While digital health investments and venture funding has soared in recent years, not all 'unicorn' companies have maintained continued growth.
In 2018, the digital health space saw seven 'unicorn' companies, or private companies valued at more than $1 billion. Here's an update on these seven startups and their valuations as of July 2020, according to CB Insights.
1. Peloton. Valued at $4.1 billion in 2018, the connected indoor fitness cycles company filed an IPO in September 2019 at a market value of $7.2 billion, according to CNBC.
2. 23andMe. Valued at $2.5 billion in 2018, the consumer DNA testing company is still valued at the same amount. In January, the company laid off 14 percent of its staff due to declining sales.
3. Tempus. Valued at $2.5 billion in 2018, the artificial intelligence-powered precision medicine therapy startup has grown its valuation to $5 billion and has partnered with health systems including Geisinger and Cleveland Clinic.
4. Zocdoc. Valued at $2 billion in 2018, the online scheduling appointment platform's valuation has since dropped to $1.8 billion. In January 2019, Zocdoc replaced its subscription model with a per-booking fee in an attempt to break into less-populated regions where providers don't see enough patients to justify paying a flat fee.
5. HeartFlow. Valued at $1.5 billion in 2018, the coronary artery disease detection startup is still valued at the same amount. The company's non-invasive technology uses deep learning to analyze patients' coronary CT angiograms to help clinicians diagnose and treat CAD.
6. Proteus. Valued at $1.5 billion in 2018, the ingestible and wearable sensor developer maintains the same valuation but filed for Chapter 11 bankruptcy June 15. The company, which creates sensors to detect when medications are taken, has struggled to raise money in recent months and has initiated a sale process.
7. Butterfly Network. Valued at $1.2 billion in 2018, the AI ultrasound app is still valued at the same amount. In May, Butterfly partnered with Atrium Health to implement its new point-of-care ultrasound device across 30 of the Charlotte, N.C.-based health system's locations.