Healthcare Technology IPO candidates for 2026: Innovaccer, Hippocratic AI, Qventus, Truveta, Commure, Persivia, Tennr

Lloyd Price
Jul 27
22 min read

I. Executive Summary

The healthcare technology sector is poised for a pivotal year in 2026, characterized by a discerning investment climate and a clear shift towards maturity. The outlook for Initial Public Offerings (IPOs) remains cautiously optimistic, with market participants prioritizing companies that demonstrate proven business models, robust financial performance, and a clear path to profitability. Artificial intelligence (AI) stands as the dominant technological driver, attracting the lion's share of venture capital and commanding significant valuation premiums. Digital health and telemedicine are evolving from novelties to integrated components of care, demanding solutions with demonstrable clinical and financial outcomes.

Underlying these advancements, strong data infrastructure, seamless interoperability, and unassailable cybersecurity are no longer optional but fundamental prerequisites for market viability and public readiness. While mergers and acquisitions (M&A) continue to serve as a primary exit strategy, a select group of late-stage healthcare technology companies, particularly those leveraging AI to address critical industry pain points, are emerging as strong contenders for public listings in 2026, provided they can navigate the complex and uncertain regulatory landscape.

II. Current Market Dynamics and IPO Environment (2024-2025 Review)

The healthcare technology market has undergone a significant transformation in the first half of 2025, reflecting a more disciplined and mature investment approach. This period has seen a strategic recalibration of capital, moving away from broad, experimental investments towards a concentrated focus on ventures with established traction and clear pathways to commercial success.

Analysis of Recent Digital Health Funding Trends and Investment Shifts

The digital health market experienced a robust start to 2025, with venture capital (VC) funding in the U.S. reaching $6.4 billion in the first six months, marking an increase from $6.0 billion in the first half of 2024.Despite this increase in total funding, the overall deal count saw a slight decline, with 245 fundraising deals in H1 2025 compared to 273 in H1 2024. This reduction in the number of deals, alongside an increase in total capital deployed, points to a market where investors are making fewer, but larger, bets.

A significant indicator of this shift is the substantial increase in the average deal size, which rose to $26.1 million in H1 2025 from $20.4 million in 2024.

This growth was primarily fuelled by larger investments in later-stage rounds, specifically Series B through D, and was notably bolstered by the impact of artificial intelligence.The market is transitioning towards what is termed "selective scale," where capital is reallocated globally towards more substantial and de-risked investments. This indicates that investment is now concentrated in companies that have advanced beyond early-stage experimentation, demonstrating product-market fit and scalability.

AI-enabled startups have been the primary beneficiaries of this investment shift, capturing 62% of venture capital dollars in H1 2025, totalling $3.95 billion.These companies commanded an impressive 83% funding premium per round compared to their non-AI-enabled counterparts, averaging $34.4 million per round versus $18.8 million.The top three funded value propositions in digital health—non-clinical workflow, clinical workflow, and data infrastructure, are all undergoing significant transformation through AI-enablement and automation.This pronounced preference for AI-driven solutions underscores that companies with proven, defensible AI capabilities addressing critical healthcare inefficiencies are attracting premium investment. For prospective IPO candidates, this means demonstrating not just technological prowess but also tangible return on investment and a clear path to profitability.

Performance of Recent Digital Health IPOs as Bellwethers for Market Appetite

The broader Initial Public Offering market for digital health has remained sluggish, with projections indicating continued softness through the end of 2025. This trend aligns with a prolonged drought in the broader tech IPO market since late 2021.However, two notable public debuts in H1 2025 served as bellwethers, offering insights into the public market's appetite for mature digital health firms.

Hinge Health, a digital musculoskeletal (MSK) care company, successfully raised approximately $437 million in its May 2025 IPO. Its stock opened with a 23% increase from its IPO price, signaling a positive market reception. Despite this initial success, the company's post-IPO market capitalisation of approximately $3 billion represented a nearly 60% decline from its peak private valuation of $6.2 billion in October 2021.

