Top 20 healthcare funding rounds of 2025

As the end of the year rolls around, Healthcare Brew has compiled a list of the largest capital raises of 2025—just for the fund of it.

Silicon Valley Bank reported midyear that venture capital funding in healthcare had a “steep drop” in 2025 compared to 2024, with projections showing $9 billion expected in investment overall this year compared to $23 billion last year. But by Q3, market analysis firm PitchBook reported the year had bounced back some, hitting $12.2 billion compared to $12.1 in 2024. Jury’s still out on final numbers, as the year isn’t over yet.

We worked with venture fund and advisory firm Rock Health and reviewed public notices to create a list of the 20 largest US funding rounds of the year as of Nov. 30.

Here’s Rock Health’s list of top 20 fundraising rounds from 2025.

1. Wearable ring company Oura announced a $900 million Series E fundraise.
2. Kidney care company Strive Health said it had raised $550 million in a Series D.
3. Health tech and benefit administrator Judi Health (previously Capital Rx) announced a $400 million Series F.
4. Health data company Truveta raised $320 million after selling some of its assets.
5. AI scribe Abridge posted a $300 million Series E announcement.
6. Lab testing company Function Health announced a $298 million Series B.
7. Health tech Innovaccer said it had raised $275 million in Series F funds.
8. Abridge also had a $250 million Series D.
9. AI scribe Ambience Healthcare announced a $243 million Series C.
10. Diagnostics tool OpenEvidence announced a $210 million Series B.
11. Ambient AI company Commure raised $200 million in growth financing.
12. OpenEvidence also raised $200 million in a Series C.
13. Alzheimer’s treatment company Cognito Therapeutics announced it had raised $196 million in an initial filing.
14. Health tech platform Aidoc announced a $150 million fundraise.
15. Care management company Hippocratic AI had a $141 million Series B.
16. AI platform DUOS announced it received $130 million in a “strategic growth investment.”
17. Hippocratic AI also reported a $126 million Series C.
18. Digital health platform Persivia said it had raised $107 million.
19. Care automation software company Qventus (previously analyticsMD) announced a $105 million Series D.
20. Labor workflow company Tennr said it had raised $101 million in a Series C.

Michael Abrams, managing partner at consultancy Numerof & Associates, told us via email that major investments of 2025 “preview investor priorities for 2026,” including areas of interest like obesity, cardiometabolic, and cancer drugs.

“Beyond the therapeutic areas, platform narratives are winning over single-asset stories. Investors are drawn to companies that offer ‘multiple shots on goal’ or that are AI-enabled and can move faster, cheaper, and smarter than classical discovery,” he said.