11 Internet Healthcare Unicorns Valued Over $1 Billion File for IPO

Unicorn companies refer to startup private enterprises with valuations exceeding $1 billion. As of January 23, there are 152 unicorn companies globally, with a cumulative total valuation reaching $529 billion.

Notably, 25 Chinese companies have made it onto the unicorn list, with Xiaomi ranking second among all unicorns at a valuation of $46 billion. Others include China Internet Plus Holding, Didi Kuaidi, Ele.me, Dianping, Lufax (under Ping An), DJI Innovations, and more.

The Unicorn Club comprises startups from various industries, with the software sector being the most heavily represented. The healthcare industry has also emerged as a strong contender; according to statistics, there are currently 11 healthcare unicorns, led by Theranos with a valuation of $9 billion. We will now introduce and analyze each of these companies in detail.1.TheranosTheranos is a blood-testing company founded in 2003. The name “Theranos” is a portmanteau of “therapy” and “diagnosis.” Elizabeth Holmes is the founder of the company. Currently, the company is valued at $9 billion, ranking 14th on the overall list and first in the healthcare sector.

Currently, Theranos offers more than 250 common blood tests at affordable prices, making them accessible to patients regardless of insurance status. Real-time pricing for each test is available on its official website, ensuring transparent and open pricing.

Theranos’ testing process is remarkably simple: patients need only obtain a laboratory test order from their physician or download a form from Theranos, and then visit any Theranos Health Center located within Walgreens pharmacy stores to undergo testing. Compared with traditional blood testing methods, Theranos requires smaller sample volumes and uses finer-gauge needles. This approach was specifically designed for pediatric blood testing, aiming to minimize the volume of blood drawn while ensuring the most accurate results. Theranos has also developed a mobile application that enables users and physicians to access test results quickly and at any time. The app can track subtle, sudden changes in physiological data, helping physicians and patients anticipate health needs and detect diseases at an earlier stage. Regulatory approval documents were expected to be licensed in the United States in 2016.2.Intarcia TherapeuticsIntarcia Therapeutics, founded in 1997, is a biopharmaceutical company dedicated to enhancing drug efficacy, developing novel therapeutic approaches, and improving treatment outcomes through innovative technologies. It was also among the earliest healthcare companies to join the unicorn club.

Currently, Intarcia Therapeutics is focused on developing novel therapies for the treatment of diabetes. The company’s ITCA 650 is a proprietary subcutaneous delivery system—a matchstick-sized micro pump that can be placed anywhere in the subcutaneous space of the abdomen. Physicians can implant the ITCA 650 into patients in an office setting, and the procedure takes only five minutes.

Drug delivery via this technology avoids unnecessary drug levels associated with adverse events and potentially suboptimal therapeutic outcomes. Another key aspect of this technology is its unique formulation, which maintains the stability of proteins and peptides for extended periods at body temperature, enabling a single dose to deliver medication over 12 months, thereby significantly improving treatment adherence in chronic disease management. Currently, this technology for the treatment of type 2 diabetes is in Phase III development.3.StemcentrxStemcentrx, founded in 2008, is dedicated to developing novel therapies that treat cancer and significantly improve patient survival. By integrating cutting-edge national research capabilities with GMP-compliant manufacturing, the company has strived to develop numerous new approaches for treating various types of cancer.
Stemcentrx, a biotechnology company developing cancer therapeutics, is distinguished by its approach of transplanting human tumors into laboratory mice for research purposes. This strategy minimizes unforeseen variables in each study, thereby maximizing the probability of success.
It was precisely Stemcentrx’s distinction from other biotechnology companies that secured this relatively unknown, independently innovating firm a $200 million investment from Peter Thiel in 2012.

