What are the most valuable healthcare AI startups?

Top startups in the Healthcare AI market ranked by valuation

Here is an updated table that ranks the top startups in the Healthcare AI market based on their latest reported or estimated valuations.

If you need to dig deeper and get more detailed data, please check our report covering the Healthcare AI market.

Is OpenEvidence really worth $15 billion today?

Yes. OpenEvidence's current $15B valuation comes from a recent $250M financing, so this is no longer an estimate built from an older funding round.

The speed of the repricing is more striking than the number itself. OpenEvidence reached roughly $1B in early 2025, then $3.5B, roughly $6B, $12B and now $15B. That works out to about a fifteenfold increase from the first billion-dollar valuation in roughly a year and a half.

The business has also grown into the price. Sacra estimates OpenEvidence reached about $300M in annualized revenue during 2026, after ending 2024 at only about $7.9M and 2025 around $150M. It also estimates gross margins around 90%. Those figures are estimates rather than audited accounts, so we would not treat them with the same confidence as the $15B financing price, but they help explain why investors have kept marking the company higher.

Even using that $300M revenue estimate, $15B represents roughly 50 times annualized revenue. OpenEvidence is already priced for a very large future business. The difference from many speculative Healthcare AI valuations is that the company has real usage at huge scale behind the story.

Could Isomorphic Labs actually be worth more than OpenEvidence?

Yes, Isomorphic Labs could currently be worth more than OpenEvidence, but we have much less certainty about the exact number.

Isomorphic Labs raised $2.1B in a Series B led by Thrive Capital, with Alphabet, GV, MGX, Temasek, CapitalG and the UK Sovereign AI Fund also participating. The company said the money would fund its AI drug-design engine and move its therapeutic pipeline closer to the clinic.

That financing is extraordinary. A $2.1B Series B would imply a valuation well into the double-digit billions under most normal dilution assumptions. But Isomorphic Labs did not publicly state a valuation, so our $14.0B–$26.3B range remains an inference rather than an observed price.

This is also a different bet from OpenEvidence. OpenEvidence already sells physician attention and clinical information at massive scale. Isomorphic Labs is being valued partly on what its drug-design technology may eventually create. A successful medicine can produce billions in revenue, but getting there means surviving preclinical work, human trials and regulatory review.

For now, OpenEvidence has the more defensible $15B valuation. Isomorphic Labs has the larger possible valuation range.

How many Healthcare AI unicorns are there now?

Healthcare AI has well over 20 privately held billion-dollar companies in our dataset once we remove public companies and old acquisition values.

The distinction is important because our 100-company dataset deliberately tracks current company value rather than only traditional venture-backed unicorns. Tempus, XtalPi, Relay Therapeutics, AbCellera and several other entries use public-market values. They are billion-dollar Healthcare AI companies, but they are no longer unicorns in the usual VC sense.

Among private companies, the billion-dollar group includes OpenEvidence, Commure, Abridge, Komodo Health, Chai Discovery, Xaira Therapeutics, Hippocratic AI, Innovaccer, Formation Bio, Pathos AI, Viz.ai, Aidoc, Owkin, Medable, Ambience Healthcare, Clarify Health Solutions and Iterative Health. Cleerly, Huma and Immunai sit around the boundary depending on where their estimated ranges land.

The count is still moving. Angle Health, which was outside the original ranking, recently announced a $600M financing package at a $2.7B valuation. The company says it now serves more than 5,000 employers in 47 states and has posted four straight profitable quarters. That makes it another significant AI-native healthcare company that belongs near the upper part of a broader ranking.

Healthcare AI no longer has merely a handful of unicorns. There is a substantial second tier of billion-dollar private companies below the $5B-plus leaders.

Are Healthcare AI valuations rising again?

Yes. Healthcare AI valuations are rising quickly again, although most of the money is going to a relatively small group of companies.

Rock Health counted $14.2B of U.S. digital-health venture funding in 2025, up 35% from $10.5B a year earlier and the highest total since 2022. AI-enabled companies captured 54% of that money, versus 37% the year before, and their average rounds were roughly 19% larger than those of non-AI companies.

The concentration is just as important as the rebound. Rock Health counted 26 funding rounds of at least $100M during 2025, up from 18 in 2024. Investors started writing larger checks again without spreading that enthusiasm evenly across the market. A year with this many $100M rounds is a signal we track every quarter in our report covering the healthcare AI market.

Our individual company trajectories show the same thing. OpenEvidence moved from roughly $1B to $15B. Abridge climbed from below $1B to above $5B. Hippocratic AI moved from around $500M to $3.5B. Ambience Healthcare reached $1.25B.

