Strengths
- CB Insights lists Modern Health as a $1.17B private unicorn.
- Modern Health publicly markets an active product/service platform.
- Modern Health has public customer, buyer, partner or demand-channel signals.
Diligence report
Modern Health
Modern Health Startup Diligence Report
Proceed only to confirmatory diligence. A thesis for Modern Health depends on proving durable revenue or usage growth, retention, margin, defensible product value, compliance posture, leadership depth and financing terms beyond public-list valuation evidence.
Company profile
Modern Health Startup Diligence Report
Modern Health appears to be an active uncovered private unicorn based on the fetched CB Insights list and active public company/product materials. Public evidence supports status screening and product/GTM presence, but investment-grade diligence remains unresolved because financials, customer quality, contracts, legal/regulatory posture, cap table and personnel data are private.
- Website
- www.modernhealth.com
- Sector
- Enterprise mental health benefits, telehealth, coaching, and workforce wellbeing
- Geography
- United States with global employer coverage
- Stage
- Private unicorn / Series D digital health company
- Known aliases
- Modern Life, Inc., Modern Health, Inc.
- Report version
- 1.0
- Timezone
- UTC
Executive summary
Risks
- Mental-health data privacy and clinical-quality exposure
- Private revenue, ROI and unit economics
- Customer concentration and reference quality
Gaps
- Audited financial statements, KPI pack and cash/debt schedule
- Fully diluted cap table, preferences, debt and investor rights
- Top customer/user cohort revenue, utilization, renewal and satisfaction data
- Sales productivity, funnel conversion, CAC, payback and budget data
- Roadmap, technical benchmarks, security/privacy, regulatory/legal and IP artifacts
Risk register
R-001: Mental-health data privacy and clinical-quality exposure
Modern Health handles sensitive mental-health benefits and publishes HIPAA/security materials, but independent security, clinical-quality and incident records were not reviewed.
Diligence request: Request primary records, management explanation, customer/reference support and specialist review before relying on the public claim.
R-002: Private revenue, ROI and unit economics
Public ROI/pricing language does not verify ARR, gross margin, utilization, CAC/payback, retention or forecast quality.
Diligence request: Request primary records, management explanation, customer/reference support and specialist review before relying on the public claim.
R-004: Competitive pressure in employer mental health
CB Insights lists multiple employer mental-health competitors and public positioning implies competition on outcomes, access, network and price.
Diligence request: Request primary records, management explanation, customer/reference support and specialist review before relying on the public claim.
R-005: Provider network and service delivery scalability
Global access claims require validation of provider supply, credentialing, quality controls and localized compliance.
Diligence request: Request primary records, management explanation, customer/reference support and specialist review before relying on the public claim.
R-006: Security subprocessor dependency
Public subprocessor list indicates dependence on cloud, storage, monitoring and messaging vendors for sensitive workflows.
Diligence request: Request primary records, management explanation, customer/reference support and specialist review before relying on the public claim.
R-003: Customer concentration and reference quality
Public logos and case stories do not reveal contract values, renewal terms, utilization or concentration.
Diligence request: Request primary records, management explanation, customer/reference support and specialist review before relying on the public claim.
R-007: People/retention data opacity
Current org, turnover, compensation and retention data are not public.
Diligence request: Request primary records, management explanation, customer/reference support and specialist review before relying on the public claim.
01Financial Information
Modern Health's public unicorn-list valuation/status is supported by CB Insights, but financial statements, cap table, debt, runway, unit economics and forecast assumptions remain private.
I.A Annual and quarterly financial information for the past three years
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for annual and quarterly financial information for the past three years; this section remains a private diligence request.
Evidence gaps
- Primary records for annual and quarterly financial information for the past three years are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-002 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify annual and quarterly financial information for the past three years.
| metric | public signal | verification status | diligence request |
|---|---|---|---|
| Revenue / ARR | No audited revenue or ARR disclosed in fetched public sources. | not_publicly_verifiable | Audited revenue, ARR bridge, bookings, deferred revenue and revenue-recognition memo |
| Pricing / monetization | Modern Health publicly describes PEPM or usage-based pricing and claims $2.39 ROI for every $1 invested based on reduced health care costs alone. | partially_verified | Actual contracted pricing, discounts, gross margin, CAC/payback and cohort data |
| Cash burn / runway | Not disclosed publicly. | not_publicly_verifiable | Cash, debt, monthly burn, forecast scenarios and financing plan |
I.B Financial Projections
partially verified confidence: medium
Public evidence provides partial signals for financial projections, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for financial projections are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-002 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify financial projections.
| date | round or event | amount or valuation | lead or participants | verification status | source |
|---|---|---|---|---|---|
| 2021-02-11 | Unicorn-list valuation anchor | $1.17B | Kleiner Perkins Caufield & Byers, Afore Capital, Founders Fund | verified from market database; financing documents private | CB Insights unicorn list |
| Current | Current cash, debt and runway | not_publicly_verifiable | Company finance team / investors | not_publicly_verifiable | Data-room request |
I.C Capital Structure
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for capital structure; this section remains a private diligence request.
