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Digital Health Report

Q3 2024

Digital Health Report

December 16, 2024

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Digital health startups defy the skeptics 

Digital health VC investment hit $2.2 billion in Q3, the highest level since early 2022, according to our latest Emerging Tech Research. 

  • The surge is thanks to seven deals of $100 million or more, the largest of which was Flo Health’s $200 million Series C at a $1.2 billion valuation for the consumer-facing women’s health platform. 
  • Publicly traded digital health companies have faced skepticism from investors, but IPOs could still make a resurgence. Diabetes startup Omada Health confidentially filed for an IPO earlier this year. 
  • A key area of innovation is smart rings: Oura hit a $5 billion valuation this year amid swift growth. 

Table of contents
Vertical update 3
Q3 2024 timeline 5
Digital health VC deal summary 6
Digital health landscape 7
Digital health VC ecosystem market map 8
VC activity 9
Innovation spotlight 12
       Smart rings 13
Select company highlights 14
       Ro 15
       Noom 17
Appendix 20