These days, the valuation boom is concentrated around companies that can show unusually fast adoption, strong distribution or a credible path to automating expensive healthcare work.

Which Healthcare AI startups have increased their valuations the fastest?

OpenEvidence, Chai Discovery, Hippocratic AI and Abridge have produced some of the fastest valuation increases in Healthcare AI.

OpenEvidence's move from about $1B to $15B is the biggest large-scale jump in the dataset. Abridge's funding history went from roughly $850M in early 2024 to $2.75B later that year and $5.3B in its 2025 Series E. Bloomberg reported that the $300M Series E valued Abridge at $5.3B, and Abridge later confirmed the financing itself.

Ambience provides another useful comparison. Its $243M Series C valued the company at $1.25B, and the company says the platform now covers documentation, coding and clinical documentation integrity rather than just transcription.

The biggest jumps are clustering around clinical search, ambient documentation, healthcare automation and AI-native drug development rather than older standalone diagnostic algorithms.

Company	Earlier valuation	Recent valuation	Approximate change
OpenEvidence	~$1.0B	$15.0B	~15×
Hippocratic AI	~$500M	$3.5B	~7×
Abridge	~$850M	$5.3B priced round	~6×
Ambience Healthcare	Sub-$500M earlier stage	$1.25B	>2×
Commure	Multi-billion prior base	$7.0B	Continued repricing
Iterative Health	Sub-$1B prior level	~$1.3B	Entered unicorn range
Angle Health	Earlier sub-$2B level	$2.7B	Major step-up

Why is OpenEvidence worth so much more than most Healthcare AI startups?

OpenEvidence gets a huge valuation premium because doctors can start using the product immediately and then use it repeatedly throughout the working day.

That sounds simple, but healthcare software usually does not spread that way. Hospital systems can take months to buy and deploy enterprise tools. Medical devices may require regulation and reimbursement. Drug-discovery companies can wait years for clinical results.

OpenEvidence sits in a much faster loop. Doctors ask clinical questions, search medical literature and receive evidence-backed answers without waiting for a hospital-wide technology rollout. Forbes recently reported that OpenEvidence was used for nearly 41 million queries in a month, while industry reporting put verified U.S. clinician users above one million.

Doximity's physician survey helps explain why the product found such a large audience. Literature search was the most common AI use case among physicians in its latest survey, used by 35% of respondents, up from 22% in the earlier survey period.

That combination of daily need, bottom-up adoption and a very large U.S. physician audience is rare in healthtech. OpenEvidence still has to prove that its advertising and data-driven model can support a $15B company, but the adoption behind the valuation is much harder to dismiss now than it was a year ago.

Why are AI medical scribes becoming billion-dollar companies?

AI medical scribes are becoming billion-dollar companies because documentation is painful, frequent and expensive enough that doctors and hospitals can see the value almost immediately.

Abridge reached a $5.3B priced valuation. Ambience Healthcare reached $1.25B. Our dataset places Nabla around $700M–$950M, Suki around $500M–$700M and DeepScribe around $140M–$220M. Ambient documentation startups at different valuation levels are compared side by side on the market grids in our healthcare AI market report.

During 2025 alone, STAT calculated that ambient-AI companies had announced at least $975M of funding. Abridge and Ambience accounted for a huge share of that total.

Doctors are also using these products now. Doximity found that 29% of physicians surveyed were already using voice-based documentation tools such as ambient scribes, up from 20% in its earlier survey. Among all physicians surveyed, 79% said they were interested in using AI for voice-based documentation.

The category is now moving beyond note generation. Abridge is building coding into the clinical conversation, while Ambience already sells documentation, coding and clinical documentation integrity tools. That gives these companies a chance to capture much more of the healthcare workflow than a transcription product ever could.

Is Abridge still winning the AI medical scribe race?

Abridge is currently the valuation leader among dedicated ambient clinical AI startups, but the race is much more crowded than its $5B-plus valuation suggests.

Abridge's $300M Series E valued the company at $5.3B. The company also said its platform was expanding beyond note-taking, including tools that help validate billing codes during clinical conversations.

Ambience Healthcare is already a unicorn at $1.25B. Nabla and Suki remain several hundred million dollars behind on our estimates, while Tandem Health recently raised another $100M to expand its AI clinical assistant across Europe. Tandem says it works with 10,000 care organizations across 14 European markets.

