healthcare.digital January 23, 2026
Health AI has moved from hype to execution, with a new cohort of AI native businesses scaling faster, with better unit economics and attracting both IPO and private-market capital; Bessemer’s thesis is that this “Health Tech 2.0” wave is real, not another ZIRP-style bubble.
1. Health Tech 2.0 vs 1.0
Health Tech 1.0 IPOs (Telehealth, virtual care, broad “digital health”) rode COVID/ZIRP tailwinds with weak unit economics and subsequently destroyed public-market trust, closing the IPO window through 2023.
Health Tech 2.0 IPOs (Waystar, Tempus, Hinge, Omada, Caris, HeartFlow) came public 2024–25 with profitable or near-profitable models, strong net retention and clear ROI and now represent ~30% of the $121 Billion BVP Health Tech Index market cap.
2. Public market comeback,...
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