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HEALTH TECHNOLOGY MUSINGS

we erratically and irregularly write about our work and about our companies
~ find more at medium.com/ninacapital ~

Part 3: Who buys healthtech in 2027

Marta G. Zanchi

Aug 10, 2026

The initial two parts of this series demonstrated that the exit window for healthtech is open, and that it opens differently for each subsector....

Part 2: Where the exits will come from

Marta G. Zanchi

Aug 6, 2026

The macro case for a 2027–2028 healthtech exit window, which includes compounding deal velocity, rising median valuations, and a financing cohort maturing on schedule, is only half the story....

Part 1: The healthtech exit window is opening

Marta G. Zanchi

Aug 2, 2026

Between 1995 and 2001, approximately two thousand technology companies went public in the United States. A handful became market-defining franchises....

The administrative AI reckoning

Marta G. Zanchi

Jul 21, 2026

The Centers for Medicare and Medicaid Services is often depicted as a cumbersome payment mechanism — a slow, bureaucratic behemoth that reacts to market trends years after they emerge....

The AI Cost Paradox

Marta G. Zanchi

Jul 6, 2026

Once again, we are faced with macroeconomic figures that should alarm every employer and policymaker in the country....

The Administrative Algorithm

Marta G. Zanchi

Jun 15, 2026

The dominant narrative surrounding artificial intelligence in healthcare has been clinical. We read about algorithms that match radiologists’ sensitivity in interpreting mammograms, models that predict sepsis six...

The PBM Unbundling

Marta G. Zanchi

May 20, 2026

The pharmacy benefit manager (PBM) has long been healthcare’s most profitable middleman. For decades, the “Big Three” — OptumRx, Express Scripts, and CVS Caremark — have generated high profit margins...

the Great Unbundling of Healthcare Data

Kristaps Zilgalvis

May 2, 2026

We often remind our founders that friction between entrenched incumbents has always been the greatest generator of new, defensible business models. Consider the financial markets: for thirty years, the most powerful...

What is TechBio?

Alex Plans

Feb 28, 2026

There’s a certain class of investors and entrepreneurs who love coining buzzwords, leaving the rest of us to figure out exactly what they mean. On a Tuesday afternoon in the Nina Capital office, we found ourselves debating...

from the Library to the Boxing Club: lessons on Leadership

Marta G. Zanchi

Feb 12, 2026

If you have had more than a few conversations with me, then you probably know one thing: I take my boxing practice very seriously. Although I have only been able to train consistently for the last six years or so...

The GenAI Misallocation: Why Healthcare’s Budget Is Solving The Wrong Problems

Fiorela Kapllanaj

Dec 15, 2025

While the broader market bets big on GenAI for sales and marketing, healthcare leaders following this trend are solving the wrong problems. According to the MIT Nanda State of AI in Business...

The Deployment Era: “Predictions” for 2026

Marta G. Zanchi

Dec 8, 2025

Once again, it’s that time of year when society collectively decides that venture capitalists — noted globally for our paralyzing humility — should act as oracles. It’s a charming tradition...

Can a Robot Do My Job?

Marta G. Zanchi

Dec 1, 2025

I recently had the opportunity to speak at an event hosted by Women Advancing AI in Finance, a community founded by the former Head of Investment Solutions at New York-based Rockefeller Capital Management. This forum...

from general hype to VERTICAL VALUE: takeaways from AI Dev 25 x NYC

Marta G. Zanchi

Nov 20, 2025

Attending the AI Dev 25 x NYC conference, organized by DeepLearning.AI and hosted by Andrew Ng, felt like witnessing the end of one era and the cautious, deliberate beginning of another. The event, refreshingly, cut through...

The $250 Billion Opportunity: why PHARMA OPS Is Finally moving beyond steel and glass

Kyle Sherrill

Nov 17, 2025

Pharmaceutical Operations, known as Pharma Ops, encompasses the essential activities occurring after drug discovery and preceding commercial sales. This includes manufacturing, managing supply chains, overseeing vendor...

The Phage Frontier: unlocking new possibilities in the AMR crisis

Alex Plans

Oct 27, 2025

Antimicrobial Resistance (AMR) is a critical global crisis, making once-routine medical procedures, like chemotherapy or hip replacements, difficult to perform safely. AMR occurs when pathogens like bacteria, viruses, fungi, and parasites...

“hi, I’m a VC and I add VALUE.”