Heidi Health is another serious name now. Recent reporting put its valuation around $900M after a $100M Series C, with approximately 2.8 million patient interactions being processed each week and a major NHS contract covering 15 trusts, integrated care boards and more than 1,200 GP practices.

Abridge still leads on valuation. The more interesting fight is over how much of the surrounding clinical workflow each company can take over once documentation itself becomes cheaper and easier to copy.

Are Healthcare AI agents becoming more valuable than traditional healthcare software?

In administrative healthcare, investors are clearly paying billions for AI systems that can do part of the work rather than simply give employees another software tool.

Commure is the strongest example in our dataset. The company raised $70M at a $7B post-money valuation and says its products now run across more than 500 healthcare organizations and more than 3,000 sites of care.

That is a much bigger ambition than selling a dashboard. Commure is targeting revenue-cycle work and clinical operations, where healthcare organizations already spend enormous amounts on human labor.

Hippocratic AI follows the same direction from the patient side. Its $3.5B valuation reflects a bet that AI agents can handle repetitive patient interactions such as follow-ups, intake and other non-diagnostic work at much greater scale than human call centers.

The economics are easy to understand. A conventional software seat captures some of the value created by an employee. An AI system that reliably completes part of that employee's workload can go after a much larger pool of spending.

We still need to see how much of that promise survives real deployment, but investors are assigning much higher values to companies that automate work than to many companies that merely analyze it.

Why are AI drug-discovery startups worth billions before they sell a drug?

AI drug-discovery startups can reach billion-dollar valuations early because investors are pricing the possible value of future medicines rather than today's software revenue.

That explains why our ranking has so many drug-focused companies near the top. Isomorphic Labs is estimated at $14.0B–$26.3B. XtalPi and Insilico Medicine sit around $5B. Relay Therapeutics and AbCellera are above $4B. Chai Discovery is at $3.8B. Xaira Therapeutics, Pathos AI and Formation Bio are also worth several billion dollars on our estimates.

Isomorphic's recent $2.1B Series B is the most extreme financing example. The company is using the money to develop its AI drug-design engine and push therapeutic programs toward human trials. Billions in value before a first drug is sold is a risky bet, and we rate risks like this by likelihood in our healthcare AI market report.

The possible payoff is enormous. A successful drug can produce billions of dollars of annual sales, and a platform that repeatedly creates successful drugs could become much more valuable than a normal SaaS company.

Possibility is not proof, though. Recent Financial Times reporting on medical AI highlighted how often strong technical results still lack equally strong evidence of real-world clinical benefit. Drug development adds another level of uncertainty because a promising molecule still has to survive clinical trials.

That is why drug-discovery names can reach the very top of a Healthcare AI ranking while carrying some of its widest valuation ranges.

Is clinical workflow AI now attracting more money than AI diagnostics?

Yes. Clinical and administrative workflow AI is currently attracting more venture money than standalone diagnostic AI.

Rock Health's H1 2025 data showed $1.9B going into non-clinical workflow companies and another $1.9B into clinical workflow companies. Data infrastructure added $893M. Together, those three categories absorbed 55% of all digital-health venture funding in the period.

The valuations tell the same story. Commure is worth $7B. Abridge is worth more than $5B on its latest priced round. OpenEvidence is at $15B. Hippocratic AI is at $3.5B. Ambience Healthcare has crossed $1B.

Many dedicated diagnostic companies sit much lower: RapidAI around $600M–$750M, Lunit around $563M in our dataset, Ultromics around $350M–$500M, Ibex Medical Analytics around $300M–$450M and Qure.ai around $250M–$350M.

Diagnostic AI can be clinically impressive and still be harder to monetize. Companies may need regulatory clearance, strong validation, reimbursement and physician adoption before revenue catches up. Workflow software can often prove its value faster by cutting documentation time or administrative labor.

Which types of Healthcare AI startups get the highest valuations?

AI drug discovery produces the greatest number of multi-billion-dollar companies, while clinical intelligence and workflow automation currently produce some of the fastest-growing valuations.

Drug discovery gives us Isomorphic Labs, XtalPi, Insilico Medicine, Relay Therapeutics, Chai Discovery, Xaira Therapeutics, Formation Bio and Pathos AI.

Clinical intelligence has fewer companies but one enormous winner in OpenEvidence. Healthcare operations adds Commure and Innovaccer. Ambient clinical AI adds Abridge and Ambience. Patient-facing AI gives us Hippocratic AI.

What is striking is how little valuation leadership now comes from the older idea of Healthcare AI as mainly image recognition. Medical imaging remains an important business, but the largest newer valuations are increasingly attached to companies that sit inside everyday information and workflow loops.

