Tom Lazay

One of my proudest moments as an investor occurred today as Alaffia Health announced its series A because it shows how the Aperture® Venture Capital vision of multi-level, multi-generational #impactinvesting is succeeding in the marketplace. Here’s the model in its most basic form : ✅As diverse fund managers with meaningful capital to allocate, we are changing the VC landscape every day just by doing our day jobs. ✅As Black/Brown investors with ~40 years experience collectively, Aperture GPs have access to talent /excellence that others do not, so our portfolio *organically* is more inclusive by race, gender and geography even while optimizing for financial outcomes (all about the alpha). ✅Our most successful portco’s are using financial #innovation to solve market problems that impact underrepresented demographics and underserved communities. Alaffia Health is a shining example of the impact portion of our overall fund thesis, and we couldn’t be prouder of TJ Ademiluyi and Adun Akanni, MPH, PMP - the dynamic brother-sister founder duo whose vision we have steadfastly supported on their journey. Congratulations to TJ and Adun from William Crowder and myself, as well as the whole Aperture team- Marjorie King Philip McKenzie Yves Louis-Jacques Tanvi Lal Michelle Dhansinghani Lisha Bell Katie Kelly Amy Chung Cindy Chong, CFA Brian Fernandes-Halloran Monroe France Jayden Pantel Darren Herman Evan Wladis Neal Triplett Thomas Scriven Peter Ammon Irina Bit-Babik Tim Milanich Rob Rahbari

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🌟 Boston’s Trailblazing Health Tech Startups! 🌟 I thought it would be nice to give a little shout out to some of the health tech startups in Boston putting in work. PathAI – Leveraging artificial intelligence to enhance the accuracy of pathology diagnoses, PathAI is paving the way for more precise and efficient disease detection. Akili Interactive – Bridging healthcare and digital therapeutics, Akili is developing video game-based treatments for cognitive disorders, bringing a unique approach to mental health and wellness. Biofourmis – This predictive health analytics leader offers remote patient monitoring solutions, allowing healthcare providers to offer personalized care and anticipate patient needs. Ginkgo Bioworks, Inc. – Specializing in synthetic biology, Ginkgo Bioworks is transforming drug development and diagnostics by creating custom organisms, fueling innovations in biotechnology Omada Health – A pioneer in virtual care, Omada Health provides digital health solutions to manage chronic conditions like diabetes, hypertension, and mental health, bringing healthcare directly to patients. Buoy Health – Powered by AI, Buoy Health offers personalized health guidance and telehealth support, helping users make informed decisions about their health from home. Eqrx R – Focused on affordable drug development, EQRx is working to make essential medicines accessible, addressing one of healthcare’s biggest challenges—affordability. #BostonHealthTech #InnovationEcosystem #DigitalHealth #HealthcareInnovation #Startups

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Exciting news from Monica Chopra, Jeffrey De Flavio, MD, Samantha Adelberg, and the rest of the Auxa Health team as they officially announce their $5.2M Seed round. The team's deep industry expertise and drive for change have led them to solve critical infrastructural friction to providing quality healthcare and adoption of value-based care. Auxa's AI benefit navigation platform is simplifying the complexities of healthcare by streamlining all of the fragmented and siloed data and information to make it actionable in real-time for healthcare organizations. For the 70% of Americans who aren't getting access to the health and social care benefits they deserve, Auxa's solution will be pivotal in enabling equitable care. We're thrilled to partner with co-investors Zeal Capital Partners, AlleyCorp, Laconia, and Chaac Ventures on this journey and look to share many more milestones ahead. Cc K50 Ventures, Ryan Bloomer, Daniel Vásquez, Nick Talwar, Stefanie Ng https://lnkd.in/dPDY7-Db