This significant valuation reset highlights a critical market adjustment: while the public market is open for select, high-growth digital health companies, it demands more realistic valuations grounded in current financial performance rather than speculative future growth. Hinge Health's strong financial performance leading up to its IPO, including $123.8 million in Q1 2025 revenue (a 50% year-over-year increase), a net income of $17.1 million (a turnaround from a net loss), and consistent positive free cash flow, was crucial to its public listing. The company's reliance on AI-powered motion tracking and an FDA-cleared wearable to reduce human clinician hours by an estimated 95% further validated its efficiency model.

Similarly, Omada Health, a virtual-first provider for chronic conditions, debuted on NASDAQ in June 2025, opening 21% above its IPO price and raising $150 million.Omada reported Q1 2025 revenue of $55 million, a 57% year-over-year increase, and significantly narrowed its net loss to $9.4 million. Its 90% three-year average customer retention rate and integration of AI for real-time nutritional guidance underscore a sustainable growth model. These IPOs demonstrate that public investors are seeking digital health companies with proven business models, strong revenue growth, a clear path to profitability, and scalable technology, particularly those leveraging AI. This sets a high bar for any company considering an IPO in 2026, emphasizing the need for financial discipline and demonstrable value.

Role of Mergers & Acquisitions (M&A) as an Alternative Exit Strategy

While the IPO market for digital health has shown nascent signs of revival, M&A activity has emerged as the predominant exit strategy by volume in the first half of 2025. Digital health witnessed robust M&A activity with 107 deals in H1 2025, putting the year on track to nearly double the 121 M&A deals recorded in 2024. This surge is driven by the availability of distressed assets at attractive valuations and favourable U.S. regulatory shifts designed to streamline healthcare mergers.

The M&A environment is characterised by a "new playbook" where established distribution networks of legacy companies are combined with cutting-edge technology to drive efficiency, margin, and scale gains. Private equity firms are actively participating in this consolidation, rolling up AI startups with traditional healthcare players to create larger, more integrated businesses.This strategic consolidation allows larger entities to acquire innovative technologies and talent, enhancing their market position without the complexities and uncertainties of a public offering.

However, it is important to note a contrasting trend within the broader biotech sector, where M&A activity has shrunk by 25% from the previous year, which was already described as "anemic".This discrepancy suggests that while digital health M&A is robust, the broader life sciences sector faces different challenges in deal-making, particularly in agreeing on valuations. Despite this, big pharma companies, confronting a significant patent cliff and needing to replace tens of billions of dollars in revenue by the end of the decade, are expected to fund or acquire companies with strong clinical data. This necessity could contribute to a "normal biotech IPO market" by 2026, as some companies may be acquired rather than pursuing an IPO, while others may be positioned for public offerings due to strong clinical data and commercial potential. The prevalence of M&A in digital health suggests that companies with strong technology and market fit may find acquisition a more immediate and less volatile exit route than a public listing, particularly for those that might be considered too large for private sale but not yet fully prepared for an IPO.

Table 1: Digital Health Funding & Exit Activity (H1 2025 vs. H1 2024)

Metric	H1 2025	H1 2024	Change / Trend
Total Digital Health VC Funding (US - Rock Health)	$6.4 Billion	$6.0 Billion	+$0.4 Billion (+6.7%)
Number of Fundraising Deals (US - Rock Health)	245	273	-28 Deals (-10.3%)
Average Deal Size (US - Rock Health)	$26.1 Million	$20.4 Million	+$5.7 Million (+27.9%)
AI-enabled VC Funding Share (US - Rock Health)	62% ($3.95 Billion)	N/A	Significant increase in AI focus
Number of IPOs (Global Digital Health)	6	5	+1 IPO (+20%)
Number of M&A Deals (Global Digital Health)	107	101	+6 Deals (+5.9%)

III. Key Technological Drivers for Future HealthTech IPOs

The future of healthcare technology IPOs will be profoundly shaped by several key technological advancements that are not merely incremental improvements but foundational shifts in how care is delivered, managed, and financed. Companies that effectively harness these drivers, demonstrating tangible clinical and financial benefits, will be best positioned for public market success.