Sebastian Anastassiou

Jun 25, 2025

If you’re a founder, chances are you’ve heard these phrases — perhaps too many times. As venture capitalists, we love to claim that we bring more to the table than capital. We highlight our networks, operational experience...

nina capital INTERN ALUMNI: our growing, global network of healthtech talent

Marta G. Zanchi

May 25, 2025

May marks the season of graduation. As universities around the world prepare to send off their students into the world, we at Nina Capital pause to celebrate a group of individuals who have already made their mark on ours: our interns...

agents of change: the role of AGENTIC AI in modern healthcare

Joan Miquel Marcos

May 12, 2025

Lately at Nina, we’ve reviewed numerous companies using Agentic AI to streamline workflows within the healthcare ecosystem. We thought it was time to leverage our deep dive into this domain of health tech to share our learnings...

the INTEROPERABILITY imperative

Fiorela Kapllanaj

Dec 7, 2024

In today’s healthcare landscape, interoperability has emerged as a critical yet challenging priority. While legislative advancements have sought to address barriers to healthcare data exchange, achieving true interoperability...

crafting the future of healthcare with LLMs

Nadin Youssef

Dec 2, 2024

Artificial intelligence's rapid development is transforming several industries, but perhaps none more profoundly than healthcare. In healthcare, Large Language Models (LLMs) have emerged as a potentially revolutionary tool...

the need to REWRITE PRIMARY CARE

Kyle Sherrill

Nov 26, 2024

Direct primary care (DPC) is a simple idea. Pay a fixed monthly fee and receive unlimited primary care service from a doctor in your area. No catches — no hidden fees or adjustable premiums to worry about. It’s that easy...

the NEED for remote monitoring Maternal Health

Aleksandra Manolceva

Aug 30, 2024

Between 2000 and 2020, maternal mortality globally declined by 34%. However, trends in the US do not correlate with global standards, which raises the question of why. We recently published...

navigating the DIGITAL HEALTH and E-COMMERCE convergence

Paolo Canepanero

Jan 14, 2024

Welcome to the digital health revolution era, where healthcare collides with numerous other realms — including e-commerce, to redefine our approach to medical care. Gone are the days when healthcare was confined...

one of our best investments: EXERCISE to improve health

Nina Capital team

Nov 27, 2023

A few weeks ago, Nadin, our newest team member, pointed this team habit out to me — and, in doing so, inspired all of us to write this article. It turned out to be not only a celebration of our deeply shared belief that investing in exercise is good...

the global race to REGULATE AI

Nadin Youssef

Nov 18, 2023

Recently, the rapid and widespread adoption of artificial intelligence (AI) tools has caused a significant surge in policy discussions surrounding their use. Governments are recognizing the potential risks caused by AI...

rating healthcare: what entrepreneurs need to know about HOSPITAL STAR RATINGS.

Austin Sawyer

Oct 13, 2023

Since 2016, the hospital Star Ratings have become essential to understanding care quality in the United States. This ranking system assigns ratings to hospitals based on their performance in various quality...

the need to include SEX considerations in cancer care

Lulu Patterson

Aug 23, 2023

The idea that certain diseases do not affect one or the other sex is a problematic misconception that creates a barrier to providing quality care. When breast cancer is passed off as a “women’s cancer,” male patients experience...

reporting on FEMALE PARTICIPATION in founding teams

Alexia Bernhardt, Adriana Costafreda, & Marta Gaia Zanchi

Jul 28, 2023

We at nina capital have always advocated for gender diversity in the broader venture ecosystem. Organizations that have diversity make better decisions, period. As a (venture capital) team who invests in...

the need to improve PRENATAL care

Adriana Costafreda

Jul 5, 2023

Meeting their baby for the first time is something parents never forget. While we all wish for the path to this life-transforming event to be smooth and predictable, unfortunately, many parents spend their waiting month anxious about...

the need for innovation in ELDERLY CARE

Adrien Ezerzer, Marc Subirats

Jun 23, 2023

Not just retirement norms are being tested nowadays — while European societies from the Nordics to Southern European are debating how to adapt to retirement ages, medical needs are significantly increasing, and...

raising a round? tips and questions to accelerate the quest...