4. ZocdocThe company was founded by Cyrus Massoumi in 2007. It was Cyrus Massoumi’s own personal experience that inspired him to create a platform for booking doctor appointments online.
Zocdoc provides a modern platform that connects doctors and patients via the Internet, free of charge. This significantly alleviates the difficulty patients face in finding medical care, offering considerable convenience to both patients and physicians. Zocdoc users can search for nearby community-based physicians through its website or mobile app. The platform also provides information such as available appointment slots, physician profiles, patient reviews, and credential verification, enabling users to easily find suitable healthcare providers. Currently, Zocdoc offers appointment services for physicians across more than 50 medical specialties.
Zocdoc charges physicians for its services, while offering free access to patients. For physicians, Zocdoc helps fill appointment schedules, thereby increasing their revenue.

5．Oscar Health Insurance Co.Oscar Health Insurance Co. is a novel health insurance technology company founded in 2012, headquartered in New York City. As an innovative health insurer, Oscar aims to make health insurance simpler, smarter, and more user-friendly. Oscar provides reasonable health insurance plans tailored to users based on factors such as gender, age, family status, and income. Oscar’s health plans also feature provider and medication search functionalities, allowing users to look up doctors and common drug information, and communicate with physicians free of charge for the first 20 minutes—a highly user-centric benefit. Additionally, Oscar offers free coverage for commonly used medications and provides a drug price comparison tool. Users have access to 24/7 online telemedicine services, and members receive complimentary wearable devices to assist with exercise and health tracking.

Oscar features a simple, easy-to-navigate interface with search functionality, and most of its services are free. It is an excellent platform that helps users save money when they require nursing care, have sustained serious injuries, or are suffering from severe illnesses.6.ModernaModerna was founded in 2010 and is headquartered in Massachusetts. What sets Moderna apart from other biotechnology companies is that, instead of manufacturing oral or injectable drugs in the laboratory to treat diseases, it leverages messenger RNA (mRNA) technology to enable patients’ own cells to produce therapeutic agents.

The specific process involves first implanting messenger RNA (mRNA) into the patient’s body. Subsequently, human cells receive the information carried by this mRNA and ultimately produce the proteins required for treatment. Through this approach, patients can achieve self-healing without the need for oral medications or injections.

Most importantly, Moderna stated that the messenger RNA they designed does not trigger common human immune responses, thereby ensuring the feasibility and safety of using this technology for disease treatment.
Reports suggest that this new therapy, based on messenger RNA (mRNA) technology, may replace traditional pharmaceutical manufacturing processes reliant on protein production, offering a novel therapeutic approach centered on in vivo drug synthesis.7. 23andMe23andMe is a personal genetic testing company founded in 2006 by Anne Wojcicki. Interestingly, she is the sister of Susan Wojcicki, CEO of YouTube (Google’s video division), and the former wife of Sergey Brin, co-founder of Google and President of Alphabet.

23andMe provides us with a tool to understand and explore our DNA information. Users need only send approximately 5 milliliters of saliva along with the $99 testing fee to 23andMe, and they will receive an online DNA analysis report. Through this report, users can learn about their ancestry, including the proportional contributions from different regions around the world.

The reason why 23andMe’s genetic testing is so affordable is that it employs SNP-based detection, which does not test every gene but rather targets those frequently associated with health issues or responsible for regulating specific human physiological functions.

Prior to November 2013, users who underwent testing received not only an ancestry report detailing their genetic lineage but also a report assessing their risk of developing major diseases. Subsequently, due to restrictions imposed by the U.S. government, the FDA warned 23andMe to cease providing diagnostic health reports. If individuals learn that they have a high probability of developing a serious illness, it may adversely affect their future lives.

Receiving the FDA’s ban was a major blow to 23andMe, but the company maintained a positive attitude, actively cooperating while continuing its research efforts. Finally, in 2015, it obtained FDA approval to provide testing services for carriers of the Bloom syndrome gene.8.Proteus Digital HealthProteus Digital Health is a digital healthcare services company founded in 2001 and headquartered in Redwood City, California. By digitizing healthcare services, the company integrates its newly developed pharmaceuticals and wearable technologies with mobile health and cloud computing solutions. This approach enables both physicians and family members to participate jointly in patients’ health management, thereby making daily medication adherence more convenient and comprehensive.