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The healthcare landscape is rapidly evolving, driven by advancements in technology and a deeper understanding of patient care. I had the pleasure of speaking with Ambar Bhattacharyya, Co-Managing Partner at Maverick Ventures, on the latest episode of The Full Ratchet. Ambar has partnered with numerous billion-dollar companies like hims & hers, Cityblock Health, Devoted Health, and ConcertAI. His unique journey from rural America to becoming a prominent figure in venture capital offers invaluable insights into the future of healthcare and technology. We discuss his investment strategy at Maverick Ventures, the megatrends shaping healthcare, the impact of AI on the industry, and the importance of integrated care. Ambar also shares his thoughts on the challenges and opportunities in healthcare investment, offering a comprehensive view of what lies ahead. Check out TFR Episode 438 to catch our conversation. You'll be glad you listened. Link to the full episode is in the comment section below.

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Some VC investors believe that brick and mortar - referring to a physical presence of some kind - should be avoided at all costs. Yet, the track record of clinic and hybrid care businesses in health care indicates otherwise. ==> One Medical (sold for $3.9 billion to Amazon), Oak Street (bought by CVS for $10.6 billion), Lifestance (IPO at $7.5 billion market cap), and PE-backed Premise Health (acquired by OMERS Private Equity for $1.1 billion) If a clinic is indicated as the optimal way to deliver care for that patient population, there are creative ways to build and operate them. Full article below with advice and strategies on how to build and operate hybrid clinics from my teammate Anarghya Vardhana from Maveron, Amir Dan Rubin from OneMedical Group, Steven Eidelman from Modern Animal and more!

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Revolutionizing Health Care Delivery With Artificial Intelligence

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Of note: Your health records are coming to new apps This in an interesting change, and a somewhat Epic change. All puns intended. If you don’t know, the leading medical record storage solution in the US is operated by Epic. A rather critical problem is that if you walk (well drive) between two hospital in the US, the medical records tend not to follow you, unless you carry a large Manila envelope. Having Epic (and others) via TEFCA allow export of records arguably allows you to only carry your phone, which is a very siginificant change. This also (arguably) opens up a huge new innovation sector. Epic is one of the organizations that has been helping the US federal government establish the Trusted Exchange Framework and Common Agreement, or TEFCA. The goal being to iron out both the legal and technical requirements for sharing patients' data at scale. Health-care data in the U.S. has historically been siloed and difficult to move around. Clinics, hospitals and health systems can store their information in a variety of formats across dozens of different vendors, and there hasn't been a trusted nationwide mechanism in place for transporting it securely. This means if a patient moves to a different state or visits a new hospital, their medical records tend not follow. PS. If you want appreciate how profitable the US medical sector is, Epic HQ has a restantant designed to look like Kings Cross from the Harry Potter movies. https://lnkd.in/g8NaWza8

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Awesome report from Rock Health (in the comments) about H124 digital health funding. 📈 Despite broader economic challenges, the digital health sector, including mental health, has shown resilience, raising $5.7B across 266 deals. There is a strong Series A pipeline, tapering off of unlabeled funding rounds and 3 public exits in Q2 2024 indicating a revival in the exit market and a return to more sustainable funding patterns​. Key insights about the mental health market: 🧠 Mental health continues to be the leading clinical indication in digital health funding, securing $682 million in H1 2024. This consistent top ranking highlights the ongoing investor interest and the market's recognition of the critical need for mental health solutions. 🤖 The focus on mental health is driven by a combination of increased awareness, the rising demand for accessible mental health services, and the integration of tech solutions...🙄 In fact, AI has become a significant factor in digital health investments, with 34% of the total sector funding going to AI-startups. This trend is also reflected in mental health, where AI is being utilised to enhance diagnosis, personalise treatment plans, and provide scalable, efficient care solutions. Let's go!

