Ellipsis Health, a San Francisco-based healthcare technology company founded by Bangladesh-born entrepreneur Mainul Mondal, has been named to TIME and Statista’s 2026 list of the world’s top HealthTech companies.

Founded in 2017, Ellipsis is among 500 companies included in this year’s list, which covers areas including artificial intelligence, diagnostics, medical devices, telehealth and digital health.

The recognition comes as artificial intelligence takes a larger share of investment in digital health. U.S. digital health startups raised US$14.2Bn across 482 deals in 2025, up 35% from the previous year, according to Rock Health. The number of deals fell from 509 in 2024, while the average deal size rose from US$20.7Mn to US$29.3Mn.

AI-enabled companies accounted for 54% of digital health funding in 2025, up from 37% a year earlier. Deals worth more than US$100Mn accounted for 42% of total funding, the highest share since 2021, according to Rock Health.

Much of the capital is moving toward technology designed to work within healthcare organisations, rather than only consumer-facing products. Clinical and non-clinical workflows, data infrastructure and care management have become important areas of investment, according to Rock Health.

Ellipsis operates at the intersection of several of those areas.

From analysing speech to managing care

Ellipsis began with vocal biomarkers, technology that examines characteristics of speech for signals associated with conditions including depression and anxiety.

The company's technology analyses both what a patient says and acoustic characteristics of speech, such as tone and cadence. The aim was to provide healthcare organisations with another source of information for behavioural health assessment and monitoring.

Mondal founded the company with Susan Solinsky and Michael Aratow, MD. Mondal remains its founder and CEO.

The company's focus has since expanded.

In June 2025, Ellipsis introduced Sage, an AI care manager designed to communicate with patients and support parts of the care-management process. The company said Sage can conduct assessments, follow up with patients and support care teams working with patients with physical, behavioural and social needs.

Care management can include assessing patient needs, coordinating services, encouraging treatment adherence and maintaining contact between clinical visits. Ellipsis is using voice AI to automate parts of those interactions.

Sage is designed to conduct patient conversations, document responses and escalate cases that require human involvement. It is integrated with Salesforce Health Cloud and is being marketed to healthcare providers, health plans and care-management organisations.

That represents a change in the company's role in healthcare. Its original technology was primarily designed to extract information from a patient's voice. Sage uses that technology as part of a system intended to interact with patients and carry out elements of a care-management workflow.

Ellipsis says its technology has been built using more than 3 million real clinical conversations.

Funding and partnerships

Sage's launch was accompanied by a US$45Mn Series A announced in June 2025. The round was led by Salesforce, Khosla Ventures and CVS Health Ventures, with participation from existing investors including Mitsui Global Investment, Collier, E12 and AME Cloud Ventures.

The relationship with Salesforce also extends beyond the financing. Sage has been integrated into Salesforce Health Cloud, allowing the system to operate within existing healthcare workflows.

Ellipsis was also listed among the early adopters of the Centers for Medicare & Medicaid Services' Health Tech Ecosystem, in the conversational AI assistant category.

The company's expansion comes as healthcare organisations explore AI not only for analysing information but also for carrying out parts of routine work. Rock Health's 2025 data showed that AI-enabled digital health companies were attracting a disproportionately large share of venture capital, while fewer companies overall were raising larger rounds.

A Bangladesh connection

Mondal's connection to Bangladesh predates Ellipsis.

He grew up in Bangladesh and, according to Ellipsis, helped his sister monitor their mother's health while their father was at work. The experience later influenced his interest in using technology to identify signs of depression and anxiety.

That experience became part of the company's origin story. Ellipsis, however, was founded in San Francisco and has developed within the U.S. healthcare market.

Bangladesh has been developing a healthtech ecosystem of its own. Deal-flow data covering 2015 through 2026 records 53 healthcare transactions involving Bangladeshi companies, with about US$35.8Mn in disclosed funding across 52 of those deals. The companies in the dataset span digital pharmacies, healthcare platforms, diagnostics, mental health and primary care.

The composition of the two markets is different. Much of Bangladesh's healthtech investment has gone toward expanding access to healthcare, digital pharmacies, consultations, diagnostics and other services. Ellipsis has built its business within the U.S. system around behavioural health, voice AI and care management.

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