The company’s ingestible sensor pill, named Helius, has received FDA approval. Helius consists of an absorbable sensor encapsulated within a pill. Upon oral ingestion, the pill reaches the stomach, where the Helius sensor harnesses gastric acid to generate an electric current via conductive materials at both ends of the capsule, thereby powering the sensor. The sensor converts patient data into transmittable signals and can monitor parameters such as heart rate, respiration, physical activity, and sleep patterns. Physicians and family members can track the patient’s basic health metrics—including heart rate, blood pressure, weight, and physical activity—through a mobile application, and even verify medication adherence.9.NantHealthNantHealth, established in 2007, is a subsidiary of NantWorks, which was founded by Dr. Patrick Soon-Shiong, a Chinese-American medical doctor renowned as the world’s wealthiest physician. NantHealth is a provider of digital health technology services, offering a comprehensive suite of products that span from patient and disease data acquisition to integrated data applications. Its core offerings include real-time hospital data acquisition and transmission devices, home health data collection and transmission devices, cloud-based healthcare operating systems, treatment cost monitoring and analytics systems, and integrated clinical service platforms, along with related services.

In addition, NantHealth is engaged in cutting-edge medical and clinical diagnostic research, having established the world’s most advanced knowledge base for cancer diagnosis and treatment, as well as genomic sequencing and diagnostic systems. The company holds a leading international position in oncology treatment, genomic analysis, proteomic analysis, and clinical applications.
NantHealth stated that at least 250 hospitals are currently using its platform.10.GuaHaoGuahao.com is a mobile healthcare service platform dedicated to driving the transformation of China’s healthcare industry through information technology. Founded in March 2010 by Liao Jieyuan and his team, the company is headquartered in Hangzhou, with branch offices in Beijing, Shanghai, Guangzhou, Wuhan, Nanjing, Chengdu, Xi’an, Changsha, and other cities.

In September 2015, Guahao.com renamed its parent company, “Guahao.com Limited,” to “We Doctor Group Limited.” Guahao.com is one of the business brands under the group, serving as a nationwide medical guidance and health information platform. Through its three business series—Guahao.com, We Doctor, and Minkang Card—it provides convenient healthcare services for hospitals, doctors, and patients across China. These services primarily include “intelligent triage,” “appointment scheduling,” “medical payment,” “out-of-hospital waiting,” “report inquiry,” “post-consultation follow-up,” “tiered referral,” “online consultation,” and “direct billing with commercial insurance.”

As of December 2015, Guahaowang had connected with the information systems of more than 1,900 key hospitals across 27 provinces in China, boasting over 100 million real-name registered users and 190,000 specialists from these key hospitals. It has rapidly grown into the largest healthcare service platform in China and the primary mobile internet entry point for accessing medical services.11.Adaptive BiotechnologiesAdaptive Biotechnologies, founded in 2009 and headquartered in Seattle, is a biotechnology company specializing in immunology research. It focuses on developing targeted therapies for autoimmune diseases caused by specific T-cell receptor (TCR) misrecognition, with the aim of preventing disease onset.

Due to the precision and sensitivity of Adaptive’s immunosequencing platform, many laboratories worldwide are conducting a series of groundbreaking studies on cancer and other immune-related diseases using this platform. One of Adaptive’s corporate goals is to translate the research findings from its immunosequencing platform into clinical diagnostic and therapeutic methods, with the aim of improving patient health outcomes.

Adaptive is currently collaborating with the Benaroya Research Institute at Virginia Mason Hospital, a partnership focused on developing therapies or preventive measures for conditions such as type 1 diabetes and multiple sclerosis (MS).
Adaptive Biotechnologies will continue to advance the diagnosis and treatment of infectious diseases, autoimmune disorders, and cancer. In 2016, the company will further expand its market presence in the field of disease therapeutics.

Compiled by: Chen Kun

Responsible Editor: Zhang Nan