Artificial Intelligence (AI) in Healthcare

Artificial intelligence is rapidly emerging as the central transformative force in the healthcare industry, attracting substantial investment and driving significant market expansion. In the first half of 2025, AI-enabled startups captured a commanding 62% of venture capital dollars in digital health, receiving an impressive 83% funding premium per round compared to their non-AI counterparts. This substantial financial preference highlights the market's conviction in AI's potential to revolutionise healthcare.

The market for AI in Medical Diagnostics alone was valued at $3.1 billion in 2024, projected to reach $3.8 billion in 2025, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 26.1% from 2025 to 2037, potentially reaching $29 billion by 2037. Another estimate projects the AI Diagnostics Market to grow at a CAGR of 21.2% from $2.2078 billion in 2025 to $8.4816 billion in 2032. These projections are driven by factors such as the increasing burden of chronic disorders, the ongoing digitalisation and modernisation of healthcare systems, and growing government support and investments. Within this segment, the software component, particularly AI-as-a-Service (AIaaS) models, is anticipated to dominate with a 62.1% market share, while radiology applications are poised to capture the largest revenue share at 38.3%.This focus on AI-as-a-service models suggests a preference for scalable, cost-efficient solutions that can be readily integrated into existing healthcare infrastructures.

Beyond diagnostics, AI is expected to drive 30% of new drug discoveries by 2025, with the potential to cut discovery timelines and costs by 25-50% in preclinical stages. This demonstrates AI's capacity to accelerate the development of personalised treatments. Furthermore, AI is streamlining healthcare operations, enhancing the patient experience, and enabling highly personalised care delivery. AI-powered medical ambient documentation tools have already seen rapid adoption, with utilisation rates ranging from 30-40% across physician groups and reaching as high as 90% in some leading hospitals.This rapid adoption of AI solutions for administrative tasks underscores their immediate impact on efficiency and physician burnout, addressing critical pain points in the healthcare system. Companies that can demonstrate proven, defensible AI capabilities that translate into tangible operational efficiencies, cost reductions, and improved patient outcomes are therefore uniquely positioned for public market success.

Digital Health & Telemedicine Evolution

The digital health and telemedicine sectors are evolving rapidly, transitioning from supplementary services to integral components of healthcare delivery. The global telemedicine market, valued at $104.64 billion in 2024, is projected to grow to $111.99 billion in 2025 and is expected to reach $334.80 billion by 2032, exhibiting a robust CAGR of 16.9%.This significant growth is propelled by the increasing prevalence of chronic diseases, the expanding geriatric population, and the persistent challenge of limited skilled healthcare professionals, particularly in remote areas.

Telehealth has achieved widespread acceptance, with 55% of U.S. adults having utilized it by 2023, indicating its normalization within the healthcare landscape. Virtual mental health care, in particular, has emerged as a resilient and high-volume category, driven by strong consumer demand, ongoing provider shortages, and patient preferences for privacy. Concurrently, the digital therapeutics (DTx) market is experiencing rapid expansion, estimated at $7.88 billion in 2024, projected to increase to $9.73 billion in 2025, and forecast to reach approximately $56.76 billion by 2034, with a CAGR of 21.65%. This growth is largely attributable to the increasing geriatric population and the rising burden of chronic diseases globally.

A notable trend is the projected shift of a substantial volume of care services to home settings, with McKinsey estimating that $265 billion worth of care could transition to home-based models by 2025.

However, the market for digital health solutions is now subject to heightened scrutiny. Buyers, including health systems, payers, and employers, are no longer content with pilot programs; they demand solutions that demonstrably reduce admissions, extend care between visits, and seamlessly integrate with existing reimbursement streams. Telehealth models that fail to align with established reimbursement pathways, integrate effectively into clinical workflows, and prove measurable outcomes are increasingly being sidelined.Furthermore, persistent data privacy concerns continue to act as a restraint on the growth of both digital therapeutics and the broader telemedicine market.For companies in these sectors eyeing an IPO, success will depend on showcasing not only technological innovation but also clear clinical validation, robust financial outcomes, and a comprehensive strategy for navigating complex reimbursement landscapes and addressing data security.

