In Episode 5 of Rounds, Stephanie Davis and Christina Farr break down the latest healthcare headlines — including Oura's step toward an IPO with its S-1 filing revealing $1.4 billion in revenue, and a former Anthropic researcher's warning to the BBC that AI staff are "genuinely frightened" for humanity's future — before sitting down with Megan Scheffel, Head of Life Science and Healthcare at SVB, Dan Bise, Executive Vice President of Strategy & Corporate Development at R1, and Jeremy Friese, CEO and Founder of Humata Health.
We'll cover:
Oura's S-1 filing and what it signals about the company's path to IPO
Key takeaways from SVB's Healthcare Investments and Exits report — including why fewer specialized funds (not less capital) are driving the fundraising slowdown, why deal volume hit a multiyear low even as total dollars held steady, and why investors are increasingly rewarding proven commercial viability over pure technology hype
The diverging exit landscape between biopharma (a record M&A year driven by looming patent cliffs) and healthtech (strong IPO performance, but few companies actually going public)
How blurring lines between Dx/Tools, device, and biopharma are reshaping where capital flows
The thesis behind CD&R and TowerBrook's take-private of R1, and the company's shift from tech-enabled services to a true AI-native, technology-first approach to automating the healthcare revenue cycle
R1's first two acquisitions, Phare Health and Humata Health, and how Humata's prior authorization platform fills a key gap in R1's strategy to reduce downstream payer denials
Dan Bise's investment approach — from setting strategy to evaluating the competitive landscape to aligning investors and the Board — and how it mirrors a thesis-driven, PE-style playbook
Jeremy Friese's perspective as Humata's founder on what set R1 apart from other potential acquirers, and what convinced him to sell
Hosts and Guests:
Christina Farr, CEO, Second Opinion; GP, Scrub Capital
Stephanie Davis, Healthcare Industry Analyst
Megan Scheffel, Head of Life Science and Healthcare at SVB
Dan Bise, EVP, Strategy and Corporate Development at R1
Jeremy Friese, Founder and CEO of Humata Health
Sponsored by Silicon Valley Bank.
