Over the last week, companies developing artificial intelligence products for health care have announced a series of impressive fundraises that set the tone for what could be a banner year for AI investment.
Timed to the J.P. Morgan Healthcare conference, the announcements include $245 million for Innovaccer, a health care data company that’s increasingly focused on AI, $141 million for Hippocratic AI, a company that develops generative AI agents to help with clinical tasks, and $105 million for Qventus, which offers automation and AI agents to help surgery workflows. Qualified Health and Collate, two early stage generative AI startups, targeting hospitals and pharma respectively, each announced $30 million in funding. Eli Lilly and Andreessen Horowitz announced a new $500 million fund to make bets on innovations including AI, and Andreessen also confirmed it was leading the funding for Slingshot AI, a company developing a foundation model for psychology.
Since OpenAI’s ChatGPT launched a wave of enthusiasm about the potential of AI, the technology has become a specific target for health care investors. According to data published this week by advisory Rock Health, startups using AI made up 37% of 2024’s digital health funding. Though overall investment in health tech ventures is still down, startups focused on AI are getting funded.
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