Data Infrastructure & Interoperability

Robust data infrastructure and seamless interoperability are foundational elements for the success and scalability of modern healthcare technology companies. In the first half of 2025, data infrastructure emerged as one of the top three funded value propositions in digital health, attracting $893 million in venture capital funding. This significant investment reflects the critical role of data in the ongoing transformation of healthcare, particularly as it is increasingly enhanced by AI-enablement and automation^.

By 2026, interoperability is expected to transcend its status as a mere regulatory mandate and become a crucial "deal filter" for digital health solutions. Healthcare buyers are no longer interested in isolated tools; their focus has shifted to integrating solutions that demonstrably work and align with existing systems, reimbursement models, and staffing needs. This emphasis on integration means that companies with strong interoperability capabilities can offer a more compelling value proposition, reducing implementation friction and accelerating adoption for healthcare providers.

The importance of improved health data management and interoperability extends to tangible operational and clinical benefits. Seamless information flow between providers is anticipated to lead to better coordination across healthcare systems, a reduction in medical errors due to enhanced access to insights, and ultimately, improved quality of care and patient outcomes. Companies that can effectively manage, integrate, and leverage high-quality, diverse datasets are not only enabling advanced AI applications but are also addressing a core systemic inefficiency within healthcare. For IPO candidates, demonstrating a sophisticated and secure data infrastructure, coupled with proven interoperability, will be a key differentiator, signaling readiness for large-scale deployment and long-term value creation.

Cybersecurity in HealthTech

In an increasingly digitalized healthcare landscape, cybersecurity has transitioned from a backend concern to a critical differentiator and a non-negotiable prerequisite for healthtech solutions. By 2026, product security is projected to be assessed with the same rigorous standards as clinical outcomes and revenue potential when evaluating digital health solutions. This elevated importance reflects the profound risks associated with data breaches and cyberattacks in healthcare, which can not only disrupt IT systems but also directly endanger patient lives.

Healthcare buyers are proactively mitigating these risks by increasingly incorporating breach-related indemnity clauses into their contracts. This contractual shift places a greater burden on healthtech providers to ensure the integrity and security of their platforms and the sensitive patient data they handle. The rising frequency of healthcare data breaches, combined with the accelerating shift towards digital platforms for healthcare access, already poses a significant challenge to the growth of the telemedicine market. Any perceived vulnerability in a company's cybersecurity posture can erode trust, lead to substantial financial penalties, and severely impact market adoption.

For companies aspiring to go public, demonstrating an unassailable security framework is paramount. Public investors will scrutinize a company's ability to protect sensitive patient information and maintain operational continuity in the face of evolving cyber threats. A robust cybersecurity strategy is therefore not just a compliance measure but a fundamental component of a company's valuation and long-term market viability. Companies that can clearly articulate and prove their commitment to data privacy and security will instill greater confidence in potential investors and differentiate themselves in a competitive market.

Table 2: Key Healthcare Technology Market Projections (2025-2037) by Segment

Segment	2024 Market Size	2025 Market Size	Forecast Year Market Size	CAGR (2025-Forecast Year)	Key Drivers
AI in Medical Diagnostics	$3.1 Billion	$3.8 Billion	$29 Billion (2037)	26.1%	Chronic disease burden, digitalization, government support, AIaaS models
Telemedicine	$104.64 Billion	$111.99 Billion	$334.80 Billion (2032)	16.9%	Chronic diseases, aging population, limited skilled professionals, AI integration
Digital Therapeutics (DTx)	$7.88 Billion	$9.73 Billion	$56.76 Billion (2034)	21.65%	Growing geriatric population, rising chronic diseases
Wearable Health Tech (US)	N/A	N/A	$30 Billion (2026)	N/A	Consumer adoption, employer subsidies

IV. Regulatory and Policy Landscape for 2026

The regulatory and policy environment in 2026 presents a complex and often uncertain backdrop for healthcare technology companies, particularly those considering an IPO. Navigating these shifting dynamics, both domestically and internationally, will be critical for market readiness and investor confidence.

