AKASA Named To The 2021 CB Insights Digital Health 150 List Of Most Innovative Digital Health Startups

AKASA recognized for achievements in automating healthcare operations with AI and ML

CB Insights named AKASA to its third annual Digital Health 150, which showcases the 150 most promising private digital health companies in the world. This year’s Digital Health 150 was unveiled live during CB Insights’ annual Future of Health event.

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The 2021 Digital Health 150 cohort has raised roughly $14.9B in aggregate funding across 522 deals since 2016, and includes startups at various investment stages of development, from early-stage to well-funded unicorns. Companies this year include startups working on data integration & analytics, hybrid virtual / in-person care, digital therapeutics, clinical intelligence, and more.

“This year’s Digital Health 150 is one of our most expansive yet, spotlighting 16 categories including virtual care, clinical trials tech, and workflow automation, as well as adding new categories such as home health tech and computer-aided imaging,” said Brian Lee, SVP of CB Insights’ Intelligence Unit. “Last year’s class has seen more than 20 exits, raised an additional $18.6B in aggregate funding, and announced over 250 partnerships since being recognized, and we’re excited to see the future success of this year’s winners.”

“For the second year in a row, we’re thrilled to be recognized by CB Insights as one of the top digital health companies,” said Malinka Walaliyadde, co-founder and CEO of AKASA. “Our purpose is to enable human health as we build the future of healthcare with AI. AKASA scales human intelligence with leading-edge AI and ML to eliminate administrative burden and reduce operating costs so that health systems can allocate resources to where they matter most.”

Through an evidence-based approach, the CB Insights research team selected the Digital Health 150 from a pool of over 11,000 companies, including applicants and nominees. They were chosen based on several factors, including data submitted by the companies, company business models and momentum in the market, and Mosaic scores, CB Insights’ proprietary algorithm that measures the overall health and growth potential of private companies.

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Earlier this year, AKASA announced it raised $60 million in its Series B funding round, bringing total funding to $85 million. AKASA’s customer base represents more than $100 billion in aggregate net patient revenues which equates to nearly 10 percent of all U.S. health system spending annually, according to data from the Centers for Medicaid and Medicare Services. Additionally, the company’s models and algorithms have been trained on nearly 250 million claims and remittances.

2021 Digital Health 150 Investment Highlights:

• Unicorns: 17 of the 150 companies (11%) are valued at or above $1B as of their latest funding rounds.
• Funding trends: In 2021 year-to-date (YTD), these 150 private companies have raised $9.2B in equity funding across 153 deals (as of 11/19/21).
• Mega-rounds: Since 2020, there have been 39 mega-round ($100M+) equity investments to this year’s Digital Health 150, with 31 (79%) of them taking place in 2021 YTD.
• Global representation: 23% of the 2021 Digital Health 150 are based outside the US. After the US, the UK is home to the most Digital Health 150 companies (9), followed by India (4). This year’s winners are based in 18 countries, including China, Israel, Nigeria, Germany, Argentina, and New Zealand.
• Top VC investor: General Catalyst is the most active investor in this year’s Digital Health 150 companies, having invested in 39 deals since 2016.

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