Austin Sawyer

May 22, 2023

Whether you are a first-time founder or a seasoned serial entrepreneur in health tech, one ingredient for success in raising a financing round is to ask VCs the right questions to properly strategize your raise...

one MED STUDENT flew over the venture capital’s nest

Federico Aureli

Mar 1, 2023

Writing this blog post feels strange. I remember when I was applying for the internship and reading all the posts from past interns, hoping to be in their shoes in the future. After eight months spent at Nina Capital...

building and managing a BOARD OF DIRECTORS

Marta Gaia Zanchi

Feb 17, 2023

A board of directors is among the most mysterious and often intimidating creatures for newly minted CEOs at the helm of their very first startup. Founders’ attitudes towards a board range from reverence to annoyance...

where to START and where to GO

Ferran Marti, Adrien Ezerzer

Dec 15, 2022

At Nina Capital, we have a bias toward founders with international ambitions. This aligns with our strengths and networks, and after working with nearly 40 international teams, we have some tips for founders who share our ambitions: ...

the state of GENDER DIVERSITY in the LIMITED PARTNER ecosystem

Yahel Halamish, Marta Gaia Zanchi

Dec 12, 2022

A little over a year ago, we decided to shed some light on the state of gender diversity in the private equity and venture capital (PE/VC) industry in Spain. We found a strong and like-minded partner in not-for-profit organization...

HEALTHCARE INSIDERS VS. OUTSIDERS: who are venture capitalists investing in?

Federico Aureli, Adrien Ezerzer & Marta Gaia Zanchi

Nov 12, 2022

For many venture capitalists, disruption born of innovation invariably comes from outside the industry that’s about to be disrupted. Taking this position to the extreme, Vinod Khosla stressed to author Sebastian Mallaby in...

our needs for healthcare while TRAVELING

Federico Aureli, Adrien Ezerzer

Oct 25, 2022

Have you ever been a brand new student in a brand new country, suddenly in need of an x-ray after bumping your head on the laboratory bench? Or a tourist someplace where you don’t speak the language, and...

capturing VALUE for early-stage entrepreneurs

Sanchita Pasi

Sep 27, 2022

Articulating an effective value proposition and go-to-market strategy needs to include a thorough stakeholder barrier analysis, especially around who is going to pay and break those barriers...

the FUTURE of VALUE-BASED CARE is in the hands of EARLY STAGE ENTREPRENEURS

Sanchita Pasi

Sep 13, 2022

Healthcare ecosystems in the United States and in Europe are accelerating their efforts to complete the transition to value-based care, and startups are supporting this colossal shift. Two organizations, EIT Health...

the NEED for innovation in MENTAL HEALTH

Caterina Calisti, Federico Aureli

Sep 5, 2022

mental health includes our psychological, social, and emotional well-being. It enables the individual to cope with the stresses of daily life, perform well, and build relationships. It is a basic human right. Hence why...

the NEED for quality care in the FERTILITY sector

Caterina Calisti, Yahel Halamish

Aug 30, 2022

Femtech is a relatively young industry. The broad term refers to technological solutions to address women’s health issues, including menstrual health, reproductive health, sexual health, maternal health, and menopause...

the SECOND wave of TELEMEDICINE is here, let’s RIDE it

Sebastian Anastassiou

Aug 30, 2022

I like analogies. Analogies are fun. They can take “serious” matters and convert them into a more enjoyable and digestible intellectual meal. In the spirit of fun analogies, I hope you find some educational amusement in...

value-based care in ONCOLOGY

Federico Aureli, Himanshu Sharma

Jul 29, 2022

The concept of value-based care — a movement away from a fee-for-service healthcare model (based on volume of care services) towards one based on more effective patient care (based on...

where HEALTHCARE meets FINTECH

Himanshu Sharma

Jul 19, 2022

Not just clinical workflows are being tested nowadays — the way money moves in our healthcare industry is also evolving. There has been a shift in dynamics between patients, payers, and providers...

in the life of two visiting analysts: a new FRIENDSHIP, and lots of LEARNING

Cristina Hortala, Caterina Calisti

Jun 27, 2022

Cristina: If you take a look at my LinkedIn profile, you’ll find that I studied Biomedicine at the University of Barcelona, I’m currently finishing a master degree in Clinical research, and...

formulating your personal MENTAL HEALTH story

Sebastian Anastassiou

Jun 22, 2022

“A ticking time bomb.” This has become an increasingly common phrase used to describe the growing mental health crisis we are experiencing on a global scale. Crisis is the operative word here...

decentralizing clinical trials for MORE ENGAGED & DIVERSE patients

Cristina Hortala, Caterina Calisti

May 25, 2022

The history of clinical trials begins in the eighteenth century with James Lind, a Scottish physician that entered the British Navy as a surgeon. After eight weeks at sea, scurvy began to take a toll on the crew, so he decided to...

how AI, ML, & BIG DATA are disrupting drug discovery & development

Marta Gaia Zanchi

May 16, 2022

This month I had the pleasure to converse on the topic at the 2022 LSX Healthtech Leaders conference, as a participant to a panel skillfully moderated by Steve Carney (Editor, Drug Discovery Today)...

