The 10 Most Funded Digital Health Companies, Ever
Every year, billions of venture dollars flow into digital health startups promising to improve outcomes, lower costs, and transform how healthcare is delivered. Some become category-defining businesses. Others become cautionary tales.
Funding alone doesn't determine success, but it does offer a glimpse into which companies investors believed had the potential to reshape healthcare on a massive scale.
I wanted to see what happened to the most heavily funded digital health startups in history. Which companies justified the hype? Which created meaningful enterprise value? And which struggled despite raising enormous amounts of capital?
So for this article, I looked at the ten most-funded digital health companies ever and where they stand today. The list includes well-known consumer health brands, AI-powered healthcare businesses, virtual care platforms, and even a few spectacular flameouts.
1. Devoted Health
Total funding: $2.6B+
Latest valuation: ~$16B
V/F Ratio: ~6.2×
Year founded: 2017
Status: Private
Location: Waltham, MA
About: Devoted Health is a Medicare Advantage insurer built around a simple premise: healthier members cost less to insure. By combining technology, care navigation, and insurance into a single platform, Devoted has become one of the most valuable private healthcare companies in the U.S. The company's success demonstrates investor confidence in the growing intersection of value-based care and Medicare Advantage.
2. Oscar Health
Total funding: $1.6B
Latest valuation: ~$6B market cap
V/F Ratio: ~3.8×
Year founded: 2012
Status: Public
Location: New York, NY
About: Oscar Health set out to modernize health insurance with a consumer-friendly experience and technology-first approach. After years of heavy losses and skepticism from public investors, the company has improved profitability and demonstrated that technology-enabled insurance can become a sustainable business model.
3. Oura
Total funding: $1.5B
Latest valuation: ~$11B
V/F Ratio: ~7.3×
Year founded: 2013
Status: Private
Location: Oulu, Finland / San Francisco, CA
About: Oura transformed a niche sleep-tracking device into one of the world's most recognizable health wearables. Today, the company's smart ring tracks sleep, activity, recovery, cardiovascular health, and more. Its success reflects growing consumer demand for continuous health monitoring and personalized wellness insights.
4. Tempus
Total funding: $1.3B
Latest valuation: ~$16B market cap
V/F Ratio: ~12.3×
Year founded: 2015
Status: Public
Location: Chicago, IL
About: Tempus has emerged as one of healthcare's leading AI companies. By combining molecular, clinical, imaging, and outcomes data, the company helps physicians make more personalized treatment decisions while accelerating research and drug development. It remains one of the strongest examples of AI creating significant enterprise value in healthcare.
5. Ro
Total funding: $1.0B
Latest valuation: ~$7B
V/F Ratio: ~7.0×
Year founded: 2017
Status: Private
Location: New York, NY
About: Ro began as a direct-to-consumer men's health company before expanding into a broader telehealth platform offering primary care, diagnostics, pharmacy fulfillment, and obesity treatment. The rapid adoption of GLP-1 medications has helped fuel the company's continued growth and relevance in the evolving digital health landscape.
6. Peloton Interactive
Total funding: $976M
Latest valuation: ~$2.5B market cap
V/F Ratio: ~2.5×
Year founded: 2012
Status: Public
Location: New York, NY
About: Peloton became one of the defining consumer health brands of the pandemic era. Although its valuation has fallen dramatically from its peak, the company remains one of the largest connected fitness businesses in the world and helped establish the category of subscription-based fitness hardware and content.
7. Jawbone
Total funding: $948M
Latest valuation: $0
V/F Ratio: —
Year founded: 1999
Status: Defunct
Location: San Francisco, CA
About: Jawbone was one of Silicon Valley's earliest wearable technology pioneers, producing Bluetooth headsets, speakers, and fitness trackers. Despite raising nearly $1 billion, the company struggled with product reliability issues, fierce competition, and operational challenges. It ultimately shut down in 2017, becoming one of the most frequently cited cautionary tales in startup history.
8. Hinge Health
Total funding: $841M
Latest valuation: ~$4.5B market cap
V/F Ratio: ~5.4×
Year founded: 2015
Status: Public
Location: San Francisco, CA
About: Hinge Health pioneered digital musculoskeletal care, combining physical therapy, behavioral health support, remote monitoring, and coaching into a virtual-first model. Following its 2025 IPO, the company has become one of the most successful digital therapeutics businesses ever created.
9. Lyra Health
Total funding: $915M
Latest valuation: ~$5.6B
V/F Ratio: ~6.1×
Year founded: 2015
Status: Private
Location: Burlingame, CA
About: Lyra Health provides mental health benefits to employers through a combination of technology, care navigation, and provider networks. Despite broader turbulence across the digital mental health sector, Lyra remains one of the category's strongest and most durable companies.
10. Olive AI
Total funding: $855M
Latest valuation: $0
V/F Ratio: —
Year founded: 2012
Status: Defunct
Location: Columbus, OH
About: Olive AI promised to automate healthcare administration using artificial intelligence and robotic process automation. At its peak, the company reached a reported valuation of roughly $4 billion and became one of digital health's most highly funded startups. Rapid expansion, execution challenges, and an unclear product strategy ultimately led to its collapse in 2023, making it one of the industry's most notable failures.
A few patterns emerge from this list
First, raising capital and creating value are not the same thing. While companies like Devoted, Oura, Tempus, Hinge Health, and Lyra have built enduring businesses, others such as Jawbone and Olive demonstrate that even hundreds of millions of dollars in funding cannot guarantee success.
Second, healthcare's largest opportunities tend to attract the most capital. Insurance, primary care, chronic disease management, mental health, wearables, and AI-driven healthcare infrastructure appear repeatedly because they represent massive markets with equally massive inefficiencies.
Finally, the list highlights how much digital health has evolved over the past decade. Earlier generations of highly funded startups focused on consumer devices and telemedicine. More recent entrants are increasingly centered around AI, data infrastructure, value-based care, and healthcare services.
The lesson for founders is simple: funding is a milestone, not an outcome. The companies remembered a decade from now won't necessarily be the ones that raised the most money—they'll be the ones that created the most value.
