New Research
The State of
AI Healthcare
2026
576 startup applications. 670 pitch decks. 9,942 pages analyzed. The most comprehensive view of the earliest-stage AI healthcare pipeline ever published — from the only seed-stage fund investing exclusively in the space.
What's Inside
19 sections of proprietary data and analysis you won't find in any McKinsey report or PitchBook download.
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The Four Verticals — Healthcare SaaS dominates at 42%, but Diagnostics at just 14% is the most underbuilt vertical relative to its $30B+ market
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Deep Dives — Sub-niche maps, named startups, crowding analysis, and white space for each vertical: SaaS, Biotech/Pharma Tools, Medical Devices, and Diagnostics
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Valuations & Raise Sizes — Median pre-money valuations by stage and vertical. Spoiler: $7M at pre-seed is inflated and likely unsustainable
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Geographic Distribution — Where AI healthcare is actually being built across 30+ countries and all 50 states. The emerging hubs may surprise you
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How AI Is Actually Being Used — LLMs, computer vision, ML — the real technology breakdown from 670 pitch decks. 19% now mention LLMs, up from near-zero in 2023
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What the Best Pitches Have in Common — Observable patterns from the decks that advanced furthest through our funnel, including the 6 traits that separate winners from noise
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White Space & Opportunity Map — What is NOT being built: the gaps where demand outstrips supply, from longitudinal care to dental AI to mental health biomarkers
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2026 Predictions — Where the market is heading: SaaS consolidation, diagnostics breakout, valuation compression, and the rise of agentic AI in healthcare
Built from real pipeline data. 576 applications submitted directly to Intelligence Ventures between Feb 2023 and Feb 2026. 670 pitch decks processed programmatically — 9,942 pages of content. Plus 334 substantive LinkedIn comments analyzed for thematic insights. Not scraped. Not estimated. Actual early-stage deal flow.