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Imagine swallowing the competition whole. That's what many players in tech do via roll-up strategies, gobbling up smaller firms to deliver richer solutions and amass greater market share. Where else are roll-up strategies common? // HEALTHCARE Picture being a patient at a medical practice that’s been part of a roll-up in Healthcare Services. It's an industry ripe for roll-ups due to its fragmented nature and potential for greater efficiency. // CONSUMER SERVICES Or let's say you needed your HVAC serviced, and notice your local repairman is now part of a bigger Consumer Services entity? Centralized management and scale economy turn these localized businesses into roll-up targets. // FINANCIAL SERVICES Think about your insurance agent or wealth management advisor. They're working in complex, highly regulated environments. In the Financial Services sector, roll-ups offer an effective way to consolidate expertise, streamline operations, and enhance customer offerings. // MANUFACTURING Now, imagine driving past factories under a new name — the result of Manufacturing and Industrial Services roll-ups. Bulk purchasing reduces costs, enhances production capabilities, and expands geographical footprints. // REAL ESTATE Lastly, envision your real estate brokerage firm. The industry sees roll-ups as a strategic move to increase market penetration, enhance service offerings, and hike up portfolio value. Roll-ups play a huge role in most industries, rather like a snowball rolling downhill, gaining momentum, and size. Are you seeing roll-ups in your sector or considering M&A?

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In our latest publication in Health, Management, Policy, and Innovation – "Why AI Is Good for Our Health but May Hurt Our Wallets," we examine how current regulatory frameworks, reimbursement structures, and business models for AI in healthcare are decoupled, creating an environment in which AI may significantly increase costs without necessarily improving outcomes. We recommend three interconnected reforms to unlock the full potential of healthcare AI: (1) Rigorous pre- and post-deployment evaluation to verify proposed clinical value, (2) Development of assessment standards through shared guidelines, and (3) Strategic alignment of AI deployment modalities with sustainable business models – "modality-business model-market" fit 👉 https://lnkd.in/d8NiczyM Sneha Shah Jain, MD, MBA, Clinical Professor and Kevin Schulman Professor of Medicine at Stanford University, Nigam Shah, Chief Data Scientist, Michael Pfeffer, Chief Information and Digital Officer, and Linda Hoff Chief Financial Officer at Stanford Health Care

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Open-source models can be a strong lever for increasing gross margins at AI companies, especially those that have hefty cost structures (e.g., enterprise sales orgs that require significant customer success or implementation resources, as well forward-deployed AI services models common in healthcare and life sciences). One of many reasons to maintain a modular and flexible stack with minimal dependencies when building an AI company. More on the importance of flexibility in the AI stack: https://lnkd.in/eA2XATRk h/t Delip Rao #ai #artificialintelligence #generativeai #healthcare

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Happy to jump back into another episode of the Innovation Wave podcast. On this episode, Bob McGriff and I discuss the current state of the life sciences ecosystem through the halfway point of 2024. We offer thoughts and analysis of what to expect for the remainder of the year. It's still a case of survive to '25'. #LifeSciences #Innovation #Healthcare #VentureCapital

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Platforms are in, point solutions are out as the healthcare AI category leaders come into focus this year. In conversation with Shelby Livingston at Endpoints News, I shared: 1. Why AI-first companies have the greatest platform potential and heuristics for identifying these opportunities at the earliest stages, 2. How companies are differentiating through co-development and distribution partnerships with leading healthcare institutions, and 3. Strategies for navigating anemic budgets and constrained market sizes through business model innovation such as AI-enabled services and pay for performance models Read more here: https://lnkd.in/dJWqv_zC Bessemer Venture Partners Abridge #healthcare #lifesciences #AI #generativeAI

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Are digital health startups in a quiet struggle? They raised $5.7 billion in the first half of 2024, signaling a potential rebound. With AI driving investments, this year's totals might surpass last year's and challenge 2019's $8.2 billion record. This funding is crucial for driving healthcare innovations. Yet, startups struggle to deliver returns, with acquisitions dropping from 278 in 2021 to just 66 this year. Many startups face hurdles in gaining the momentum needed for liquid dollars, IPOs, and acquisitions. The healthcare market is difficult to crack, and there’s often a mismatch in valuations. One challenge on the customer end for virtual-care companies: consumers often can switch easily from one to the next (Charlotte Ross) Also - "AI-enabled" is constantly being pitched, and often missing a competitive advantage, like a proprietary data set. Everyone is calling themselves AI-first, and the traditional VC playbook doesn't apply to AI (most large incumbents have an AI strategy). Thoughts? #DigitalHealth #VentureCapital #AI https://lnkd.in/eHbhJNwF