Evidence gaps
- Primary records for capital structure are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-002 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify capital structure.
| stakeholder or instrument | public position | verification status | diligence caveat |
|---|---|---|---|
| Select investors | Kleiner Perkins Caufield & Byers, Afore Capital, Founders Fund | verified from CB Insights list | Ownership percentages, preferences and side letters are not public. |
| Common/options/warrants/SAFEs/debt | not_publicly_verifiable | not_publicly_verifiable | Requires fully diluted cap table and financing documents. |
| Eligibility status | Appears as active private unicorn candidate in reviewed public sources. | partially_verified | Confirm no IPO/acquisition/shutdown and verify corporate status with counsel. |
I.D Other financial information
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for other financial information; this section remains a private diligence request.
Evidence gaps
- Primary records for other financial information are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-002 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify other financial information.
02Products
Modern Health publicly describes active products and services in Enterprise mental health benefits, telehealth, coaching, and workforce wellbeing, but usage, product economics, roadmap quality and technical debt require private validation.
II.A Description of each product
partially verified confidence: medium
Public evidence provides partial signals for description of each product, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for description of each product are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-005 remains open until private diligence closes this section.
- R-006 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify description of each product.
| product | audience | public evidence | verification status |
|---|---|---|---|
| Adaptive Care Model | Employers and members | Stepped mental-health care spanning self-guided tools, coaching, therapy and crisis support | partially_verified from public materials; private usage and economics needed |
| Global provider network | Global employers | Public site states coverage across 200+ countries and territories and 80+ languages | partially_verified from public materials; private usage and economics needed |
| Workplace wellbeing analytics | HR/benefits leaders | Public materials emphasize global insights, ROI and reduced absenteeism/retention benefits | partially_verified from public materials; private usage and economics needed |
| package or metric | public signal | verification status | follow up |
|---|---|---|---|
| Published pricing, demo or account-opening path | Modern Health publicly describes PEPM or usage-based pricing and claims $2.39 ROI for every $1 invested based on reduced health care costs alone. | partially_verified | Request actual pricing, discounting, utilization and revenue by product. |
| Competitor pricing benchmark | Not benchmarked from reliable public data in this workflow. | not_publicly_verifiable | Run competitive pricing study and win/loss interviews. |
03Customer Information
Public materials identify customer, buyer or partner signals for Modern Health, but top-customer revenue, concentration, renewals and references are not public.
III.A Top customers by application
partially verified confidence: medium
Public evidence provides partial signals for top customers by application, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for top customers by application are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-003 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify top customers by application.
| customer or segment | use case | public evidence | verification status |
|---|---|---|---|
| Atlassian | Public customer, segment or target-buyer signal | Modern Health shows public customer logos including Cox Health, Netsmart, Zions, Lyft, Eventbrite, The Trade Desk, Ancestry and Electronic Arts, plus case-story references to Atlassian, RSM and Kraken. | partially_verified; revenue contribution private |
| Lyft | Public customer, segment or target-buyer signal | Modern Health shows public customer logos including Cox Health, Netsmart, Zions, Lyft, Eventbrite, The Trade Desk, Ancestry and Electronic Arts, plus case-story references to Atlassian, RSM and Kraken. | partially_verified; revenue contribution private |
| Eventbrite | Public customer, segment or target-buyer signal | Modern Health shows public customer logos including Cox Health, Netsmart, Zions, Lyft, Eventbrite, The Trade Desk, Ancestry and Electronic Arts, plus case-story references to Atlassian, RSM and Kraken. | partially_verified; revenue contribution private |
| The Trade Desk | Public customer, segment or target-buyer signal | Modern Health shows public customer logos including Cox Health, Netsmart, Zions, Lyft, Eventbrite, The Trade Desk, Ancestry and Electronic Arts, plus case-story references to Atlassian, RSM and Kraken. | partially_verified; revenue contribution private |
| Ancestry | Public customer, segment or target-buyer signal | Modern Health shows public customer logos including Cox Health, Netsmart, Zions, Lyft, Eventbrite, The Trade Desk, Ancestry and Electronic Arts, plus case-story references to Atlassian, RSM and Kraken. | partially_verified; revenue contribution private |
| Electronic Arts | Public customer, segment or target-buyer signal | Modern Health shows public customer logos including Cox Health, Netsmart, Zions, Lyft, Eventbrite, The Trade Desk, Ancestry and Electronic Arts, plus case-story references to Atlassian, RSM and Kraken. | partially_verified; revenue contribution private |
| RSM | Public customer, segment or target-buyer signal | Modern Health shows public customer logos including Cox Health, Netsmart, Zions, Lyft, Eventbrite, The Trade Desk, Ancestry and Electronic Arts, plus case-story references to Atlassian, RSM and Kraken. | partially_verified; revenue contribution private |
| Kraken | Public customer, segment or target-buyer signal | Modern Health shows public customer logos including Cox Health, Netsmart, Zions, Lyft, Eventbrite, The Trade Desk, Ancestry and Electronic Arts, plus case-story references to Atlassian, RSM and Kraken. | partially_verified; revenue contribution private |
III.B Strategic relationships
partially verified confidence: medium
Public evidence provides partial signals for strategic relationships, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for strategic relationships are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-003 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify strategic relationships.
