Series B Healthtech Funding in 2025: AI Drives Record Deal Sizes
2025 marked a pivotal year for healthtech Series B rounds, with AI-enabled startups commanding a significant premium over their non-AI peers. According to Rock Health and industry trackers, the average Series B deal size for AI-enabled digital health companies reached $54.8 million, compared to $39.6 million for non-AI-enabled companies—a 38% premium that reflects investor conviction in AI-driven healthcare transformation.
Mega-Rounds Reshape the Landscape
Several Series B rounds in 2025 exceeded $100 million, a threshold that was rare just two years prior:
| Company | Amount | Valuation |
|---|---|---|
| Function Health | $298M | $2.5B |
| Neko Health | $260M | $1.8B |
| OpenEvidence | $210M | $3.5B |
| Curative | $150M | $1.275B |
| Hippocratic AI | $141M | $1.64B |
| Angle Health | $134M | Undisclosed |
Five of these six companies achieved unicorn status at or before their Series B, a concentration that underscores the capital intensity and ambition of the current healthtech cycle.
Where Investors Are Placing Bets
The dominant sub-sectors attracting Series B capital in 2025 include:
- Clinical AI & Decision Support
- OpenEvidence’s $210M round reflects massive demand for physician-facing AI tools. The company reports usage across 10,000+ hospitals and by over 40% of US physicians.
- Preventive Diagnostics
- Neko Health, co-founded by Spotify’s Daniel Ek, raised $260M for full-body scanning technology, with plans to expand from Sweden into the US market.
- Healthcare Payments & Insurance
- Both PayZen ($232M including debt) and Curative ($150M) addressed the affordability crisis in US healthcare through AI-driven payment plans and zero-out-of-pocket insurance models respectively.
- Patient-Facing AI Agents
- Hippocratic AI’s $141M round funds development of large language models specifically designed for safe, empathetic patient interactions—a category that barely existed 18 months prior.
Key Investor Signals
Kleiner Perkins emerged as the most active lead in mega-round healthtech Series B deals, leading both OpenEvidence and Hippocratic AI. General Catalyst appeared across multiple cap tables, while a16z backed companies across the full spectrum from clinical AI (Hippocratic AI) to home health (Sprinter Health) to ambient documentation (Abridge, at Series E).
AI-enabled companies captured 62% of all digital health venture funding in H1 2025, raising $3.95 billion across 245 deals.—Rock Health H1 2025 Report