Neko Health
Full-body preventive health scanning clinics with proprietary hardware and clinicians.
On the record
Checkpoint: NYC clinic opens and reports first two quarters of utilization and margin data
The call
Neko has real hardware and data no AI model can copy, but it is walking into a US market where Prenuvo already turns a profit and Function Health already owns the AI interpretation layer.
Neko Health operates preventive health clinics that use custom-built scanning machines and collect long-term patient data to spot health problems early. Two rivals, Prenuvo and Function Health, are already making money or growing fast in the same market, and a similar company called Forward Health burned through $350 million before failing, which shows how hard it is to turn this idea into profit. The real question is whether Neko's clinics can attract enough patients, keep those patients coming back, and make enough money per clinic to justify its $7 billion price tag when it is only generating somewhere between $22 million and $75 million in revenue right now.
Why
01
AI pressure: Function Health. Function Health's AI layer turns blood biomarker interpretation into a commodity, undercutting the need for Neko's clinic visit for many users. Could AI do the core job? Unlikely.
02
Bigger players: Prenuvo. Prenuvo is already profitable with 110,000+ scans across 17 US clinics, giving it a head start as Neko enters the same market. Could a giant copy it? No, they are blocked.
03
What protects it. Proprietary scanning hardware, licensed clinicians, and longitudinal member data that AI alone cannot replicate.
What would change this call
Neko discloses NYC clinic utilization and per-clinic contribution margin within two quarters of opening. Shows whether its US unit economics work at all, unlike Forward Health's failure.
Function Health announces new enterprise or insurer partnerships in 2026. Indicates whether AI-driven biomarker interpretation is outpacing Neko's hardware-based approach.
Prenuvo publishes or confirms profitability figures for US operations. Tests whether an already-profitable US rival is pulling ahead while Neko spends its $700M.
Function Health announces new enterprise or insurer partnerships in 2026. Indicates whether AI-driven biomarker interpretation is outpacing Neko's hardware-based approach.
Prenuvo publishes or confirms profitability figures for US operations. Tests whether an already-profitable US rival is pulling ahead while Neko spends its $700M.
Key numbers
- $700M raised at $7B valuation
- 350,000+ people waitlisted globally
- 75% of members rebook annually
Named risks
- Entering US market against already-profitable Prenuvo and scaled Function Health.
- $7B valuation (July 2026) against undisclosed, unaudited revenue leaves little execution margin.
- Forward Health's $350M failure sets a direct cautionary precedent in the same clinic model.
- Medical community divided on clinical benefit of full-body scanning, risk of false positives/negatives.
- Unproven per-clinic contribution margin as NYC becomes first non-European test of the model.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Prenuvo | losing to | Prenuvo already profitable with est. $250M run-rate by 2024, 110,000+ scans; Neko only entering US in 2026 |
| Function Health | contesting | Function Health valued ~$2.5B, 200,000+ members late 2025, launched AI medical intelligence model July 2026 |
| Forward Health | gaining on | Forward Health raised $350M then shut down in same category, leaving open ground Neko is entering in 2026 |
Questions people ask
- Is Neko Health profitable?
- Neko Health has not disclosed profitability. It closed a $700 million Series C at a $7 billion valuation on July 15, 2026, earmarked for US expansion, while rival Prenuvo is already profitable in the same market Neko is entering.
- Who owns Neko Health?
- Neko Health is privately held, founded in 2018 by Spotify co-founder Daniel Ek and Hjalmar Nilsonne. Backers include Lightspeed Venture Partners, O.G. Venture Partners, Atomico and General Catalyst, with Series C investors Mark Zuckerberg and Priscilla Chan joining in July 2026.
- What is Neko Health's biggest competitor?
- Prenuvo and Function Health are Neko Health's main US rivals. Prenuvo is already profitable in whole-body MRI scanning, and Function Health is valued near $2.5 billion with over 200,000 members as of late 2025, both operating ahead of Neko's 2026 US entry.
- Could AI replace Neko Health?
- Unlikely outright: Neko's scan relies on proprietary hardware, in-person licensed clinicians, and physical clinics that AI cannot replicate. But AI is commoditizing the data-interpretation layer, as shown by Function Health's AI 'medical intelligence' model launched around July 2026.
- How much funding has Neko Health raised in total?
- Neko Health raised $65 million in a July 2023 Series A, $260 million in a January 22, 2025 Series B at a $1.8 billion valuation, and $700 million in a July 15, 2026 Series C at a $7 billion valuation.
- When did Neko Health launch in the United States?
- Neko Health announced its first US location in New York City on January 14, 2026, targeting a Spring 2026 opening, shortly before closing its $700 million Series C on July 15, 2026 to fund the expansion.
Timeline
- 2026-07-15Closes $700M Series C at $7B valuation led by Lightspeed and O.G. Venture Partners
- 2026-07-14Reports 350,000+ waitlisted globally and 100,000+ completed scans ahead of US launch
- 2026-01-14Announces first US location in New York City, targeting Spring 2026 opening
- 2025-10UK operation reaches 350+ medical staff, opens Covent Garden clinic
- 2025-01-22Closes $260M Series B at $1.8B valuation led by Lightspeed Venture Partners
- 2023-07Closes $65M Series A led by Lakestar, Atomico, General Catalyst, Prima Materia
- 2018Founded by Daniel Ek and Hjalmar Nilsonne
Revision history
22 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
- Sweden Preventive Healthcare Startup Neko Health Raised $700 Million (2026-07-17)
- Neko, the body-scanning startup co-founded by Spotify's Daniel Ek, snaps up $260M at a $1.8B valuation (2025-01-22)
- Neko Health raises $700m Series C ahead of US launch (2026-07-14)
- SALUS Debrief (2026-02-11)
- Neko Health Number of Employees 2026 (2026-06-29)
- Neko Health Celebrates One Year in the UK with Covent Garden Opening
- Neko Health to Launch First U.S. Location in New York City in Spring 2026
- Prenuvo vs Function Health vs Ezra (2026-07-02)
- The $3B Preventive Health Race (2026-02-05)
- Full-body scan startup Neko Health scores $700M to break into the U.S. market (2026-07-15)