Holmusk
Singapore firm running NeuroBlu, a real-world data platform for behavioral health and neurology.
On the record
Checkpoint: Deadline for a signed AI-lab licensing deal or confirmed Series C funding to surface
The call
Holmusk sits on a hard-to-copy dataset but has gone three years without a confirmed raise while its lead investor also competes with it.
Holmusk collects and manages behavioral health and neurology information from 46 million patients through partnerships with major health systems, then licenses this data to AI companies and researchers. The company's dataset is genuinely hard to replicate because it took years to build, comes with legal protections, and includes exclusive deals that lock in partnerships. However, Holmusk is financially weak: it hasn't raised new funding since late 2023, makes only $8 to $21 million per year (numbers are unclear), and has stopped growing its team, raising questions about how long the company can survive. Competitors like OM1 and Veradigm are building similar data products, and Veradigm's role as both investor and rival creates confusion about whose side Veradigm is on. The one thing that could save Holmusk is a signed contract to sell training data to OpenAI or Anthropic at substantial scale, talks exist but no deal is confirmed yet.
Why
01
AI pressure: Frontier AI labs building synthetic patient data instead of licensing real datasets. OpenAI and Anthropic could train on synthetic health data rather than pay for NeuroBlu; no licensing deal is signed yet. Could AI do the core job? Unlikely.
02
Bigger players: Veradigm. Veradigm is Holmusk's Series B lead investor, data partner, and direct real-world-data competitor, a tangled position that could turn into a squeeze. Could a giant copy it? Probably.
03
What protects it. A 46 million patient behavioral-health and neurology dataset built on exclusive, multi-year health-system partnerships with HIPAA protections attached.
What would change this call
Holmusk announces a signed data licensing deal with OpenAI or Anthropic within 6-12 months. Would confirm the AI lab interest is real revenue, not just aspiration.
Holmusk discloses a Series C round or new funding by end of 2026. Would show investors believe the company has runway beyond its three-year funding silence.
OM1 or Komodo Health announces a major behavioral health data expansion or acquisition. Would show a better funded rival closing the gap on Holmusk's data moat.
Holmusk discloses a Series C round or new funding by end of 2026. Would show investors believe the company has runway beyond its three-year funding silence.
OM1 or Komodo Health announces a major behavioral health data expansion or acquisition. Would show a better funded rival closing the gap on Holmusk's data moat.
Key numbers
- NeuroBlu dataset now covers 46M patients
- Series B raised $45M, led by Veradigm
- Series A raised $21.5M, led by Optum Ventures
Named risks
- No confirmed funding round since October 2023 raises questions about runway and cash position.
- Revenue estimates conflict sharply across third party sources, from 8 million to 21 million dollars, with no confirmed company figure.
- Veradigm's dual role as investor, data partner, and competitor creates entanglement and channel conflict risk.
- Better funded rivals OM1, Komodo Health, and TriNetX are expanding into the same behavioral health and neurology real world evidence niche.
- OpenAI and Anthropic data licensing partnership remains an aspiration stated in December 2025, not a signed deal.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| OM1 | gaining on | OM1 has raised roughly 171 to 176 million dollars (vendor claimed) versus Holmusk's 45 million Series B closed January 2023 |
| Komodo Health | gaining on | Komodo covers 330 million plus patient encounters combining claims, EHR and lab data as of May 7, 2026 |
| TriNetX | gaining on | TriNetX runs a 250 million plus patient federated network, founded 2013, per March 20, 2026 analysis |
| Veradigm | contesting | Veradigm is simultaneously Holmusk's Series B lead investor, data partner, and a direct real world data competitor since January 2023 |
| NeuroFlow | contesting | NeuroFlow, which has raised about 58 million dollars, was named alongside Holmusk as a Leader in a behavioral health EHR comparison in June 2025 |
Questions people ask
- Is Holmusk profitable in 2026?
- No confirmed profit or loss figures exist since Holmusk is private. Third party estimates of revenue range from about 8 million to 21 million dollars, but these are unverified data broker figures, not company disclosed numbers, as of mid 2026.
- Who owns Holmusk?
- Holmusk is privately held and venture backed. Its Series B round of 45 million dollars closed in January 2023 was led by Veradigm, with Heritas Capital, Health Catalyst Capital, Novartis's dRx Capital, and Northwell Holdings also participating.
- Could AI replace Holmusk's business?
- Holmusk's manual clinical note annotation work is exposed to automation by large language models, but its proprietary NeuroBlu dataset of over 46 million patient lives, built via exclusive multi year health system partnerships as of May 2026, is harder for AI labs to replicate.
- Who is Holmusk's biggest competitor?
- OM1, a Boston based real world data company that has raised roughly 171 to 176 million dollars (vendor claimed) and runs an AI driven phenotyping platform called PhenOM, is the most direct, better funded rival in behavioral health and neurology data.
- Has Holmusk raised any funding since 2023?
- No new funding round has been publicly confirmed since the Series B closed in January 2023 at 45 million dollars led by Veradigm. As of mid 2026, no Series C or follow on raise has been announced.
- What is NeuroBlu and how big is it?
- NeuroBlu is Holmusk's longitudinal behavioral health and neurology real world data platform. As of May 29, 2026, it covered over 46 million de-identified patient lives, up from roughly 1 to 1.5 million patients in 2021 to 2022, per Holmusk's own announcement.
Timeline
- 2026-05-29NeuroBlu database expanded to over 46 million patients, adding neurology and biomarker data
- 2025-12-22CEO Nawal Roy signals aspiration to license mental health data to OpenAI and Anthropic
- 2024-11-01NeuroBlu Analytics v4.6 released with new data partner adding 436,000+ anxiety and 158,000+ MDD records
- 2024-04-05Holmusk and Boehringer Ingelheim co-present two research posters at SIRS 2024
- 2023-01-19Series B round of 45 million dollars closes, led by Veradigm
- 2023-01-12Veradigm enters data partnership arrangement with Holmusk alongside its Series B investment
- 2020-05-17Series A round of 21.5 million dollars closes, led by Optum Ventures and Health Catalyst Capital
- 2015Holmusk founded by Nawal Roy
Revision history
30 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Holmusk Expands NeuroBlu to 46 Million Patients (2026-05-29)
- Holmusk Announces Closing of US$21.5 Million Series A Funding Round (2020-05-17)
- Singapore startup to build largest behavioural health data platform (2023-01-19)
- Singaporean health data analytics firm Holmusk gets Veradigm's backing (2023-01-12)
- cbinsights.com (2026-07-30)
- Holmusk Overview, Address & Contact
- Management and Employees List
- Boehringer Ingelheim and Holmusk co-presenting 2 posters at SIRS 2024 (2024-04-05)
- Holmusk Innovator Profile
- Holmusk Careers, Perks + Culture
- Revenue, Competitors, Alternatives
- New Data Partner and Enterprise SSO Integration (2024-11-01)