the PURSUIT to UPROOT how we RECRUIT patients

Sebastian Anastassiou

Mar 29, 2022

We are Groot! Apologies, I couldn’t help myself… a consequence of what one might call phonetic neural resonance skewed by some sort of nerdiness factor. Anyway, I digress. Every once in a while, there comes...

the time for DIGITAL CARDIOLOGY is now

Himanshu Sharma

Mar 21, 2022

Nina Capital is no stranger to the unmet needs in the cardiology space, having already invested in four companies across Europe tackling opportunities for improving care in a wide range of settings (from emergency departments to...

cybersecurity in, no, FOR healthcare

Cristina Hortala

Mar 1, 2022

Since the advent of the first computer system and the world wide web, information technology has continued to transform healthcare (mostly) for the better. Unfortunately not only healthcare systems, health technology...

mending broken INFORMATION LOOPS

Marta Gaia Zanchi

Feb 26, 2022

I spent over three years of my doctorate in electrical engineering working to “close the loop” of the first-of-its-kind, frequency-offset Cartesian feedback control system ever used to ensure accurate control of the radio-frequency...

just keep LEARNING, just keep learning

Sebastian Anastassiou, Marta Gaia Zanchi

Jan 7, 2022

Just as Dory keeps on swimming, medical professionals need to keep on learning. They need to stay up to date with the ever evolving field that is medicine, enabling them to provide the highest quality care to their...

data+AI meets MEDICINE meets EDUCATION

Marta Gaia Zanchi

Jan 4, 2022

Last month, I was invited to dive deep into the medical field by producing a webinar with Martin Willemink, Stanford physician-scientist and co-founder of Segmed, and Aline Lutz, Segmed’s medical director. With...

navigating the CONTRACEPTION maze

Sebastian Anastassiou

Oct 1, 2021

Equitable access to contraception is seen as fundamental to achieving the United Nations (U.N.) General Assembly’s Sustainable Development Goals by 2030, and in 2012 the U.N. also declared contraception a human right...

though she is little, she is FIERCE

Yahel Halamish

Sep 28, 2021

“The best things in life come in small packages.” These were my mom’s encouraging words of wisdom while raising three daughters, her way to help me and my sisters be ready for the challenges of a life lived without the...

GENDER DIVERSITY in private equity and venture capital in SPAIN

Nina Capital team

Sep 20, 2021

Nina Capital and Level 20 are delighted to publish our findings on Gender diversity in the Spanish Private Equity and Venture Capital industry. Visit the Level 20 website or contact us at diversity@nina.capital to...

a summer at NINA CAPITAL: combining my passions in a one-of-a-kind internship

Nicole Van Allen

Sep 15, 2021

I was born and raised in NYC, I worked in Los Angeles, and I am now pursuing my MBA at IESE in Barcelona. Prior to my MBA, I spent eight years working in the insurance and insurtech industries and received a B.S. in...

a MEDICAL DOCTOR walks into a venture capital firm and…

Albert Navasa

Aug 29, 2021

My path to a venture capital firm is most certainly atypical, which only contributed to making me a great match for Nina Capital. My name is Albert Navasa and I am currently pursuing an MBA at IESE Business School...

my internship at nina capital: from BARCELONA to STANFORD and back

Marta Munté

Aug 24, 2021

I have been sailing since I was 5 years old, and was a part of the Spanish Pre-Olympic Team for the Tokyo Olympic Games. My name is Marta Munté, I was born in Catalonia, Spain, and I am studying economics at Stanford...

the CARDIAC ELECTROPHYSIOLOGY space: a deep dive

Sebastian Anastassiou

Aug 23, 2021

When we at Nina Capital decide to invest in the most exciting companies, we do so having achieved a near-obsessive understanding of the healthcare space and healthcare need that these companies are addressing. For...

nurturing early stage HEALTHTECHS: part 3

Mary Stuart

Jul 15, 2021

Nina Capital’s goal is to bridge start-ups from the pre-seed stage to the Series A, with the exception of three companies in which it participated in the Series A round: Ultromics Ltd., Kheiron Medical Technologies, and...

nurturing early stage HEALTHTECHS: part 2

Mary Stuart

Jul 8, 2021

Healthcare is a complicated sector that involves many stakeholders with their own sets of incentives. For new technologies to truly enable change for the better — better treatment outcomes, time-saving processes, more...

