Hippocratic AI
ConvictionContext
B2B usage-based: the publicly-reported unit is ~$9 per agent-hour of active agent time (since de-emphasised, with the '$9 vs a ~$40/hr RN' comparison it invited), plus a platform share of third-party agent revenue via the AI Agent App Store. Runs on the proprietary Polaris 'constellation' safety architecture, scoped as non-diagnostic support, not devices. No reimbursement code pays for an agent's call.
Revenue
Not disclosednot verifiable anywhere. Scale instead: 50+ health-system, payer and pharma clients in 6 countries, 1,000+ clinical use cases; 115M+ claimed interactions (Nov 2025), 180M+ by 16 Apr 2026.Rev growth
Not disclosed. Volume proxy only: claimed interactions 115M+ → 180M+~+57% in five and a half months — company-reported activity, unaudited.Gross margin
Not disclosed. Below classic SaaS: COGS is speech inference metered per agent-minute of live conversation plus 7,500+ clinicians on standbyagainst a per-hour price.Op margin
Not disclosedpresumed deeply negative — the Series C explicitly funds M&A, product and international expansion.Capex intensity
Low — asset-lightcompute as cloud opex, no owned data centre. The unusual line is human (the clinician network) and does not scale down with volume.Valuation
n/a — private. Last-round post-money mark ~$3.5B on the $126M Series C led by Avenir Growth2025-11-03 (canon CM-COH-07). $126M primary on a $3.5B post is ~3.6% dilution — negotiated, not a clearing price, and ~9 months old. Prior mark $1.64B, 9 Jan 2025.The read
Where our coverage leans
Coverage leans bearish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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