A healthcare technology company founded by Bangladesh-born entrepreneur Mainul Mondal has been included in TIME and Statista’s 2026 list of the world’s top HealthTech companies, as artificial intelligence becomes a larger part of healthcare technology investment.

Ellipsis Health, a San Francisco-based company founded in 2017, is among 500 companies featured in this year’s ranking. TIME and Statista assessed companies based on financial performance, reputation, and online engagement, with the list covering areas including artificial intelligence, diagnostics, medical devices, telehealth, and digital health.

The recognition comes as investment in digital health has recovered from the slowdown that followed the pandemic-era funding boom.

U.S. digital health startups raised US$14.2Bn in venture funding in 2025, up 35% from the previous year, according to Rock Health, a US-based digital health venture fund and research firm that tracks industry investment. The increase came alongside a decline in the number of deals, from 509 in 2024 to 482 in 2025. The average deal size rose from US$20.7Mn to US$29.3Mn.

Artificial intelligence accounted for a growing share of that capital. AI-enabled digital health companies received 54% of total funding in 2025, compared with 37% in 2024, data from Rock Health shows.

The funding is also becoming concentrated among larger companies. Deals worth more than US$100Mn accounted for 42% of digital health funding in 2025, the highest proportion since 2021.

The shift reflects a broader change in the digital health market. Rather than focusing only on consumer-facing applications such as telemedicine and health tracking, investors are increasingly funding technology designed to operate inside healthcare organisations — including clinical workflows, administrative processes, data infrastructure, and care management.

Ellipsis Health operates in one of those areas.

From vocal biomarkers to care management

Ellipsis initially focused on vocal biomarkers, using characteristics of speech to identify signals associated with depression and anxiety.

The company developed technology that analyses both the content of speech and acoustic characteristics such as tone and cadence. Its stated objective was to provide healthcare organisations with another source of information for assessing and monitoring behavioural health.

The company was founded by Mondal alongside Susan Solinsky and Michael Aratow, MD. Mondal is currently Founder and CEO of Ellipsis Health.

The company has since expanded beyond behavioural health screening.

In June 2025, Ellipsis introduced Sage, an AI care manager designed to communicate with patients and perform parts of the care-management process. 

The company said the system can conduct assessments, follow up with patients, and support care teams managing patients with physical, behavioural, and social needs.

Care management typically involves activities such as assessing a patient's needs, monitoring treatment adherence, coordinating services, and maintaining contact between clinical visits. Healthcare organisations have historically relied heavily on human staff to perform these tasks.

Ellipsis is attempting to automate parts of that interaction through voice AI.

The company says Sage can conduct patient conversations and escalate situations requiring human intervention. It is integrated with Salesforce Health Cloud and is being positioned for use by healthcare providers, health plans, and specialty-care organisations.

The move puts Ellipsis within a growing segment of healthcare AI focused on workflow automation.

Rock Health identified clinical workflow, non-clinical workflow, and data infrastructure as three of the largest digital health funding categories during the first half of 2025. Together, they accounted for more than half of funding during the period.

Following the capital

Ellipsis has raised capital from investors spanning technology, healthcare, and venture capital.

In June 2025, the company announced US$45Mn in funding from Salesforce, Khosla Ventures, CVS Health Ventures, and existing investors. The financing accompanied the launch of Sage.

The relationship with Salesforce extends beyond the investment.

Sage has been integrated with Salesforce's healthcare technology, including Salesforce Agentforce Health, and is available through Salesforce's AppExchange. The integration allows the AI system to operate within existing healthcare workflows rather than requiring organisations to use a separate platform.

Ellipsis was also selected in July 2025 as a partner in the Centers for Medicare & Medicaid Services Health Tech Ecosystem, a digital-modernisation initiative. The company said its work under the programme would include conversational AI integrated with health records and tools for conditions including diabetes and obesity.

For the company, the progression represents a change in the scope of its technology.

Its original product focused on extracting information from a patient's voice. Its newer platform uses voice AI to interact with patients and perform parts of the care-management workflow.

That distinction mirrors a broader shift in healthcare AI — from systems that primarily analyse information to systems designed to perform tasks within healthcare operations.

Mondal grew up in Bangladesh, where he helped his sister monitor their mother’s health while their father was at work, according to Ellipsis. 

The experience later influenced his interest in using technology to identify signs of depression and anxiety, which became the basis for the company’s work on vocal biomarkers.

Bangladesh, meanwhile, has also developed a healthtech ecosystem of its own. Deal-flow data from 2015 through 2026 records 53 healthcare transactions involving Bangladeshi companies, with US$35.8Mn in disclosed funding across 52 of those deals. 

The companies span digital pharmacies, healthcare platforms, diagnostics, mental health and primary care. Among the largest disclosed rounds are Praava Health's US$10.6Mn Series A in 2021, Arogga's US$4Mn round in 2023 and Maya's US$2.16Mn round in 2021, according to LightCastle Partners. 

Much of that activity has centred on expanding access to healthcare and digitising existing services.