nurturing early stage HEALTHTECHS: part 1

Mary Stuart

Jul 1, 2021

Barcelona is a wonderful place to visit and live, with its shady plane-tree lined streets, curvy and colorful Gaudi architecture, open-air markets, and its long beach season. It’s also a great location for Nina Capital, a...

my experience as an ANALYST INTERN at nina capital

Lesley Farrah-Dorwling-Carter

Jun 20, 2021

For the past four months, I had the opportunity to intern at Nina Capital, an early stage, specialized venture capital firm investing exclusively at the intersection of healthcare and technology...

the birth of a SPINOFF: Subtle Medical

Giammarco Pacifico, Marta Gaia Zanchi

Dec 7, 2020

Subtle Medical was born at Stanford University in 2017, thanks to the combined efforts of Professor Greg Zaharchuk and Enhao Gong, who at the time was completing his PhD Program in electrical engineering with a...

the birth of a SPINOFF: Elypta

Giammarco Pacifico, Marta Gaia Zanchi

Nov 23, 2020

After two stops in Switzerland, featuring EarlySight and Terapet, our journey to highlight impactful spinoffs continues in Gothenburg, Sweden, on the banks of the Göta älv...

the birth of a SPINOFF: Terapet

Giammarco Pacifico, Marta Gaia Zanchi

Nov 18, 2020

Our quest to explain how a health technology spinoff is born started in Switzerland, with a blog on EPFL-spinoff EarlySight. Today, we move just to the other side of Lake Geneva and share the equally inspiring story of...

the birth of a SPINOFF: EarlySight

Giammarco Pacifico, Marta Gaia Zanchi

Nov 16, 2020

Our quest to explain how a health technology spinoff is born starts in Switzerland, with today’s blog on EPFL-spinoff EarlySight and our next one on CERN-spinoff Terapet....

the birth of a SPINOFF

Giammarco Pacifico, Marta Gaia Zanchi

Nov 10, 2020

Since you are reading this Medium publication, you are most probably the kind of person who has always wanted to have an impact on the world. Chances are you have considered becoming a scientist...

what is behind a NAME

Marta Gaia Zanchi

Oct 31, 2020

Imagine a young child. A girl.Everyone in California, where she was born, knows her as Nina. She is proud of her American birthright and nickname.Nina punches above her weight. She might look small, but...

hiring with PURPOSE

Adriano Fontanari, Marta Gaia Zanchi

Aug 21, 2020

Nina Capital has a strong belief that startups made of a diverse team of individuals in terms of gender, background and ethnicity have a higher probability to succeed. We interviewed Markus Holzer, CEO of...

need-driven investing DURING A PANDEMIC

Yahel Halamish

Aug 12, 2020

With the tragic outbreak of COVID-19, countries around the world have been experiencing major changes. An unprecedented global health crisis has disrupted everyday life across the world. Fundamentally, our belief is...

the need for fast, precise STROKE MANAGEMENT

Marta Gaia Zanchi, Sebastian Anastassiou

Aug 7, 2020

Stroke is one of the leading causes of death globally and the leading cause of chronic adult disability. It is estimated that the health economic cost of stroke amounts to over €45 billion in Europe and $70 billion in the US...

operating IN A PANDEMIC

Aline Noizet, Adriano Fontanari, Marta Gaia Zanchi

Aug 6, 2020

Startups are used to dealing with a high level of uncertainty and adaptability. Even in the midst of major events, like the COVID-19 pandemic, the most resilient and resourceful startups can apply their...

the need for more DATA LIQUIDITY

Marta Gaia Zanchi, Ferran Marti

Aug 6, 2020

The healthcare industry historically has generated large amounts of data, driven by record keeping for (mostly) billing purposes and to support operations, as well as compliance and regulatory requirements; in the...

the need for safer PROTON THERAPY

Marta Gaia Zanchi, Ferran Marti

Aug 6, 2020

Proton therapy, also called proton beam therapy, is a relatively new type of radiation therapy. Contrary to conventional radiation therapy, it uses high energy particles (protons) rather than x-rays (photons)...

never stop LEARNING

Nina’s team

Aug 6, 2020

nina’s Favorite Books | Yock, Paul: Biodesign: The Process of Innovating Medical Technologies | Horowitz, Ben: The Hard Thing about Hard Things | Holiday, Ryan: The Obstacle is the Way...

the need for accurate ECHO ASSESSMENT

Marta Gaia Zanchi, Ferran Marti

Aug 6, 2020

Cardiovascular disease (CVD, or heart disease) is a class of diseases that involves the heart or blood vessels. There are many types of heart disease that affect different parts of the organ and occur in different...

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writing this blog

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