WillItSurvive
Medical technology and health companies · United States

Levels

levels.com ↗

Levels is an app that pairs CGM data with coaching, lab tests, and AI guidance.

Losing its protection
Assessed 22 July 2026 · Evidence as of 22 July 2026
The structural protection is eroding.
On the recordSince 22 July 2026 · Checkable from Q3 2026 · Every call on the record Checkpoint: Window to close a Series B before cash runs out
The call

Levels added lab testing and clinician billing to stay relevant, but free AI coaching and Dexcom's own Stelo product are closing in as its funding runway shortens.

Levels makes an app that uses glucose sensors to show people how different foods affect their blood sugar, then gives them coaching tips based on the patterns. The company built real advantages by handling the messy parts: getting sensors to customers, processing lab work, and paying doctors to review results. But the core insight part, like telling someone that pasta spikes their blood sugar or answering health questions, is now something ChatGPT and Google's AI can do for free, and millions of people are already asking chatbots for health advice every day. Plus, Dexcom, the company that actually makes the glucose sensors Levels uses, has already released its own app with similar insights, so Levels no longer owns the knowledge layer that made it special. The one thing that could change the picture is whether Levels can raise fresh money from investors in the next six to twelve months, because the company has about fifteen million dollars in the bank and is spending nearly twelve million per year, which means the cash runs out very soon.

Why
01
AI pressure: ChatGPT, Gemini, and other general chatbots answering health questions. Levels' own CEO says 40M+ people ask chatbots health questions daily, work that used to justify its $24-$125/month subscription. Could AI do the core job? Yes, likely.
02
Bigger players: Dexcom (Stelo). Dexcom makes the sensors Levels depends on and now ships Stelo, its own insights layer, cutting out the middleman app. Could a giant copy it? Yes, easily.
03
What protects it. Insurance-billed clinician review, lab logistics, and sensor fulfillment are operational pieces a chatbot cannot replicate on its own.
What would change this call
Levels announces a new priced funding round (Series B or larger) by Q3 2026. Shows investors still believe the insurance-billed clinician model can scale profitably.
Dexcom or Abbott announces a named partnership making Levels an official insights layer. Would show hardware incumbents need Levels rather than building insights in-house.
Levels publishes retention or margin data from its June 2025 insurance-billed clinical program by Q4 2026. Would show the up-market pivot is working, not just a stopgap against free AI.
Key numbers
  • $15.8M cash vs $11.7M annual operating loss (2023-12-31)
  • $10M Series A extension, smallest round yet (2024-08-14)
  • 100,000 members, up from 60,000 in mid-2024 (2025-10-15)
Named risks
  • No confirmed new funding round since August 2024; 2023 cash and runway math suggest pressure by mid-2026. Severity: high
  • Core glucose-insight and dietary Q&A value is replicable by free general-purpose AI chatbots. Severity: high
  • CGM hardware makers Dexcom and Abbott are not structurally barred from the insights layer Levels sells. Severity: high
  • Reputational spillover from co-founder Casey Means' contentious 2026 Surgeon General nomination and withdrawal. Severity: medium
  • Crowded biomarker-plus-AI category with well-funded entrants like WHOOP, Oura, and Mito Health. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Dexcomgaining onShipped own consumer CGM insights app Stelo, entering Levels' layer, as of 2025
AbbottcontestingSupplies FreeStyle Libre sensors to Levels while retaining ability to build own insights app
WHOOPgaining onLaunched WHOOP Advanced Labs blood-testing product in January 2025
Mito Healthgaining onLaunched AI-powered bloodwork insights in October 2025
NutrisensecontestingDietitian-supported CGM competitor priced $225 to $399 per month as of 2026
SignoscontestingPositioned as first FDA-cleared CGM weight-management platform per third-party review
Questions people ask
Is Levels profitable in 2023?
No. Levels reported an operating loss of $11.7M on roughly $21M revenue in 2023, an operating margin of about -55%, according to the company's own Wefunder fundraising materials as of 2023-12-31.
Could AI replace Levels' core product?
Levels' own CEO acknowledged in a January 2026 letter that over 40 million people now ask AI chatbots health questions daily, and general models can replicate glucose-pattern insights from user-uploaded data, a direct threat to Levels' core coaching layer.
Who is Levels' biggest competitor?
Dexcom, the CGM sensor maker Levels depends on, shipped its own consumer insights app called Stelo, putting the hardware incumbent directly into Levels' insights layer as of 2025.
Has Levels raised a Series B?
No confirmed Series B is corroborated by press releases. The latest verified round is a $10M Series A Extension led by Long Journey and a16z, announced August 14, 2024, including $3M crowdfunded from over 2,000 investors.
Who owns Levels Health?
Levels Health, Inc. is privately held and venture-backed with no parent company; investors include a16z, Long Journey, Trust Ventures, and Shrug Capital, per its August 2024 Series A Extension announcement.
How many members does Levels have?
Levels reported serving 100,000 members as of October 2025, up from about 60,000 members in mid-2024, according to the company's own blog post announcing new membership tiers.
Timeline
  • 2026-04-30Co-founder Casey Means' Surgeon General nomination withdrawn amid confirmation controversy
  • 2026-01-10CEO letter cites 40M+ daily AI health chatbot users and new AI Document Center plan
  • 2025-10-15Levels relaunches with Classic/Core/Complete tiers; reports 100,000 members
  • 2025-06-25Adds comprehensive blood testing and insurance-covered dietitian access via Season Health
  • 2025-06-19Launches in-app Levels AI assistant trained on its own blog knowledge base
  • 2024-08-14Closes $10M Series A Extension led by Long Journey and a16z
  • 2022-04-20Closes $38M Series A at $300M valuation
  • 2019-06Levels Health founded by Andrew Conner, Casey Means, David Flinner, Josh Clemente, Sam Corcos
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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