Mattan Griffel

Some quick and candid / not just bullish observations on AI in digital health, especially given the enormous level of noise at #JPM2026. Last (5th) post in the 5-on-5 series, opening 2026 with 5 different pieces with 5 observations each on the market for digital health founders. We are passed the hype phase. I actually think 2026 will be the year when saying 'AI' or 'Agentic' will raise more questions than applause. Too many pilots are not scaling, too many promises are yet to be fulfilled. When building a product takes less time, the path to commoditization also takes less time. Scribes, chart summarizations, etc. which leads IMO to NRR being much more important than ARR (show you are resilient to price pressure and churn) Most real impact of AI is on the back end of new companies. This is massive and hence any budget that looks similar to 2023 / 2024 or even 2025 budgets should render a very serious question As a byproduct, and unlike 2021, increased head count becomes a negative signal if the company is indeed AI-centered (proxy to inefficiency) And another key difference from 2021: raising a lot of money (with a big valuation) while the public market is at best open for high 9-digit revenue, is really playing very aggressive poker. For additional color, see this interview with CTech by Calcalist (first comment)

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🚀𝐇𝐮𝐠𝐞 𝐦𝐢𝐥𝐞𝐬𝐭𝐨𝐧𝐞 𝐟𝐨𝐫 𝐍𝐢𝐭𝐫𝐚 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐢𝐧𝐠 𝐭𝐡𝐞𝐢𝐫 $𝟏𝟖𝟕𝐌 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠. I first met Jonathan in 2021, and SparkLabs Taiwan became a seed investor in Nitra in 2022. From the beginning, the team had a bold vision to build an operating system for healthcare. Along the way, we’ve been supporting Nitra in building its engineering footprint in Taiwan, and we also had the chance to introduce new investors who later joined this round. Proud to have supported this journey from the early days. Excited for what’s ahead! 🚀 [Tim Hwang Hsufeng Lee Bernard Moon SparkLabs Group Eugene Kim Mallory Chien Regina Lo Kenny Chen]

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I’m excited to announce that Actions Capital (fka K50 Ventures) has doubled down on Nitra in their Series B from our growth platform. I’ve known Tim Hwang for 10+ years (big s/o to the Kairos Fellowship) and watched him build and IPO FiscalNote with his co-founder Jonathan Chen.  So, when they came to me with a clear mission: to re-build the financial operating system for healthcare, it was an easy yes. The plan and mission sounded very similar to our investments in ValonOS and Bilt, but in the healthcare industry, a $5T industry where 1 in every 6 dollars spent in the U.S. goes to healthcare. We were their first check pre-launch and they launched at the end of 2023, and in the years since, Nitra’s traction and growth have been remarkable, surpassing $35M in revenue and $1B in total payment volume by the end of 2025. However what’s more impressive is how quickly they have built their product layer cake to fix the broken healthcare industry. Today, Nitra is rapidly becoming the system of record for how doctors operate financially in the largest industry in the U.S. As healthcare financial operations continue to consolidate, payments, procurement, and workflows are converging into a single vertical fintech + AI platform purpose-built for providers. It’s a big bet and providers are already speaking with their dollars. I’m excited to see how Nitra will continue transforming the U.S. healthcare industry and ready for the long and fun road ahead. Congrats to Tim, Jonathan, and the whole team! If you want to partner or looking to join a great team, DM me.

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