20 Rising Medtech Startups (2023)
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Over the years, modern medical technology has helped healthcare make impressive improvements in overall quality and efficacy.
It’s estimated that the global medtech industry will earn up to $566.3 billion in revenue in 2023.
By 2024, those figures are all set to grow to $594.5 billion.
Every year, new medtech startups come up with innovative medical devices, platforms, and equipment. In this post, we’ve rounded up some of the best companies in the space to keep an eye on in 2023.
1. Biofourmis
5-year search growth: 500%
Search growth status: Regular
Year founded: 2015
Location: Boston, MA
Funding: $463.6M (Series D)
What they do: A biotech startup, Biofourmis offers software-based therapeutics for personal predictive care. They offer the data and infrastructure required to intervene and administer treatments for chronic conditions. Biofourmis earns around $100M in annual revenue.
2. Carbon Health
5-year search growth: 543%
Search growth status: Exploding
Year founded: 2015
Location: San Francisco, CA
Funding: $622.5M (Series D)
What they do: Carbon Health is a platform that helps deliver telehealth/virtual care services. Patients can book same-day, phone-based appointments for primary and urgent care. They can also use this platform to have prescription drugs delivered to their doorsteps. In early 2021, the startup launched an initiative to control the COVID-19 pandemic called the “Carbon Health Vaccinate,” under which they’ve helped administer over 1.49 million vaccinations.
3. Done
5-year search growth: 533%
Search growth status: Regular
Year founded: 2019
Location: San Francisco, California
Funding: Undisclosed (Seed)
What they do: Done provides a pre-packaged treatment plan for ADHD. In other words, users play a flat fee for doctor’s appointments, 24/7 support and online refills. New users book online or in-person appointments with licensed practitioners to determine their treatment plan. Then, users pay a flat $79/month for a plan that includes ongoing email support, prescription delivery, and refills.\
4. Atomwise
5-year search growth: 52%
Search growth status: Peaked
Year founded: 2012
Location: San Francisco, CA
Funding: $176.6M (Grant)
What they do: A biopharma startup, Atomwise helps pharmaceutical companies with drug discovery using artificial intelligence. Specifically, they deploy deep learning algorithms to discover potential drugs and unlock undruggable targets. The company has partnered with over 250 companies worldwide. According to their website, their portfolio of partnerships and collaborations is valued at close to $7 billion.
5. Healthy.io
5-year search growth: -100%
Search growth status: Peaked
Year founded: 2013
Location: Tel Aviv, Israel
Funding: $140M (Series D)
What they do: A medtech innovator, Healthy.io provides FDA-approved technology to turn smartphone cameras into at-home medical test kits. With this app and kits, users can do UTI testing, prenatal monitoring, open wound assessments, and more, all in their homes. Over the years, the startup has partnered with organizations like NHS, Johns Hopkins Medicine, and the National Kidney Foundation. According to their website, Healthy.io has a patient satisfaction rating of 93%.
6. FibriCheck
5-year search growth: 50%
Search growth status: Peaked
Year founded: 2014
Location: Limburg, Belgium
Funding: $12.8M (Series Unknown)
What they do: FibriCheck is a smartphone application for monitoring and assessing heartbeat rhythm. The platform is medically certified by physicians from around the world. The app works by placing the user’s finger over the smartphone camera. In 2020, FibriCheck was selected as one of the startups to join the NHS Innovation Accelerator.
7. eHealth Technologies
5-year search growth: -14%
Search growth status: Peaked
Year founded: 2007
Location: Rochester, NY
Funding: $46.7M (Series Unknown)
What they do: eHealth Technologies is a medical record management company. Their platform is designed to make it easy for healthcare providers to dig through medical records and create treatment plans for their patients. eHealth Technologies also offers an HIE channel for accessing imaging studies. Around 250 healthcare facilities in the US currently use their platform.
8. Bruin Biometrics
5-year search growth: 0%
Search growth status: Peaked
Year founded: 2009
Location: Los Angeles, CA
Funding: $20.4M (Grant)
What they do: Bruin Biometrics is a medical device startup that specializes in biometric sensor-based technology. They develop and sell handheld wireless devices that can help detect preventable chronic conditions. Their flagship product – the Provizio® SEM Scanner – is sold in over 9 countries.
9. Day Zero Diagnostics
5-year search growth: 100%
Search growth status: Regular
Year founded: 2016
Location: Boston, MA
Funding: $47M (Grant)
What they do: A bioscience startup, Day Zero Diagnostics provides clinically actionable data for the diagnosis of infectious diseases. Specifically, they specialize in identifying pathogens that are resistant to antibiotics. For this purpose, the startup leverages machine learning and whole-genome sequencing. Day Zero Diagnostics was awarded $6.2M under the CARB-X accelerator program to work on a new diagnostic test.
10. FAST BioMedical
5-year search growth: 100%
Search growth status: Regular
Year founded: 2006
Location: Carmel, IN
Funding: $15.1M (Series A)
What they do: A medical technology startup based in Indiana, Fast Biomedical offers patented technology for diagnosing and treating cardiovascular diseases. They were the first to create the tech that directly measures kidney function and intravascular fluid volume. Physicians can use their tech to potentially intervene before complications become serious. Fast Biomedical has received funding from venture capital firms like Elevate Ventures, VisionTech Partners, and Rose-Hulman Ventures.