United States Policy Impacts

Digital health startups are currently operating within an uncertain economic and policy environment in the United States. This includes potential impacts from President Donald Trump's "megabill" and various executive orders, which are predicted to introduce continued uncertainty through 2026.Such policy shifts could create significant obstacles, particularly for the biopharma market, due to potential Food and Drug Administration (FDA) budget cuts and the implementation of Most Favoured Nation drug pricing initiatives.

Healthcare costs are projected to remain elevated through 2026, with spending expected to rise by 8.5% for job-based insurance and 7.5% for individual plans. This escalation is largely driven by the increasing cost of expensive drugs, such as GLP-1s, a rise in hospital stays, and growing demand for behavioural health services. While digital tools and AI offer long-term promise for enhancing efficiency and reducing costs, their initial adoption may paradoxically lead to increased medical spending in the short term. This is primarily due to the prevailing volume-based payment model, where providers are reimbursed based on the quantity of services delivered; if AI enables them to see more patients, overall spending could rise before payment systems adapt.Concerns about potential over diagnosis stemming from AI tools also contribute to this complexity.

Additional policy changes shaping the 2026 landscape include the growing adoption of Individual Coverage Health Reimbursement Arrangements (ICHRAs) and simpler health plan designs.However, the Trump administration's "Make America Healthy Again" plan and new federal budget provisions, such as Medicaid work requirements and changes to the Affordable Care Act (ACA) marketplace, could significantly affect digital health business models by potentially reducing the customer base. Companies seeking public investment must therefore demonstrate not only the long-term cost-saving potential of their solutions but also adaptability to evolving payment models and policy priorities, ensuring a clear and sustainable revenue strategy amidst ongoing regulatory flux.

Medicare Reimbursement Updates

The U.S. Centers for Medicare & Medicaid Services (CMS) has released proposed rules for Calendar Year 2026, outlining significant changes to Medicare reimbursement policies that will impact digital health companies. These include updates to the Medicare Physician Fee Schedule (PFS) and the Hospital Outpatient Prospective Payment System (OPPS-ASC).

For physicians, the proposed rule includes a modest 3.6% increase in Medicare conversion factors for most, with a slightly higher 3.83% increase for Alternative Payment Model (APM) participants. However, it also introduces new site-of-service payment adjustments, such as a 4% increase for services delivered in non-facility settings (e.g., office-based) and a 7% reduction for the same services in facility settings (e.g., outpatient hospitals), aimed at reducing hospital consolidation. A new -2.5% efficiency adjustment for most CPT codes (excluding time-based codes) is also proposed. Overall, the proposed fee schedule is seen as falling short of addressing the substantial 33% decline in physician payments (adjusted for inflation) since 2001.

Regarding telehealth, CMS proposes permanently adopting a revised definition of "direct supervision," allowing supervising practitioners to be immediately available via real-time audio/video technology. This permanent flexibility is highly beneficial for virtual medical practices, particularly when clinicians are in different locations.CMS also intends to permanently remove frequency limitations on certain telehealth services, recognising their infrequent use and trusting practitioners' judgment. Conversely, CMS plans to discontinue temporary flexibilities for teaching physicians' virtual presence after December 31, 2025 (except in rural areas), reverting to pre-pandemic in-person supervision requirements. Notably, telemedicine Evaluation and Management (E/M) office visit codes were not added to the authorised Medicare Telehealth Services List for 2026.

CMS is actively soliciting public comments on how to consistently pay for Software-as-a-Service (SaaS) technologies used in clinical decision-making across various settings and technologies. This indicates an evolving but still uncertain reimbursement pathway for SaaS solutions. Additionally, proposed expansions for Digital Mental Health Treatment (DMHT) to include Digital Therapeutics (DTx) for ADHD, and a request for feedback on other digital therapy devices, signal potential new reimbursement opportunities for DTx.The mixed signals from these proposed rules suggest that while some digital health areas may see clearer reimbursement pathways, the overall Medicare landscape remains complex. Companies considering an IPO must demonstrate diversified revenue streams that are not solely dependent on specific Medicare codes, and a clear strategy for adapting to ongoing policy developments.

