Dead AI health products.
$3.3B of capital across this category
AI healthcare products that ran into the gap between FDA clearance and insurer reimbursement, between SPAC valuations and the cost of capital after March 2022, and between confident chatbots and the immune system of hospital procurement. Babylon, Olive, Forward, Pear, Mindstrong, Watson Health. The clinical evidence was thin. The billing codes never came. The contracts went underwater.
Forward
2016 - 2024AI-powered primary care, delivered through standalone kiosks.
$657M raised · 9 years aliveOlive AI
2012 - 2023Robotic process automation for hospital back offices.
$902M raised · 12 years aliveBabylon Health
2013 - 2023AI-driven symptom checker and virtual primary care service that contracted with the NHS and US insurers.
$1.1B raised · 11 years alivePear Therapeutics
2013 - 2023A prescription digital therapeutics company making FDA-cleared software apps for substance use disorder and insomnia.
$396M raised · 10 years aliveMindstrong Health
2014 - 2023A mental health platform that read smartphone typing and scrolling patterns as digital biomarkers of cognitive state.
$160M raised · 9 years aliveIBM Watson Health
2015 - 2022IBM's flagship healthcare AI division that promised to use Watson to diagnose disease, match cancer treatments, and run hospital analytics.
Undisclosed raised · 7 years alive