Funding in the 3rd quarter of 2025 totaled $1.4B across 32 companies, nearly double the amount raised during the same period in 2024. Notable raises included Judi Health ($252M), EliseAI ($250M), and Aidoc ($150M). The majority of capital flowed to late-stage companies (76%). Administrative efficiency powered by AI led the way in terms of funding (32%), followed by Insurance and Health Benefits (20%) and Analytics & Insights (13%).

As always, the report features insights from industry leaders about what is driving healthcare innovation. Contributors to this report highlight how AI will evolve from hype to infrastructure, how business models will sharpen under tighter capital, and how digital health is moving toward integrated “personal operating systems” for care.