Analysis
Three health-tech AI rounds landed within roughly 24 hours of each other in late September, and added together they total more than $655 million -- a useful marker of how much capital is flowing into applied health AI specifically, as distinct from the foundation-model labs that usually dominate the funding headlines.
- [OpenEvidence](/pulse/company/openevidence) -- $250M round led by hospital systems and Andreessen Horowitz: a medical-search platform now ambitious enough to reach a reported $15B valuation. Refresh Miami.
- [Precision Neuroscience](/pulse/precision-neuroscience-250m-series-d-bci-2026) -- $250M Series D backed by Bill Ackman's Pershing Square: builds a surface-level brain-computer interface, positioned as a less invasive alternative to Neuralink's implanted electrodes.
- [Rightway](/pulse/rightway-155m-series-e-1-75b-valuation-2026) -- $155M Series E at a $1.75B valuation reported by Bloomberg: a pharmacy-benefit and care-navigation platform challenging incumbents like CVS Caremark and Cigna's Express Scripts.
“Refresh Miami.”
What ties the three together isn't sub-sector -- diagnostics search, brain implants, and PBM software have almost nothing in common technically -- it's that each is an applied AI product with existing revenue and a defined customer base, not a new foundation model chasing compute. That's a distinct pattern from the mega-rounds going to infrastructure players like Nscale or Anthropic: the health-AI capital this week is buying commercialization, not training runs.