Alice Funding, Investors & Competitors

Cityblock Health is a New York value-based healthcare provider for Medicaid, dual-eligible and lower-income Medicare members, founded in 2017 by Toyin Ajayi, Iyah Romm and Bay Gross as a spin-out of Alphabet's Sidewalk Labs. It delivers primary care, behavioral health, urgent care and social support through community health workers, clinicians and its Commons care-coordination platform, and is paid by health plans on risk contracts. It serves almost 200,000 members across several states and states annualized revenue of $2.2 billion, up 77 percent year over year. Backers include General Catalyst, Kinnevik, Tiger Global, SoftBank, Maverick, Redpoint and Thrive Capital. A $400 million round in September 2021 was reported at a $5.7 billion valuation, and in August 2026 it raised a $116 million Series E and agreed to acquire the rural Medicare Advantage provider Homeward Health in an all-stock deal.

Bethesda-headquartered Aledade is a healthcare technology company that enables independent primary care practices to form and operate Accountable Care Organizations. The platform delivers practice transformation tools, revenue cycle management, and analytics to improve patient outcomes and reduce costs. Aledade supports over 1,300 physicians across 15 states, achieving Medicare savings exceeding $1 billion since 2014. The company offers upfront capital and ongoing coaching to physician partners in rural and urban areas.

Clover Health Investments Corp is a healthcare technology company. It focuses on empowering Medicare physicians to proactively manage chronic diseases through its proprietary software platform, Clover Assistant. This cloud-based solution provides personalized insights to physicians, enabling early detection and management of chronic conditions. It operates in one segment: Insurance, through which it offers PPO and HMO plans to Medicare Advantage members in several states.

Somatus is a McLean-headquartered value-based care provider for kidney disease patients. It integrates clinical services, technology, and nephrology partnerships with health plans to promote home dialysis and transplants. Founded in 2017, the company serves over 100,000 patients through 100 clinics nationwide.

Strive Health is a value-based kidney care provider partnering with payers and clinics to manage chronic kidney disease patients from early stages through dialysis. Its technology-enabled model coordinates care across primary providers and specialists, operating in multiple U.S. states with backing from investors like New Enterprise Associates.

MediTrust Health is a Shanghai-based healthcare platform that connects pharmaceutical companies, insurers, hospitals, and patients across China. Launched in 2015, it distributes diverse health insurance products alongside medical benefits and services like telemedicine and drug delivery. MediTrust integrates high-quality resources to offer families economical, personalized healthcare protection and hospital access. The platform forms a closed-loop ecosystem among payers, suppliers, and end-users, with operations spanning major Chinese cities and partnerships with leading insurers.

UpStream Care is a Denver-based company supplying primary care physicians with technology and operational support. Its platform integrates with EMR systems like Epic and Cerner to automate care coordination, prior authorizations, and patient follow-up workflows. The service covers value-based care contracts with Medicare Advantage plans in Colorado.

CCC Intelligent Solutions Holdings Inc is a provider of cloud, mobile, AI, telematics, hyperscale technologies, and applications for the property and casualty insurance economy. The company's SaaS platform connects trading partners, facilitates commerce, and supports mission-critical, AI-enabled digital workflows. It operates in a single segment being Domestic segment, which provides SAAS platform for the P&C insurance economy and derives revenues from providing customers with software subscriptions to the platform in addition to providing professional services and non-software services. The company has its presence in the United States and China. The majority of the revenue is generated from the United States.

Vitec Software Group AB is a software company in Vertical Market Software in the Nordic region. The company provides software for the pharmacy market, automotive and machine industry, banks and insurance companies, healthcare companies, real estate agents, and the education sector. Its segments comprise Auto, Energy, Real Estate, Finance and insurance, Environment, Estate Agents, and Education and health.

Cambridge Mobile Telematics is an MIT spinout founded in 2010 that develops the DriveWell mobile telematics platform. Using mobile sensing, AI, and behavioral analytics, the platform measures driving performance to support insurance pricing, safety incentives, and automated claims processing. It serves insurers, fleets, and wireless carriers, including State Farm, Liberty Mutual, and Discovery, across more than 20 countries, reaching a global customer base of several million users.

Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx derives roughly 35% of its revenue from outside the United States.

Veeva is the global leading supplier of cloud-based software solutions for the life sciences industry. The company’s best-of-breed offerings address operating and regulatory requirements for customers ranging from small, emerging biotechnology companies to departments of global pharmaceutical manufacturers. The company leverages its domain expertise to improve the efficiency and compliance of the underserved life sciences industry, displacing large, highly customized and dated enterprise resource planning systems that have limited flexibility. Its two main products are Veeva CRM, a customer relationship management platform for companies with a salesforce, and Veeva Vault, a content management platform that tackles various functions within any life sciences company.

Roper Technologies is a holding company focused on acquiring, managing, and developing niche market-leading technology businesses. The company operates a decentralized business model whereby each portfolio company operates independently from the others. Roper positions itself as a free cash flow compounder, whereby excess free cash flow generated by its portfolio businesses is repatriated to the parent company, which is then utilized to acquire additional businesses. Presently, the company operates 30 distinct businesses with over three-fourths of the revenue coming from software products and over two-thirds of revenue coming from recurring and reoccurring sources.

Iqvia is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider. The research and development segment focuses primarily on providing outsourced late-stage clinical trials for pharmaceutical, device, and diagnostic firms. The technology and analytics segment provides aggregated information and technology services to clients in the healthcare industry, including pharmaceutical companies, providers, payers, and policymakers, as well as data and analytics capabilities for clinical trials, including virtual trials. The company also has a small contract sales business.

GE HealthCare Technologies is a leading medical technology firm with leading market share in imaging and ultrasound equipment. The company reports four major segments: imaging (45% of revenue), advanced visualization solutions (26%), patient care solutions (15%), and pharmaceutical diagnostics (14%). The company’s sales are geographically diverse, with the United States, EMEA, China, and the rest of the world accounting for 46%, 26%, 11%, and 17% respectively. We estimate approximately half of its revenue is recurring, which consists of servicing (about one third of revenue), pharmaceutical diagnostics (about 10%-15%), and digital solutions (just over 5%).

Icon is a global contract research organization that provides outsourced clinical development services to pharmaceutical and biotechnology firms. Icon supports clients across late-stage clinical trials through the regulatory approval process and postmarket studies. Icon’s services include clinical trial management, patient recruitment, data analytics, laboratory services, and regulatory consulting. With more than 40,000 employees operating in over 50 countries, the company partners with life sciences firms to run clinical trials and bring new drugs to market.

Pro Medicus is a healthcare IT company specializing in radiology imaging software. Its main product, Visage 7, is a clinical desktop application that radiologists use to view, enhance, and manipulate images from any device and make a diagnosis. Its main customers are US private academic hospitals. In fiscal 2026, Pro Medicus earned 90% of revenue in North America, 7% from Australia, and the remaining 3% in Europe.

Shanghai United Imaging Healthcare Co Ltd provides customers with high-performance medical imaging equipment, radiotherapy products, life science instruments, and medical digitalization and intelligent solutions. The company’s products include MRI systems, CT scanners, X-ray imaging equipment, molecular imaging systems, radiotherapy linear accelerators, and life science instruments.