In a new report highlighting the world's 150 top digital healthcare startups, a handful of Midwest companies are proving that Silicon Valley isn't the only place to build an innovative healthcare business.
Tech research firm CB Insights recently published its first-ever Digital Health 150, a list of the most promising healthcare startups across the world. The list, which features both emerging startups and "unicorns" with $1 billion-plus valuations, aims to identify the top private companies that are transforming the healthcare industry.
A total of eight Midwest companies made the Digital Health 150, including Chicago-based startups Tempus and Higi. Tempus, founded in 2015 by Groupon founder Eric Lefkofsky, uses machine learning and genomic sequencing to better understand a patient’s cancer tumor. The startup raised a $200 million round earlier this year, bringing its total raised to date to $520 million. Tempus is valued at $3.1 billion.
Higi, founded in 2012, develops health stations that measure a person's blood pressure, pulse, weight and BMI. Higi has more than 11,000 stations across the country at grocery stores, pharmacies and other locations. It has raised more than $60 million from investors like 7Wire Ventures and BlueCross BlueShield Venture Partners.
Other Midwest startups on the Digital Health 150 include three Columbus-based companies: Deep Lens, an AI company that identifies patients for cancer clinical trials; Beam Dental, a dental insurance product that prices plans based on how often users brush their teeth---collecting data from a Bluetooth toothbrush; and Olive, an AI workflow tool for the healthcare industry.
Iowa-based IDx Technologies, a startup that uses AI to detect diseases in medical images; Madison-based Redox, a software company that allows healthcare organizations to exchange patient data with each other; and Minneapolis-based Bright Health, a healthcare insurance startup, also cracked the list.
Tempus and Bright Health were also two of the most funded startups on the list, both ranking within the top 10 in terms of venture dollars raised.
CB Insights developed its list of 150 companies out of a pool of more than 5,000 healthcare businesses. Companies were chosen based on things like market potential, patent activity, venture investments and competitive landscape.
You can read the full report here.