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M13 is thrilled to lead the Series A in RadiantGraph which is focused on personalization in healthcare. As we continue to invest in early stage companies it is abundantly clear that the biggest indicator of success is the founder and his or her ability to execute on their vision of the future. In this case, I don't think I have seen much better founder-market fit than we have with founder and CEO Anmol Madan. We believe in his vision: in order to have the best patient outcomes in healthcare we need increased personalization and AI is the breakthrough to get us there. Anmol started one of the pioneering digital health companies Ginger and then was Chief Data Scientist at Livongo and Teledoc. He has done it all: early stage, late stage, public company. And he deeply understands the nuances of the healthcare market from all angles which is critical for success. While there are many players building healthcare-specific AI capabilities, RadiantGraph is focused on outcomes: The platform is already processing personalization models for more than 3.5 million people, despite launching just last year. Excited to partner with my friend Adam D'Augelli and the great True Ventures again and Morgan Blumberg who has been deep in the healthcare market with me for many years. More on our thesis in the blog below. https://lnkd.in/evDDmC3W

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This week Mikal Ventures brings you a 4-week breakdown of the US capital market with an emphasis on the Mikal verticals. Over the 4-week period ending June 10, just over 590 new companies were added, resulting in 95,661 companies included in the US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. AI Tech maintained its most active status, seeing the greatest percentage of growth in both new companies and transactions. The US Fin Tech vertical led the way in SEC Filings and news articles.  Mikal Ventures publishes these stats to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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In 2023, only 13.2% of all startup founders were women. Startups with all-women founders raised less than 2% of all venture capital funding. Only 15% of unicorns that went public in 2021 had at least one female founder. April Koh is one of the rare founders who has made it through the gauntlet to get to this point. While companies are struggling to raise more capital in this environment because the hurdles are higher, imagine how much harder it is for a woman founder. It is a triumph and credit to how she has built Spring Health into a $3.3 billion valuation. We are all pulling for you April, because the more Spring Health's there are in the world, the more likely we are to see women unicorn founders in the future.

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🚀 Healthcare investing: Not for the faint of heart, but for the visionaries who dare to change the world! 💡 Why it's unique: 🔄 Pivoting isn't just costly—it's potentially catastrophic 📊 Metrics as complex and sub-sector specific 🌐 A delicate ecosystem of stakeholders tugging in different directions 😃 But get it right, and you might just revolutionize healthcare while reaping substantial returns. 💰🏥

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The (Healthcare) Ground Beneath Our Feet… This year it is likely that over $10 billion will be invested in the digital health sector – a robust amount, no doubt, but inconsequential when compared to the amount of capital tied up in healthcare real estate assets, which is estimated to be $1.2 trillion by Jones Lang Lasalle. Of that amount, approximately $790 billion is in the hospital sector while the remaining $490 billion is in medical office assets. It is estimated that there are 48.6k facilities with 3.4 billion square feet of healthcare real estate, 42% of which are owned by REITs and another 33% held by other private investment vehicles. Much of the digital health investment is meant to make the physical healthcare infrastructure more productive: greater operating efficiencies, greater patient throughput, more relevant personalized care models with better outcomes. As the healthcare system is being pushed to be more distributed to lower cost sites of care, accelerated now by the rapid proliferation of automation and AI capabilities, the potential impact on healthcare infrastructure assets will be profound. Thoughts on what that might look like... https://lnkd.in/eTfAdUbS #digitalhealth Flare Capital Partners

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