Industry Agnostic Trends
Q1 marked a shocking start for VC fundraising in 2023, witnessing a 53% decline in global funding, from $162 billion in Q1 of 2022 to $76 billion. This notable decrease has persisted over the past several quarters. Yet, despite this tremendous roadblock to funding, a select few remarkable startups managed to overcome these odds, securing substantial investments in their 2023 and early 2024 series funding rounds. These startups have not only captured our attention but have also garnered global intrigue as they continue to disrupt their respective industries with innovative products, services, and solutions.
Each of the startups in our “hottest of 2024” list has set themselves apart in their respective industries as trendsetters. Guided by strong, like-minded visionaries and accomplished leaders, these companies are driving their innovations forward, redefining modern technology as we know it.
Notably, we are seeing a trend in successful startups integrating AI in novel, useful ways across different industries. Slowly but surely, artificial intelligence is starting to fill in the gaps of inefficiency in administrative tasks and initial research. Harvey.ai is making waves as the first artificial intelligence model providing legal professionals with reliable assistance in 2024. Abnormal Security is pioneering a new form of defensive AI to counter malicious AI and cyber attacks, also serving as one of the first proactive AI platforms in cybersecurity innovations.
This trend suggests a potential shift in the overall demand for upskilling in 2024. In contrast to the last year which necessitated professionals to broaden their skill sets by learning additional company-integral skills, artificial intelligence is reshaping the job landscape in such a way that this practice will become less prominent. This shift suggests that upskilling may diminish in entry level, administrative, and research based positions, pivoting this necessity towards experienced professionals to navigate the evolving changes in their industries as a result of the transformative impact of AI.
As new trends emerge in 2024, we are keeping a close eye on these companies as they continue to innovate and contribute to their respective industries.
The HealthTech Space in 2024
A common theme among health tech startups this past year has been a concerted effort in improving efficiency. Whether through the deployment of assistive robotic “arms” for surgeons performing laparoscopic surgeries or Uber-like platforms connecting patients with care providers, companies within this industry share a goal– to optimize patient care within and outside healthcare settings.
These companies recognize that the most effective approach to achieving financial gains and significant impact is to streamline tasks that would otherwise be accomplished with the assistance of others. This includes: reducing the administrative tasks doctors must attend to, minimizing the time surgeons spend on pre-surgical OR surgical team preparation, eliminating unnecessary visits patients make to their doctors offices, multiple times a year, and decreasing the instances where patients are sent to the emergency room for issues that could have been addressed or prevented through home healthcare or functional examinations.
The goals of these companies have been refined over the past year as they forge ahead toward even greater accomplishments in 2024.
Cera
Co-founder & CEO: Dr. Ben Maruthappu
Cera was established under the leadership of Dr. Ben Maruthappu in 2016. In August of 2022 the company acquired £130M in venture capital investment, growing its annualized revenue from £178m to £275m in 2023.
This digital-first healthcare company is geared towards efficiency: with over 10,000 staff, Cera arranges over 40,000 in-person healthcare visits in homes throughout the UK daily, all within 24 hours of putting in a request. To make matters even more efficient, the company uses GPT-4 to transcribe patient phone calls and automatically converts them into care plans. WIRED has called Cera an “Uber-style platform to match carers to patients.”
As one of the largest and most relied upon healthcare-at-home providers in the UK, Cera is universally recognized as one of Europe’s fastest growing businesses. Now partnered with Barts Health and NHS Trust, Cera is using AI to solve the social healthcare crisis as we know it.
Abridge
CEO: Shiv Rao
Founded: 2018
Abridge is a medical conversation AI startup that summarizes medical exchanges for doctors and patients. Established in 2018, Abridge's latest funding round closed in October 2023 at $30 million led by Spark Capital, CVS Health Ventures, Mayo Clinic, and others investments.
Abridge intends to leverage this substantial investment to expedite product advancements, thereby ultimately creating additional value for its users. Recognizing the importance of a doctor providing undivided attention to her patients, the company strives to cut the time in which doctors spend on administrative tasks. Doctors spend approximately two hours a day on these activities, such as recording doctor-patient conversations. Abridge seeks to address this issue, promoting greater efficiency within healthcare systems.
Parsley Health
CEO and Founder: Dr. Robin Berzin
Founded by Dr. Robin Berzin in 2016, Parsley Health is a Series B healthcare membership startup dedicated to crafting “the first one-stop solution for treating underlying conditions.” With a team of world-class doctors and health coaches, the company specializes in functional medicine, employing in-depth interviews and patient specific tests to comprehensively analyze whole-body health and prescribe appropriate treatment plans when necessary.
Contrary to the conventional notion of clinical spaces, Parsley Therapeutics redefines the patient experience by incorporating biophilic design into their offices, ensuring a comfortable and relaxing setting. Looking at pictures of their location on 5th Avenue in NYC, it’s hard to believe it is a doctor’s office rather than an upscale health club such as Lifetime or Equinox. The modern and comfortable interiors adorned with plants and color reflect the company's holistic approach– “it’s not just about what you put into your body, but what you surround it with.”
According to Parsley’s patient database, 85% of their patients experience symptom improvements within the first year of receiving treatment, 77% of which reduce their number of necessary medications. As the world has started seeing trends in functional and holistic medicine, this is certainly a startup we will be watching in 2024.
Moon Surgical
CEO: Anne Osdoit
Founder: Professor Brice Gayet
Moontech Surgical was named one of the most promising biotech and healthcare companies by Forbes in 2023. The CEO of this Series B startup, Anne Osdoit describes the company’s product, called the Maestro System as addressing four major problems that surgeons face in their day to day: access, complexity, cost, and time.
Approved by the FDA, the Maestro System was developed to empower surgeons performing laparoscopies, essentially giving them an additional two arms to securely hold their surgical instruments while they operate. This innovative device enables other surgical staff who would typically be involved in assisting the surgeon to initiate other operations and effectively prepare more operating rooms.
In a November Forbes article, Osdoit emphasized,”[t]ime is critical. A hospital operating room costs about $40 a minute to run during the day.” With roughly 30,000 operating rooms in the US performing laparoscopies, one-sixth currently utilize robotics, Moontech hopes to extend the reach of its technology to the remaining operating rooms, thereby optimizing surgeon access, complexity, cost, and time.
Having secured an impressive $55.4 million this past May, we are looking forward to seeing what is in store for Moontech Surgical in 2024.
Leyden Labs
CEO: Koenraad Wiedhaup
Founded: 2020
In the wake of COVID-19, the reluctance to go outside has become a valid sentiment. A mere cough, sneeze, or sniffle could trigger anxiety, prompting people nearby to hastley distance themselves from the danger of potential viruses housed by the neighbor in their airspace. Even today, the apprehension of these individuals persists, underscoring the importance of Leyden Labs’ mission to proactively prevent respiratory viruses by treating them at their root.
The company specializes in the development of nasal sprays to target respiratory viruses in the nasal mucosa for immediate antiviral protection. Jaap Goudsmit, PhD, MD, Co-Founder and Chief Scientific Officer expressed the company believes that their “PanFlu nasal spray could provide protection for both seasonal epidemics and potential future pandemics of influenza.”
Leyden Labs’ first line of defense and PanFlu candidate, CR9114, stands out as a human monoclonal antibody that protects against influenza in preclinical models. Leyden Labs holds an exclusive license from Janssen Pharmaceuticals, Inc., a part of the Janssen Pharmaceutical Companies of Johnson & Johnson, to develop and commercialize CR9114 for mucosal administration, making it a promising startup to watch in 2024.
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