Vitals

  • What it sold: phone triage chatbot + video GP visits (UK & US).
  • Peak value: $4.2 billion (2021 SPAC).
  • 2023-24: UK unit in administration; assets sold for ~£0.5 M; US unit closed. (sources: Financial Times, NHS reports)

Why it boomed

  • Promised 24/7 GP service; signed 100 k NHS patients.
  • Big backers (Saudi PIF, Kinnevik) poured in cash.

Why it crashed

  1. Every visit lost money: NHS rate too low to cover doctor time.
  2. AI accuracy worries: doctors flagged missed red flags.
  3. SPAC market turned: share price fell 99 %, debt covenant snapped.

Simple lessons

  • Make sure your payers (insurers, NHS) cover real costs.
  • Run outside audits on any “AI diagnosis” tool.
  • Diversify: mix enterprise contracts (chronic care) with consumer video calls.

Takeaway

“If you lose a dollar on each sandwich, selling more sandwiches won’t help.”

Nominate the next unicorn for Sunday’s slab 👇

Disclaimer: discovery-stage analysis compiled from public sources; figures may update and errors are mine alone.