John Beadle

How do we monetize that, whether through enterprise subscriptions or whether through going to pharma and selling ads?

There's lots of new levers to do that.

I think that whenever you go and build one of these companies, you should assume that you're going to need to take it public and that there's not going to be a strategic acquirer that's going to buy something for over a billion dollars.

We just haven't seen a lot of those exits in digital health yet.

There's not very many acquirers in the same way there are in traditional technology that are willing to buy things in a billion plus dollar range.

And so I think there's going to be a lot of strategic exits in the couple hundred million to three to 500 million.

I think there's a lot of appetite among hyperscalers, large software players, sponsor backed software companies, whether those are publicly traded or still private.

And then once you start talking very large exits, I think you need to assume that you need to IPO.

And I think we'll see a couple more in 2026 that will give us a lot more insight into how the public markets are going to treat this generation of digital health companies relative to the last generation.

I think you will be busy.

I mean, a lot I think is up in the air still as it relates to, you know, what the IPO market is going to look like generally.

And companies are staying public longer or staying private longer than they ever have before, which I think is probably going to continue.

I don't think so either.

And there's a lot more maturity as well as it relates to the secondary market and other ways to be able to get liquidity both for entrepreneurs and for early investors in these companies.

And there's so much capital that I think is chasing post-product market fit AI native companies that founders have a lot more options than I think they've ever had before as it relates to how and when they want to exit.

And in many cases, I mean, you're seeing now there's Series Es and Series Fs and Gs, et cetera, which were unheard of a decade ago.

I just don't see that trend changing anytime soon.

So we've run a lot of analysis on digital health, I think, is in health care.

I think are very different than a lot of other industries where, you know, if you look at the classic YC founder that I think, you know, Silicon Valley VC firms like to back.

It's the computer science dropout from Stanford who has done AI research and has worked at Anthropic or OpenAI, et cetera.