Healthcare AI segment	Representative companies	Highest valuation in our data	What drives the value
Clinical intelligence	OpenEvidence, Komodo Health	$15B	Physician usage, data and distribution
AI drug discovery	Isomorphic, XtalPi, Insilico, Chai	Up to $26.3B estimated	Therapeutic pipeline potential
Healthcare operations	Commure, Innovaccer, AKASA	$7B	Administrative labor automation
Ambient clinical AI	Abridge, Ambience, Nabla, Suki	$6.2B–$7.4B estimated	Documentation and clinical workflow
Patient-facing AI agents	Hippocratic AI	$3.5B	Automated patient interactions
Clinical trials	Iterative Health, Medable, Unlearn	~$1.8B upper range	Trial efficiency and recruitment
Imaging and diagnostics	HeartFlow, Aidoc, RapidAI, Lunit	~$4.4B	Diagnostic and workflow value

Are Healthcare AI valuations actually backed by revenue yet?

Some of the biggest Healthcare AI valuations now have serious revenue or usage behind them, but revenue still explains only part of this ranking.

OpenEvidence is the cleanest example of a company where commercial scale has caught up quickly with venture expectations. Sacra estimates around $300M in annualized revenue against a $15B valuation. Commure has large-scale deployment across hundreds of healthcare organizations. Angle Health says it has delivered four consecutive profitable quarters while serving more than 5,000 employers.

Drug discovery works differently. Isomorphic Labs can attract $2.1B of financing without behaving anything like a mature software company because investors are valuing its research platform, partnerships and future therapeutic pipeline.

The funding data also show that investors are deliberately accepting this split. Rock Health found that AI-enabled digital-health companies received 54% of all U.S. digital-health funding in 2025 and raised larger rounds on average than non-AI companies.

Revenue has become much more important than during the previous healthtech boom, especially for workflow software. It still cannot explain a ranking that also contains biotech-like companies whose most valuable products may not exist commercially for years.

Does raising more money usually make a Healthcare AI startup more valuable?

No. Healthcare AI has several companies that raised huge amounts of capital without creating an equally large current valuation.

OpenEvidence sits at one extreme: about $700M of cumulative funding against a $15B valuation in our dataset. Abridge is around $774M of funding against a valuation above $5B. Hippocratic AI is around $404M of funding against $3.5B.

Freenome shows the opposite profile. It has raised roughly $1.43B, yet our current valuation is around $1.8B. Biofourmis has raised roughly $462M and sits in a $400M–$800M estimated range. Paige eventually sold for far less than the amount it had raised. How much value each funding dollar buys, and which bets investors now avoid, are questions we trace in our report covering the healthcare AI market.

Caption Health is another useful reality check. GE HealthCare's filings show roughly $150M of total consideration when upfront payment, holdback and estimated earn-out value are combined. That is a much more precise figure than treating the acquisition as a generic success story.

Healthcare AI rewards capital efficiency very unevenly. Software businesses can produce several dollars of valuation for each dollar invested when adoption takes off quickly. Drug development, diagnostics and clinical infrastructure often need far more money before investors know whether the underlying business will work.

Company	Approx. current value	Approx. funding	Value relative to funding
OpenEvidence	$15.0B	~$700M	~21×
Abridge	$6.2B–$7.4B	~$774M	~8–10×
Hippocratic AI	$3.5B	~$404M	~8.7×
Commure	$7.0B	~$1.18B	~5.9×
Chai Discovery	$3.8B	~$630M	~6×
Pathos AI	$3.0B	~$732M	~4.1×
Freenome	~$1.8B	~$1.43B	~1.3×
Paige	~$81M acquisition	~$240M	~0.3×

Why did some once-hyped Healthcare AI companies lose so much value?

Several first-wave Healthcare AI companies lost most of their value because raising money and building technically impressive products did not translate into a durable business.

Olive AI is the most extreme example in our dataset. The healthcare automation company raised roughly $902M and once carried a multi-billion-dollar private valuation, but the business was eventually broken up and wound down.

Paige, Zebra Medical Vision, Caption Health, Augmedix, Deep 6 AI and Arterys also appear in our ranking through acquisition values rather than current standalone startup valuations.

The acquisition data can be sobering. GE HealthCare's filing values Caption Health at roughly $150M including contingent consideration. Our dataset puts Zebra Medical Vision's acquisition around $129M and Paige around $81M. Those outcomes are far below the valuations now being attached to the new generation of Healthcare AI leaders.

