B	77	76	$5.88B	$39.5M
Series C	41	39	$3.09B	$53.2M
Series D+	23	19	$2.79B	$70.0M
Growth Equity	9	9	$442M	$45.0M
Unknown	48	48	$1.35B	$5.9M
Overall market	638	-	$20.20B	$11.05M

Is Series B the hardest step in Healthcare AI funding?

Series B is currently the clearest funding bottleneck in Healthcare AI.

There are 252 Seed financings, 188 Series A rounds and only 77 Series Bs. The drop from A to B is much sharper than the one from Seed to A: Series A deals outnumber Series B deals by 2.44 to one.

At exactly the same point, the typical check becomes much harder to finance. The median jumps from $17 million at Series A to $39.5 million at Series B.

These are pooled market counts rather than a cohort conversion rate, so we should not claim that a precise percentage of Series A companies "fail" to reach Series B. Companies entered the dataset at different times, and many younger businesses have not yet had enough time to move forward.

Even with that caveat, there are nowhere near enough unclassified rounds to make the gap disappear. The market has plenty of companies that can raise enough money to build a product. Far fewer currently reach the point where investors will put another $30 million, $40 million or $50 million behind the next stage of growth.

How old are Healthcare AI companies when investors write big checks?

Healthcare AI companies usually raise young, but the really large checks tend to arrive several years later.

Across companies where we could establish a reliable founding year, the median age at financing was three years. Seed companies had a median age of two years, Series A companies three, Series B companies five, Series C companies seven and Series D+ companies eight.

Deal size moves in the same direction. Companies raising below $5 million had a median age of two years, while companies raising more than $50 million had a median age of five.

There is also a big difference between categories. Care Workflow and Revenue Cycle AI companies have a median financing age of only two years. Life Science AI and Payer AI sit at three. Clinical AI Tools reach four.

Diagnostic AI stands out at six years.

That slower Diagnostic AI timeline is plausible when we look at what these companies need to prove. The FDA's current AI-enabled medical-device framework still requires applicable premarket safety and effectiveness review for regulated products, and its public list continues to add newly authorized AI-enabled devices. Building the data, evidence, workflow integrations and regulatory file for diagnostic software can take years.

So investors will finance Healthcare AI companies early, but the path to a large check gets longer when the product carries more clinical or regulatory weight.

Is Healthcare AI still funding new startups, or mostly existing winners?

Healthcare AI investors are still funding new entrants, but most of today's money goes to companies that have already raised before.

We classified 178 deals as first financings and 458 as follow-ons. First financings make up 27.9% of deals but only 13.9% of capital.

The difference in round size is even clearer. A first financing has a $4.5 million median, compared with $18 million for a follow-on.

There is still a healthy stream of new companies coming in. Nearly 180 first financings across the period is hardly a closed market.

Where the market becomes selective is after that entry point. Investors commit far more money once a company has already built something, attracted customers, generated clinical evidence or otherwise survived an earlier financing round.

As we saw above, the small group of repeat raisers ends up capturing almost half of all capital. The market still funds experiments, but the biggest checks increasingly compound around proven companies.

Do strategic investors actually matter in Healthcare AI?

Strategic investors appear in only about one-fifth of Healthcare AI rounds, but the financings they join are much larger.

We found at least one strategic investor in 22.4% of deals. The median financing with strategic participation was $23 million, compared with $9.7 million without one.

The names also tell us where strategic value comes from. NVentures appears 10 times, Optum Ventures seven, Mayo Clinic six, CVS Health Ventures six and Labcorp five. NVIDIA, Merck Global Health Innovation Fund, Kaiser Permanente Ventures, WellSpan Health and Eli Lilly recur as well.

Strategic involvement peaks around Series A and Series B rather than at Seed. By then, access to customers, clinical environments, data, infrastructure and domain expertise can become as useful as the cash itself.

NVIDIA is an obvious example. Its healthcare and life-science work now spans genomics, drug discovery, medical imaging and healthcare AI infrastructure, with partnerships involving companies and institutions such as Illumina, IQVIA and Mayo Clinic.

Health systems bring something different. A provider investing in or partnering with a Healthcare AI startup can also become the place where the product is tested, integrated and eventually rolled out.

Strategic investors do not control Healthcare AI funding, but they tend to appear when companies start needing real healthcare infrastructure around the technology.

Which investors keep coming back to Healthcare AI?

No VC dominates Healthcare AI, but a relatively small group of firms keeps reappearing.

We identified 508 distinct disclosed lead investors. Only 113 led or co-led more than one deal, yet transactions involving those repeat leaders account for 52.6% of deals where leadership was disclosed.

Andreessen Horowitz has the highest frequency, with 11 led or co-led rounds. General Catalyst, Insight Partners and Khosla Ventures each appear nine times. Kleiner Perkins and Transformation Capital follow with seven.

