According to the 2020 Inc. 5,000 top-performing companies list, More than 100 digital health companies have met the growth-oriented inclusion criteria this year compared to less than 60 in 2019. This year-to-year revenue increase in featured companies makes sense considering record funding raised by digital health companies so far this year.
The self-reported data from these digital health companies is based on the percentage of change in annual revenue over three years, a methodology by Inc. that enables smaller and startups to claim a spot alongside larger companies.
The digital health sector’s financing activity was all-time high (since 2010) in the first half of 2020, despite the COVID-19 pandemic. Digital health companies raised $6.3 billion in the first half (1H) of 2020, compared to $5.5 billion in 1H 2019, a 24% increase year-over-year in the funding amount.
Top 10 Fastest-growing Private Digital Health Companies in 2020
Wellness company Noom reported three-year revenue growth of 6,354%. Founded in 2008, Noom employs more than 1,000 people with an office in New York. The company is backed by $100 million venture capital from institutional investors, including Serena Ventures, Sequoia Capital, Samsung Ventures, Qualcomm Ventures, Han-Sing Hi-Tech Fund, RRE Ventures, Translink Capital, Recruit, Harbor Pacific Capital, and others.
Care and communication app Well Health reported a three-year growth of 2,332%. The Santa Barbara, California-based company, was founded in 2015, and graduated from Techstars in 2016, with $120,000 seed funding. Today, it employs more than 50 people.
Patient engagement platform Doctible reported three-year growth of 1,549%. Founded in 2013, the San Diego, California-based startup employs more than 50 people; and is backed by institutional investors (ClearVision Equity Partners, Bootstrap Incubation, Keshif Ventures, and Tech Coast Angels) with $6.1 million funding.
Paubox – creator of a secure, HIPAA-compliant email and file storage service for healthcare providers – reported a three-year growth of 1,420%. Founded in 2015, and graduated from 500 Startups in 2016, with $125,000 funding support, Paubox employs more than ten people with an office in San Francisco, California.
Predictive clinical intelligence platform Diameter Health reported three-year growth of 1,362%. Founded in 2013, the company has secured almost $20 million funding from Optum Ventures, Activate Venture Partners, Connecticut Innovations, Excelerate Health Ventures, LRV Health, New York eHealth Collaborative, and Partnership Fund for New York City. The company employs over 50 people with an office in Farmington, Connecticut.
Wildflower Health, a patient engagement app, reported three-year growth of 1,253%. Founded in 2012, the company has raised a total of $15 million in funding to date. Backers include Health Enterprise Partners, Hatteras Venture Partners, Echo Health, Easton Capital, Cambia Health Solutions, HealthTechCapital, HealthTech Capital, and KMG Capital Partners. It employs less than 50 people with an office in San Francisco, California.
Scottsdale, Arizona-based healthcare technology and services company, Centauri Health Solutions, reported a three-year revenue of 1,019%. Founded in 2014, the company has raised over $100 million to date (from SV Health Investors and Silversmith Capital Partners) and employs over 1,000 people.
Clinical trial document management platform Florence Healthcare reported a three-year growth of 941%. Founded in 2014, the company has raised almost $9 million to date from Fulcrum Equity Partners, Atrium Health, Bee Partners, Bessemer Venture Partners, Green D Fund, and Will Crawford. The company employs more than 50 people with an office in Atlanta, Georgia.
Telehealth company First Stop Health reported a three-year growth of 843%. Founded in 2011, the company has raised over $13 million to date. It employs more than 50 people with an office in Chicago, Illinois.
PatientBond, a cloud-based patient engagement and communication platform, reported a three-year growth of 842%. The company, founded in 2012, has raised $3 million in funding to date. It employs less than 50 people with an office in Elmhurst, Illinois.