Insights / Topics
The money and market structure of health technology: funding rounds, IPOs, M&A, and the competitive dynamics that decide who wins. Where capital is actually moving across digital health, and why.
9 Apr 2026 · 3 min read
Rock Health quietly retired the AI deal category in their Q1 2026 digital health report. The reason: the distinction between AI-enabled and non-AI digital health no longer holds. AI is table stakes. The companies pulling in nine-figure checks share something else — workflow integration depth.
23 Mar 2026 · 3 min read
Verily raised $300M, ended Alphabet’s controlling stake, and changed its legal name to Verily Health Inc. The capital matters. The structural change matters more. In healthcare, ownership structure is part of the product. As a personal anecdote, I stopped using my Fitbit the moment Google took over.
19 Mar 2026 · 3 min read
Five days separated Microsoft’s Copilot Health launch from Satya Nadella restructuring Copilot leadership. The official story is coherence and strategic focus. The architecture is compelling. But architecture isn’t execution. The real question is whether Microsoft can actually ship it.
23 Oct 2025 · 1 min read
The Menlo Ventures report on AI in healthcare confirms that the sector is now one of the fastest adopters of enterprise AI, with ambient scribes leading the charge — but commoditization and pricing pressure are already reshaping the competitive landscape. My bet for the next battlefield is RCM.
7 Aug 2025 · 1 min read
Hinge Health is up 50% in share price since its IPO while posting 55% revenue growth — a rare combination that digital health genuinely needs more of. I'm asking which other digital health companies are quietly building towards a breakout moment like this.
30 Jul 2025 · 1 min read
Investors have poured nearly $1 billion into the AI scribe market this year, and this week's announcements from Doximity and Ambience Healthcare drew the battle lines clearly: is ambient AI documentation a free commodity feature, or the foundation of a dominant clinical workflow platform?
18 Jul 2025 · 1 min read
It's great to see more unicorns in health tech AI — OpenEvidence is now valued at more than $3.5B after a $210M Series B backed by Sequoia, Kleiner Perkins, GV, and Coatue. GenAI is clearly starting to move beyond the pilot phase into daily clinical practice, and the AI hype cycle in health tech venture investment shows no signs of ending just yet.
10 Jun 2025 · 1 min read
I look at Omada Health's IPO following Hinge Health's successful public debut, noting that the valuation reflects a new market reality prioritizing a clear path to profitability over hyper-growth. I'm encouraged by the early performance but remain cautious about declaring the IPO window truly open again given ongoing macroeconomic uncertainty.
24 Apr 2025 · 1 min read
Biolinq has raised $100M to challenge the CGM market with an intradermal patch that uses microneedles and a built-in LED display — and I break down what makes their approach genuinely different from devices like Abbott's FreeStyle Libre.
11 Sept 2024 · 1 min read
While Europe is still trying to implement an electronic patient record, Tencent in China is building an end-to-end digital healthcare system — a vision I saw firsthand when we at Novartis built our strategic partnership with Tencent back in 2018.
29 Aug 2024 · 1 min read
Big Pharma is increasingly jumping on the direct-to-consumer bandwagon in the U.S., with Lilly Direct, Pfizer-For-All, and others following the trail blazed by Ro and Hims/Hers. I'm asking whether this could be the moment when Pharma's business model truly evolves — and whether these companies can finally engage directly with patients.
26 Aug 2024 · 1 min read
Following Pear's bankruptcy, their FDA-cleared DTx apps reSET and reSET-O have been relaunched by PursueCare — and I think it's a timely reminder that we may have been overly optimistic about digital therapeutics succeeding independently, and that go-to-market strategy deserves an open mind.
22 Aug 2024 · 1 min read
I'm not entirely surprised by the buzz around Roche potentially selling Flatiron — transitioning to a truly data-driven, RWE-focused business model is no small feat for large pharma, and the bigger question is who will ultimately lead the large-scale RWE and curated healthcare data space.
11 Jul 2024 · 1 min read
I flagged some encouraging digital health investment stats recently, but a key leading indicator — how much VCs are raising for their funds — is not looking great, across all domains. Without a trend breaker in IPO and M&A exit opportunities, it will become even harder for healthtech companies to raise money in the future.
28 Jun 2024 · 1 min read
It is really fascinating to see how Amazon is iterating its way into healthcare. After many failed attempts, the acquisition pathway using One Medical as a platform — combined with a continuously improving online pharmacy model — seems to be working.