The amount of money attached to those deals can tell a very different story from frequency. Thrive Capital appears only four times as lead or co-lead, but those rounds total almost $3 billion because it sits behind some of the largest Life Science financings.

That gives Healthcare AI a fairly recognizable investor structure today: a huge long tail of occasional investors surrounding a smaller group that repeatedly funds companies through the market.

Lead investor	Led/co-led deals	Combined round value	Main footprint
Andreessen Horowitz	11	$949M	Workflow, clinical, Life Science
General Catalyst	9	$433M	Broad multi-category
Insight Partners	9	$406M	Diagnostic and workflow
Khosla Ventures	9	$382M	Workflow, clinical, Life Science
Kleiner Perkins	7	$601M	Mainly Series B
Transformation Capital	7	$339M	Healthcare-focused, B-heavy
Oak HC/FT	5	$502M	Later-stage healthcare AI
Lightspeed Venture Partners	5	$323M	Workflow and clinical
Accel	5	$192M	Mostly Series A
AIX Ventures	5	$56M	Mostly Seed
Thrive Capital	4	$2.98B	Large Life Science financings
ARCH Venture Partners	4	$1.17B	AI biotech and drug discovery

Is the US still dominating Healthcare AI funding?

The US still dominates Healthcare AI funding by a wide margin.

North America accounts for 404 of the 638 financings we tracked and $14.43 billion in capital. That is 63.3% of deals but 71.4% of the money. The United States alone contributes 389 deals and $14.34 billion.

Europe is a meaningful second market, with 159 financings and $4.62 billion, although one deal changes the picture enormously. Isomorphic Labs' $2.1 billion Series B accounts for 45.5% of European capital.

The median financing shows the gap more cleanly: $15.5 million in North America versus $6.38 million in Europe.

Asia-Pacific generated 46 deals and $759 million, while the Middle East had 21 and $325 million. Africa and Latin America appear in the market, but their combined sample is still very small and contains no financing above $50 million.

The US advantage therefore comes from both sides of the equation: more companies are getting funded there, and the companies that do raise are generally getting larger checks.

Does the Healthcare AI funding picture still match what companies are doing now?

Yes. The latest Healthcare AI activity still fits the two strongest patterns in the funding data: workflow companies are moving deeper into health systems, while the biggest Life Science companies are moving closer to real drug-development economics.

Abridge is a useful current check on the workflow side. Its expansion to roughly 4,000 clinicians at BJC Health and WashU Medicine followed an earlier pilot with 450 clinicians, and the company has lately pushed further into coding and pre-bill review. Ambience has also moved beyond ambient documentation, building products around revenue integrity, patient engagement and care orchestration.

The wider hospital market is still paying attention. KLAS's 2026 international healthcare IT study surveyed 182 organizations across 43 countries and territories outside the US and found AI remained the top investment priority. The discussion has moved increasingly toward deployment, governance and integration rather than whether healthcare organizations are interested in AI at all.

Life Science AI is showing a different kind of follow-through. Chai Discovery announced a Bristol Myers Squibb collaboration shortly after its $400 million Series C, following work with Novartis, Pfizer, Lilly and argenx. Pathos AI recently took responsibility for development and commercialization outside Greater China of a clinical-stage oncology asset through a licensing agreement with Alphamab. Isomorphic is using its $2.1 billion financing to advance therapeutic programs toward the clinic.

These recent developments do not change the funding totals in our measured window. They do make the underlying capital allocation look more understandable. Investors are currently paying the largest prices for Healthcare AI companies that can either embed themselves into expensive healthcare workflows or turn AI capabilities into assets with much bigger economic value.

What should we actually take away from the Healthcare AI funding data?

Healthcare AI currently has plenty of companies and plenty of capital, but the two are distributed very differently.

A typical financing is still much closer to $11 million than $30 million. As pointed out above, almost two-thirds of transactions sit below $20 million, while a small upper layer absorbs an enormous share of the money.

Life Science AI has changed the scale of the whole market. As seen above, it receives 44.8% of capital despite representing only about a quarter of deals, largely because the leading companies are starting to finance the economics of drug development rather than software alone.

Care Workflow AI gives us the other major story. It has more financings than any other category and is currently moving from documentation tools into broader clinical, administrative and financial workflows. Recent health-system deployments suggest that expansion is already happening in practice.

Series B remains the uncomfortable part of the funding ladder. As we saw previously, the market falls from 188 Series A rounds to only 77 Series Bs just as the median check rises from $17 million to $39.5 million. Healthcare AI has no shortage of companies getting started; scaling a much smaller group is where investors become considerably more selective.

The end result is a market where new companies keep appearing, but serious capital increasingly follows businesses that have already proved something important: clinical evidence, commercial adoption, proprietary science, access to healthcare systems or the ability to turn AI into a valuable therapeutic program.