11. Terapify
5-year search growth: 400%
Search growth status: Peaked
Year founded: 2019
Location: Ameca, Mexico
Funding: Undisclosed (Seed)
What they do: Terapify is a medtech startup that provides online therapy services to clients. The platform matches clients with licensed therapists and offers video sessions, as well as in-app messaging and resources for mental health management.
12. DNAnexus
5-year search growth: -8%
Search growth status: Regular
Year founded: 2009
Location: Mountain View, CA
Funding: $472.6M (Series H)
What they do: A bioinformatics company, DNAnexus offers a cloud platform for medical researchers to manage genomic data. Their ecosystem can help conduct clinical studies and potentially fast-track medical discoveries. Over 26 petabytes (26,000 terabytes) of clinical data have been processed using DNAnexus. Today, the company has more than 100 enterprise customers.
13. CMR Surgical
5-year search growth: 225%
Search growth status: Regular
Year founded: 2014
Location: Cambridge, UK
Funding: $974.7M (Series D)
What they do: CMR Surgical develops equipment and systems that aid in minimal access surgeries. Their main product is the “Versius,” which is a minimally invasive surgical robotic system designed to easily integrate with any operating room. The company recently raised $600M in series D led by Ally Bridge Group and Softbank Vision Fund. Furthermore, it’s estimated that they earn about $500M in annual revenue.
14. Doctolib
5-year search growth: 170%
Search growth status: Peaked
Year founded: 2013
Location: Paris, France
Funding: $815M (Series F)
What they do: A digital health platform, Doctolib allows patients to book in-person and video consultation appointments with healthcare providers. The platform is currently used by almost 300,000 healthcare professionals and 70 million patients in France and Germany. Doctors can use this platform to manage their appointments and potentially attract more patients.
15. Resolve Medical
5-year search growth: 183%
Search growth status: Exploding
Year founded: 2015
Location: St. George, UT
Funding: Undisclosed
What they do: Resolve Medical is a medtech startup that provides AI-powered, cloud-based solutions to improve diagnostic accuracy in radiology. Their flagship product, RSNA, is designed to analyze medical images and assist radiologists in identifying potential abnormalities, improving the efficiency of the diagnostic process. The company aims to enhance the quality of healthcare by enabling early detection and treatment of diseases.
16. Tempus
5-year search growth: 200%
Search growth status: Exploding
Year founded: 2015
Location: Chicago, IL
Funding: $1.3B (Debt Financing)
What they do: Tempus is using AI to improve the area of precision medicine. They offer an operating system, along with a library of clinical data to healthcare providers, which they can use to create personalized treatment plans for their patients. Additionally, their platform and resources can be used to conduct clinical research. Tempus currently has 3.5M+ patient records in its database.
17. Garwood Medical Devices
5-year search growth: 0%
Search growth status: Peaked
Year founded: 2014
Location: Buffalo, NY
Funding: $14.3M (Series C)
What they do: Garwood Medical Devices is a New York-based R&D company specializing in cutting-edge medical equipment. The startup is currently working on developing a product called the “BioPrax™,” which is designed to help retain prosthetic knee implants and control the biofilm infections they can cause. The startup raised $4M in series C funding in 2020, led by the Murray family and the WNY Impact Investment Fund.
18. Mindstrong
5-year search growth: -100%
Search growth status: Peaked
Year founded: 2014
Location: Mountain View, CA
Funding: $160.2M (Grant)
What they do: A wellness tech company, Mindstrong offers an end-to-end platform for the diagnosis and treatment of mental health complications. Patients can use their app to get predictions about their conditions. If needed, they can also schedule free appointments with psychiatrists and therapists. The startup is backed by leading investors like Bezos Expeditions, ARCH Venture Partners, and General Catalyst Partners.
19. Verana Health
5-year search growth: 300%
Search growth status: Regular
Year founded: 2018
Location: San Francisco, CA
Funding: $288.8M (Series E)
What they do: Verana Health is a regulatory-grade platform that helps transform medical research data into clinically actionable insights. The company is currently building databases for clinical data designed to help researchers and healthcare providers conduct studies and improve medical science. According to Owler, Verana Health earns an estimated $25M in annual revenue.
20. Farcast
5-year search growth: 200%
Search growth status: Regular
Year founded: 2010
Location: Boston, MA
Funding: $74.6M (Series C)
What they do: Farcast is a medtech company with a focus on oncology. Specifically, they specialize in human tumor histoculture. Oncologists can test individual patient samples on Farcast’s platform to see what works and create personalized treatment plans. So far, their platform has been used to study more than 22,000 tumors.
Conclusion
That concludes our list of fast-growing medtech startups to keep an eye on right now.
While the healthcare industry has made leaps and bounds in terms of integrating technology into diagnosis and treatment, there’s still a long way to go.
Cutting-edge innovations, new product developments, and commercialization brought along by these medical technology companies are paving the way for a future where effective interventions, diagnostics, and treatments are a reality for everyone.
