Soda Health Named to the 2022 CB Insights Digital Health 150 — List of Most Innovative Digital Health Startups
December 7, 2022
NEW YORK, December 7, 2022 — CB Insights today named Soda Health to its fourth annual Digital Health 150, which showcases the 150 most promising private digital health companies in the world.
The 2022 Digital Health 150 cohort has raised approximately $5.6B in aggregate funding across 378 deals since 2017 and includes startups at different investment stages of development, from early-stage companies to well-funded unicorns.
Through an evidence-based approach, the CB Insights research team selected the Digital Health 150 from a pool of over 11,000 companies, including applicants and nominees. They were chosen based on several factors, including data submitted by the companies, company business models and momentum in the market, and Mosaic scores, CB Insights’ proprietary algorithm that measures the overall health and growth potential of private companies.
2022 Digital Health 150 Investment Highlights:
Few repeat winners: Around 90% of this year’s winning cohort did not appear on last year’s list. This high proportion of new winners partially stems from a flood of M&A and IPO activity in 2021, which saw record exits in the digital health space. Multi-year winners like Xealth, Redox, and Maven Clinic have contended with economic pressures to earn their place once again.
Global representation grows: Winners in this year’s Digital Health 150 span 18 countries across 5 continents. A quarter (25%) are headquartered outside of the US — the most in the history of our list. While the US still leads, the UK comes in second with 9 winners, followed by Canada with 5 and Brazil with 3.
Funding leaders: Since 2017, this year’s Digital Health 150 winners have raised around $5.6B in equity funding across 378 deals (as of 11/16/22). This includes $1.6B raised across 85 deals in 2022 YTD alone. The top 3 companies by all-time total equity funding raised are SWORD Health, Maven Clinic, and Viz.ai.
Top investors: General Catalyst is the most active investor in this year’s Digital Health 150 companies, having backed 13 of this year’s winners since 2017, including Homeward, Equip, Casana, and SWORD Health. Insight Partners is next with 10, followed by 7wire Ventures and Plug and Play Ventures with 6 each.
Early-stage innovation: Nearly half of our winners are companies in earlier stages of development (incubator, angel/seed, or Series A). Players here include Vori Health, which provides hybrid (virtual and in-person) musculoskeletal care, and Janus Health, which provides process analysis, process improvement, and intelligent automation tools for revenue cycle management.
About CB Insights
CB Insights builds software that enables the world’s best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.
Soda Health is a healthcare technology company focused on building solutions which eliminate health inequities and create a healthier America. We provide a technology platform to administer and reimburse benefits personalized to individual needs, delivered more cost-effectively. Our expertise in healthcare, retail and consumer experience provides us with the foundation for creating easy-to-use solutions with an experience which moves beyond transactional relationships to sustained engagement and overall health improvement. That is a win for everyone.