That history deserves attention when looking at today's $5B, $10B and $15B numbers. Healthcare is full of products that look valuable in a demo but struggle with integration, procurement, reimbursement or clinical proof once they enter the real system.

Is Healthcare AI adoption big enough to support these valuations?

Healthcare AI adoption is already large enough to support a real industry, especially in clinical search, documentation and administrative work.

A JAMA Network Open study covering 2,174 nonfederal U.S. hospitals found that 31.5% were already using generative AI integrated with their electronic health records in 2024. Another 24.7% planned to adopt it within a year.

Physicians are even further along. Doximity surveyed 3,151 U.S. doctors and found that 54% were already using AI in their clinical practice, while 94% were either users or interested in using it. Adoption increased from 47% in its earlier survey period to 63% in the later one. Among physicians who already used AI, 69% said they used it every day.

The most popular uses line up surprisingly well with the highest private valuations. Literature search reached 35% of physicians in Doximity's survey, while ambient documentation reached 29%. OpenEvidence dominates the first category; Abridge and its competitors are fighting over the second.

That gives us much stronger evidence than during the first Healthcare AI investment wave. Doctors and hospitals are actually using these products now. The remaining argument is about how much revenue and durable market power that usage can produce.

Is the U.S. still dominating Healthcare AI startups?

Yes. The U.S. still dominates the largest Healthcare AI valuations, although Europe and Australia are producing much stronger competitors than a few years ago.

OpenEvidence, Commure, Abridge, Chai Discovery, Hippocratic AI, Xaira Therapeutics, Formation Bio and Pathos AI are all deeply tied to the U.S. funding and healthcare ecosystem. The size of American healthcare spending, the number of large health systems and the depth of U.S. venture capital make it easier to create very large valuations there. Total healthcare spending is not the market, so we size it ourselves in our healthcare AI market report.

Europe has a growing second group through companies such as Owkin, Nabla, Tandem Health, Aqemia, Iktos and Causaly. Tandem says its clinical AI is now used by 10,000 care organizations across 14 European countries, showing that ambient AI can scale outside the U.S. as well.

Australia's Heidi Health is also expanding aggressively into the UK. Recent reporting put the company near unicorn status at roughly $900M, with 2.8 million weekly patient interactions and a large NHS deployment.

The U.S. still owns most of the very large valuations. Ambient clinical AI may be one of the first Healthcare AI categories where the international gap starts narrowing quickly.

Are new billion-dollar Healthcare AI companies still appearing?

Yes. New Healthcare AI unicorns are still appearing, so today's ranking is not simply recycling the companies that raised money during the 2021 healthtech boom.

Ambience Healthcare became a $1.25B company after its $243M Series C. Newer names such as Iterative Health have also moved into unicorn territory.

Angle Health is the freshest example outside the original table. The AI-native healthcare-benefits company announced a $600M equity financing package at a $2.7B valuation and said it now serves more than 5,000 employers, operates across 47 states and has been profitable for four consecutive quarters.

Heidi Health is just below the traditional unicorn line at around $900M based on the latest reported financing.

The pipeline remains active. What has changed is the type of company reaching billion-dollar status: many of today's newcomers are built around generative AI, automation or AI-native workflows from the beginning rather than adding AI to an older digital-health product.

So what does the Healthcare AI valuation ranking tell us right now?

Healthcare AI has become a genuine multi-billion-dollar startup market, and the biggest valuations are concentrating around companies that either own a high-frequency healthcare workflow or carry enormous drug-development upside.

OpenEvidence currently gives us the clearest private-market benchmark at $15B. Isomorphic Labs could be worth more, but the exact valuation remains inferred. Commure at $7B and Abridge above $5B show how much money investors are willing to put behind administrative and clinical workflow automation.

The deeper change is visible in where doctors are actually using AI. Doximity found literature search and ambient documentation among the most common physician AI applications, while Rock Health found workflow categories taking a huge share of healthcare venture funding. The highest-growth valuations are clustering around those same jobs.

Drug discovery remains the other major source of enormous valuations. Isomorphic Labs, XtalPi, Insilico Medicine, Chai Discovery and several others could create much more value if their technology produces successful medicines, but that outcome still depends on years of scientific and clinical execution.

Today's Healthcare AI boom is much better grounded than the previous healthtech cycle because usage is now visible at hospital and physician scale. The valuations are not equally convincing, though. Clinical search, documentation and administrative automation currently have the clearest commercial proof. Drug discovery offers the biggest upside and the widest uncertainty.