European Union AI Act Implications

The European Union's Artificial Intelligence Act (AI Act), Regulation (EU) 2024/1689, represents a landmark piece of legislation that will significantly shape the landscape for healthcare technology companies, particularly those with AI systems. The Act formally entered into force on August 1, 2024, and will become fully applicable on August 2, 2026. This comprehensive legal framework has substantial implications for medical AI development and deployment globally, including for U.S. healthcare stakeholders seeking to operate in the EU market.

The AI Act categorises AI systems into four risk levels, with "high-risk" systems facing the most stringent requirements. Critically for healthcare, AI applications in medical devices, in-vitro fertilisation, clinical management of patients (including diagnosis and therapeutic decisions), precision medicine, AI safety components in critical infrastructure, and robot-assisted surgery are all classified as high-risk. This classification subjects companies developing or deploying such systems to rigorous obligations before they can be placed on the market. These include implementing adequate risk assessment and mitigation systems, ensuring high-quality and unbiased datasets, maintaining detailed logs of activity for traceability, providing comprehensive technical documentation, offering clear information to deployers, and establishing appropriate human oversight measures. High levels of robustness, cybersecurity, and accuracy are also mandated.

Non-compliance with the AI Act carries severe financial penalties, ranging from €7.5 million or 1.5% of global turnover to €35 million or 7% of global annual revenue, depending on the nature of the infringement and the size of the company. To meet these demands, companies must undertake significant internal adaptations across organisational, technical, and governance levels, adopting a "compliance by design" approach. This involves systematically assessing AI risk, meticulously documenting systems, actively checking data for bias, securing systems against cyber threats, planning for conformity assessments, and training personnel, potentially including the appointment of a dedicated AI Officer.

While these requirements present a considerable challenge and necessitate significant investment, the AI Act also offers a strategic opportunity. Proactive and transparent compliance can enhance customer trust and strengthen a company's competitive positioning by demonstrating a commitment to building transparent, reliable, and responsible AI systems. For healthtech companies eyeing an IPO, especially those with high-risk AI solutions, early and thorough compliance with the EU AI Act will not only ensure market access but also serve as a crucial differentiator, positively impacting their valuation and investor appeal by signalling a mature and responsible approach to AI innovation.

V. Potential Healthcare Technology IPO Candidates for 2026

Given the prevailing market dynamics—characterized by a discerning investment climate, the dominance of AI as a value driver, and a complex regulatory landscape—potential healthcare technology IPO candidates for 2026 are likely to be late-stage private companies that have recently secured significant funding, demonstrate strong financial performance, possess defensible AI capabilities, and address critical industry pain points with scalable solutions. The following companies have recently completed substantial funding rounds and align with these criteria, positioning them as strong contenders for a public listing in 2026 or soon thereafter.

