Every year, Forbes’ Next Billion-Dollar Startups list shines a spotlight on venture-backed companies poised to hit unicorn status.
For the healthtech players that make the cut, it’s more than recognition. It’s proof they’re building solutions with real staying power in one of the toughest industries to crack.
Amidst the AI-heavy lineup of 2025, five healthtech startups stood out.
Here’s a closer look at what exactly this list is, why it matters, and what these five picks tell us about the next wave of health innovation. Let’s dive in.
First, what’s Forbes’ Next Billion-Dollar Startups list, and why being on it matters?
Every year, Forbes teams up with TrueBridge Capital to spotlight 25 privately held U.S. startups with the potential to become unicorns.
The criteria are tight:
- Current valuation under $1 billion.
- Have venture backing.
- Show clear traction in revenue, customers, or usage.
- Strong founding teams and scalable models.
The track record is impressive. More than half of the companies named in previous editions have gone on to unicorn status, with many others acquired. Making it to this list is more than bragging rights. It’s a signal to the market that a startup has breakout potential.
Healthtech has long been looked at as a challenging space for startups, characterised by strict regulations, lengthy sales cycles, and the constant need to strike a balance between innovation and safety.
Being on this Forbes list suggests that these startups are not only building promising technology but also convincing top investors and market-watchers that they can scale in one of the most challenging industries.
The 5 Healthtech Startups on this year’s list
Each of these is doing something different, from speeding up appointments to pushing the frontier in longevity.
#1 AcuityMD
Founders: Michael Monovoukas, Lee Smith, Robert Coe
Medical device innovation only works if the right patients can be found. AcuityMD uses de-identified health data from over 325 million patients to help device manufacturers identify physicians treating the right patient populations.
Its platform is already helping companies like Synchron (brain-computer interfaces) and Intellijoint (orthopedic tools) find trial participants and customers. In a field where matching the right innovation to the right patient is critical, AcuityMD is quickly becoming indispensable.
This could get innovative devices into hospitals and clinics faster. The challenge ahead will be maintaining accuracy at scale while protecting sensitive patient data.
#2 Assort Health
Founders: Jeffery Liu and Jon Wang
Hospitals and clinics are drowning in patient calls, leading to frustratingly long wait times. Assort Health has built an AI-powered text-to-voice chatbot that slashes wait times by scanning physician schedules and matching them to appointment needs.
Already deployed at providers like Chesapeake Healthcare and Peninsula Orthopaedic Associates, Assort Health’s system shows how conversational AI can meaningfully improve patient access in overburdened care settings.
What sets it apart is its specialty-focused design (orthopedics, dermatology, and more), which makes the AI fit into real workflows instead of feeling generic. The next test will be proving that it can expand across specialties without losing quality.
#3 Collate
Founders: Surbhi Sarna, Nate Smith, Jigish Patel
Paperwork is one of the biggest bottlenecks in life sciences, from clinical trials to FDA submissions. Collate is tackling this problem head-on. Its AI platform automates compliance and regulatory paperwork that once took months, cutting the process down to days.
Faster trial processes mean research can reach patients sooner. In a world where one mistake can derail approvals, Collate’s growth will depend on accuracy and regulator trust.
#4 Loyal
Founders: Celine Halioua
At first glance, Loyal looks like a pet health company. It’s developing longevity drugs—for dogs. But the bigger picture is fascinating: CEO Celine Halioua and her team believe studying aging in canines could also unlock insights into human longevity.
With clinical trials already underway and regulatory milestones being hit, Loyal could be one of the first companies to bring anti-aging therapies (even if for pets) to market. That said, the hurdles are big: proving safety, scaling manufacturing, and managing expectations (especially when the science is still emerging).
#5 Reducto
Founders: Adit Abraham and Raunak Chowdhuri
Reducto isn’t purely healthtech. Its AI-driven compliance automation software helps regulated industries, including healthcare, manage audits, reporting, and paperwork. In hospitals and health systems, where compliance can make or break operations, Reducto’s tools could free up resources for patient care.
Think of it as a regtech player with strong healthtech relevance. Not as directly clinical as the others, but still a piece of the broader healthcare transformation puzzle.
What these five selections indicate for healthtech?
Looking across these startups, a few clear trends emerge:
- AI is everywhere: from patient calls to compliance and trial management, AI is becoming the default solution to bottlenecks.
- Operations are the hot spot: investors aren’t just chasing new drugs; they’re betting on startups that streamline the messy, everyday parts of healthcare.
- Longevity is going mainstream: even in pets, the science of aging is drawing serious capital and attention.
- Trust is make-or-break: accuracy, data privacy, and regulatory approval are the biggest hurdles these startups face.
What to watch next?
- Regulatory and scientific proof matter. Especially for Loyal and Collate, where biology and law both play big roles.
- Customer adoption: practices, clinics, researchers all must see value. If something is technically clever but hard to use or expensive, it won’t spread.
- Data privacy, bias, trust: AI tools handling calls, patient data, referrals must be transparent and safe.
- Competition: many startups are chasing similar problems (phone automation, longevity, regulatory automation). First-mover advantage and execution count a lot.
The way forward
Forbes’ 2025 list shows that healthtech isn’t one monolithic trend. It’s a mix of practical fixes and bold science.
Whether it’s AI scheduling your next appointment or faster regulatory processes bringing treatments to patients, these startups are a glimpse of how the industry is evolving.
It’ll be interesting to see when Loyal gets its treatments approved and goes to market; when Assort Health shows it can serve specialities beyond its early ones; when Collate’s automation is trusted by regulators and researchers; and whether AcuityMD delivers consistent, privacy-safe data linking.
Even if not all of them become billion-dollar businesses, each one moves the needle in clinic efficiency, research speed, and what’s possible in health innovation.
-By Rohini Kundu and the AHT Team
