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Experienced health-tech CEO: “I have no interest in being a unicorn”

In Silicon Valley, health-technology is one of the hottest opportunities for venture capitalists. The only problem? The health industry is slow, complex, and mired in regulation. 

Rick Bates has worked in the health care industry for more than a decade. He’s starting to court investors for his Ohio-based startup, SingleCare. Bates tells me he’s not speaking with tourist tech VCs, who have a tendency to inflate valuations and push for hyper-growth. “I have no interest in being a unicorn,” he says. “We want to be sustainable in the long-term.” 

Bates isn’t the only one to speak out about tech VCs flocking into health care. “We saw the hype go up,” Tom Rodgers, managing director at McKesson Ventures and a long-time investor in health care, told me recently. “But what comes up must come down.”

CF