Innovaccer: A cloud-based data analytics platform for healthcare providers and payers, Innovaccer secured a $275 million Series F funding round in January 2025. Its valuation was estimated between $2.13 billion and $4.06 billion as of April 2024, with total funding reaching $675 million. Innovaccer focuses on value-based care, leveraging AI to enhance patient care, reduce costs, and improve outcomes. The company's platform unifies patient information across various systems, enabling new layers of data consolidation and analysis. Its strong performance in KLAS reports for risk analytics and CRM solutions in 2025 further validates its market position and product efficacy. Innovaccer's emphasis on data activation and AI trends in healthcare positions it well for a public offering, particularly as data infrastructure remains a top-funded area.
Hippocratic AI: This company specializes in safety-focused generative AI for healthcare, a highly attractive area for investors. Hippocratic AI raised a $141 million Series B funding round in January 2025, achieving a valuation of $1.64 billion.With total funding of $278 million, the company focuses on developing AI agents for low-risk, non-diagnostic, patient-facing services such as pre-op planning, discharge planning, and chronic care management, aiming to address the healthcare staffing crisis. A key differentiator is its prioritisation of safety over short-term revenue and profits, a critical consideration for AI in healthcare. Its rapid growth, establishment of partnerships with numerous health systems and payers, and focus on clinically validated AI solutions make it a compelling IPO candidate.
Qventus: A leading provider of AI-based care automation software for health systems, Qventus secured a $105 million Series D funding round in January 2025, bringing its total funding to approximately $199.59 million and valuing the company at $400.12 million Qventus's solutions aim to optimize inpatient and outpatient operations, including surgical growth and inpatient capacity, by using AI, machine learning, and predictive analytics. The company reports generating millions of dollars in ROI for health system partners, with an average return on investment exceeding 10x. Its high KLAS score (92.5%) for capacity management and its customers' long-term commitment to the platform underscore its proven business model and strong market adoption.These factors position Qventus as a strong candidate for a public listing, demonstrating clear financial benefits and operational impact.
Truveta: Operating a healthcare data platform for learning services, Truveta raised a significant $320 million Series C funding round in January 2025, pushing its valuation above $1 billion.The company has raised a total of $515 million. Truveta's mission is to aggregate de-identified patient medical records from its partner health systems to enable scientific research, drug discovery, and precision medicine.Its strategic collaborations with major entities like Microsoft (its exclusive cloud provider), Regeneron Pharmaceuticals ($119.5 million investment), and Illumina ($20 million investment) further validate its potential and market relevance. As data infrastructure is a key investment area, Truveta's unique and diverse dataset positions it strongly for an IPO, addressing a fundamental need in healthcare research and development.
Commure: Positioned as a healthcare operating system for hospitals and health systems, Commure secured a $200 million growth round in June 2025. The company's valuation was estimated at $6 billion in 2024, with total funding reaching $753 million. Commure focuses on connecting datasets and digital solutions through a suite of applications, aiming to improve provider experiences and streamline revenue cycle management (RCM) with AI-powered solutions. Reports indicate that Commure's products generate over $200 million in annual revenue, and the company anticipates achieving positive cash flow by the end of 2026, with plans to file for an initial public offering in 2027. Its strong strategic relationships with major health systems and its focus on AI-driven automation make it a compelling prospect for public markets, potentially even earlier than its stated 2027 target if market conditions are favourable in late 2026.
Persivia: An AI-driven digital health platform, Persivia raised a $107 million Series D funding round in April 2025, bringing its total funding to $135 million.The company offers chronic care management solutions by aggregating diverse patient data, including clinical, claims, behavioural, and genomic information, to improve risk stratification, enable earlier interventions, and control costs. A significant development for Persivia is the issuance of a U.S. patent for its Health Data Processing System, which protects its core AI capabilities.This patented AI engine, Soliton®, is central to its CareSpace® platform, which provides actionable insights in real time. Persivia's demonstrated growth in customer base (from 65 in 2015 to over 330 hospitals and provider groups) and its focus on value-based care, supported by a clinically validated and legally protected AI-first platform, make it a strong candidate for a public offering
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Tennr: This AI platform automates patient processing for referral-based care, a critical administrative workflow in healthcare. Tennr clinched a $101 million Series C funding round in June 2025, boosting its valuation to $605 million. The company has raised $162 million in total funding. Tennr's proprietary vision-language model is trained to interpret unstructured medical records against complex payer criteria, processing 10 million documents monthly.The company aims to streamline pre-visit processes, boost patient conversions, and reduce denials, while improving the patient experience. Having more than tripled its revenue since its Series B round just two quarters prior, Tennr demonstrates rapid growth and a clear impact on operational efficiency for providers. Its focus on automating "hairy" documentation reviews and strong financial momentum position it as a promising IPO candidate.

Table 3: Potential Healthcare Technology IPO Candidates for 2026

Company	Primary Focus	Latest Funding Round (Date, Amount)	Latest Valuation (Date)	Total Funding	Key Strengths for IPO
Innovaccer	Cloud-based data analytics for providers/payers (AI-enabled)	Series F (Jan 2025, $275M)	$2.13B - $4.06B (Apr 2024)	$675M	Strong data infrastructure, AI integration, proven value-based care outcomes, positive KLAS reports
Hippocratic AI	Safety-focused generative AI for healthcare	Series B (Jan 2025, $141M)	$1.64B (Jan 2025)	$278M	Addresses staffing crisis with AI agents, prioritizes safety, rapid growth, strong partnerships
Qventus	AI-based care automation for health systems	Series D (Jan 2025, $105M)	$400.12M (Jan 2025)	$199.59M	Proven ROI (10x average), operational efficiency, capacity optimisation, high customer satisfaction (KLAS)
Truveta	Healthcare data platform for scientific research	Series C (Jan 2025, $320M)	>$1B (Jan 2025)	$515M	Large, diverse de-identified dataset, strategic partnerships (Microsoft, Regeneron, Illumina), supports drug discovery/precision medicine
Commure	Healthcare operating system (AI-powered RCM)	Growth Round (Jun 2025, $200M)	$6B (2024)	$753M	Strong revenue growth, strategic health system relationships, aims for positive cash flow by EOY 2026, targeting 2027 IPO
Persivia	AI-driven digital health platform for chronic care management	Series D (Apr 2025, $107M)	N/A	$135M	Patented AI engine (Soliton®), comprehensive data aggregation, focus on value-based care, strong customer growth
Tennr	AI automation for patient referral workflows	Series C (Jun 2025, $101M)	$605M (Jun 2025)	$162M	Rapid revenue growth (tripled in 2 quarters), addresses critical administrative burden, high volume of document processing

VI. Conclusion

The landscape for healthcare technology IPOs in 2026 is one of cautious optimism, marked by a clear evolution in investor expectations and market dynamics. The era of speculative "growth at all costs" has largely given way to a more disciplined focus on "selective scale," where profitability, proven outcomes, and robust fundamentals are paramount.

Artificial intelligence serves as the undeniable engine of innovation and investment, attracting the vast majority of venture capital and driving significant valuation premiums. Companies that have deeply embedded AI into their core offerings, particularly for workflow automation, diagnostics, and data infrastructure, are demonstrating tangible ROI and rapid adoption, positioning them at the forefront of the market. The maturation of digital health and telemedicine further reinforces this trend, with successful solutions now requiring not just engagement but clear clinical and financial outcomes, seamless integration with existing systems, and viable reimbursement pathways.

Underpinning these technological advancements, strong data infrastructure, comprehensive interoperability and an unassailable cybersecurity posture have become non-negotiable prerequisites. Any company seeking public investment must demonstrate its ability to manage sensitive healthcare data securely and integrate effectively within a complex ecosystem.

The regulatory and policy environment, particularly in the United States, remains a significant variable. Ongoing uncertainties regarding administration policies, drug pricing, and insurance coverage necessitate adaptability and diversified revenue strategies. While Medicare reimbursement shows mixed signals, offering some permanent flexibilities for telehealth and expanding digital therapeutics, but maintaining overall physician payment challenges—companies must not rely solely on specific, still-evolving codes. The European Union's AI Act, fully applicable in 2026, introduces stringent compliance requirements for high-risk AI systems, which, while challenging, can also serve as a competitive differentiator for companies that proactively embrace transparency and responsible AI development.

In this environment, the most viable IPO candidates for 2026 will be late-stage private companies that have recently secured substantial funding, demonstrate compelling financial performance (revenue growth, path to profitability, positive cash flow), possess defensible and impactful AI capabilities, and have a clear strategy for navigating regulatory complexities and cybersecurity demands. The identified companies, Innovaccer, Hippocratic AI, Qventus, Truveta, Commure, Persivia, and Tennr—exemplify these characteristics, each addressing critical pain points within the healthcare system with scalable, technology-driven solutions. Their continued ability to execute on their growth strategies, demonstrate clear value to healthcare stakeholders, and adapt to the evolving market and regulatory landscape will determine their success in reaching the public markets.

Nelson Advisors > Healthcare Technology M&A

Nelson Advisors specialise in mergers, acquisitions and partnerships for Digital Health, HealthTech, Health IT, Consumer HealthTech, Healthcare Cybersecurity, Healthcare AI companies based in the UK, Europe and North America. www.nelsonadvisors.co.uk

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