| partner | nature | public evidence | diligence gap |
|---|---|---|---|
| Employer customers | Public investor, channel, platform, regulatory or ecosystem relationship | The site targets employers, consultants, members, providers, health plans and channel partners and offers demo paths for companies, consultants and health plans. | Contract terms, revenue contribution, exclusivity and termination rights are private. |
| Health plans | Public investor, channel, platform, regulatory or ecosystem relationship | The site targets employers, consultants, members, providers, health plans and channel partners and offers demo paths for companies, consultants and health plans. | Contract terms, revenue contribution, exclusivity and termination rights are private. |
| Benefits consultants | Public investor, channel, platform, regulatory or ecosystem relationship | The site targets employers, consultants, members, providers, health plans and channel partners and offers demo paths for companies, consultants and health plans. | Contract terms, revenue contribution, exclusivity and termination rights are private. |
| Provider network | Public investor, channel, platform, regulatory or ecosystem relationship | The site targets employers, consultants, members, providers, health plans and channel partners and offers demo paths for companies, consultants and health plans. | Contract terms, revenue contribution, exclusivity and termination rights are private. |
III.C Revenue by customer
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for revenue by customer; this section remains a private diligence request.
Evidence gaps
- Primary records for revenue by customer are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-003 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify revenue by customer.
III.D Significant relationships severed within the last two years
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for significant relationships severed within the last two years; this section remains a private diligence request.
Evidence gaps
- Primary records for significant relationships severed within the last two years are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-003 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify significant relationships severed within the last two years.
III.E Top suppliers
partially verified confidence: medium
Public evidence provides partial signals for top suppliers, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for top suppliers are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-003 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify top suppliers.
| supplier | role | public evidence | concentration risk |
|---|---|---|---|
| AWS | Public or inferred operating dependency | Modern Health publishes security/subprocessor information identifying AWS, Box, CleverTap, Datadog and Mailchimp/Mandrill, and describes responsible-disclosure procedures. | Spend, redundancy, termination rights and incident history require private validation. |
| Box | Public or inferred operating dependency | Modern Health publishes security/subprocessor information identifying AWS, Box, CleverTap, Datadog and Mailchimp/Mandrill, and describes responsible-disclosure procedures. | Spend, redundancy, termination rights and incident history require private validation. |
| CleverTap | Public or inferred operating dependency | Modern Health publishes security/subprocessor information identifying AWS, Box, CleverTap, Datadog and Mailchimp/Mandrill, and describes responsible-disclosure procedures. | Spend, redundancy, termination rights and incident history require private validation. |
| Datadog | Public or inferred operating dependency | Modern Health publishes security/subprocessor information identifying AWS, Box, CleverTap, Datadog and Mailchimp/Mandrill, and describes responsible-disclosure procedures. | Spend, redundancy, termination rights and incident history require private validation. |
| Mailchimp/Mandrill | Public or inferred operating dependency | Modern Health publishes security/subprocessor information identifying AWS, Box, CleverTap, Datadog and Mailchimp/Mandrill, and describes responsible-disclosure procedures. | Spend, redundancy, termination rights and incident history require private validation. |
04Competition
Public positioning supports an initial competitive map for Modern Health, but win/loss evidence, pricing benchmarks and market share are not public.
IV.A Competitive landscape by market segment
partially verified confidence: medium
Public evidence provides partial signals for competitive landscape by market segment, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for competitive landscape by market segment are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-004 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify competitive landscape by market segment.
| competitor | segment | funding or scale signal | product overlap | differentiator | source |
|---|---|---|---|---|---|
| Spring Health | Enterprise mental health benefits, telehealth, coaching, and workforce wellbeing | public/private competitor; not fully benchmarked | Competes for similar buyer budget, use case or infrastructure workflow | Modern Health public positioning: Modern Health says its Adaptive Care Model spans self-guided tools, coaching, therapy and crisis care; its provider network spans 200+ countries and territories and 80+ languages. | Public profiles and analyst synthesis |
| Headspace | Enterprise mental health benefits, telehealth, coaching, and workforce wellbeing | public/private competitor; not fully benchmarked | Competes for similar buyer budget, use case or infrastructure workflow | Modern Health public positioning: Modern Health says its Adaptive Care Model spans self-guided tools, coaching, therapy and crisis care; its provider network spans 200+ countries and territories and 80+ languages. | Public profiles and analyst synthesis |
| Calm | Enterprise mental health benefits, telehealth, coaching, and workforce wellbeing | public/private competitor; not fully benchmarked | Competes for similar buyer budget, use case or infrastructure workflow | Modern Health public positioning: Modern Health says its Adaptive Care Model spans self-guided tools, coaching, therapy and crisis care; its provider network spans 200+ countries and territories and 80+ languages. | Public profiles and analyst synthesis |
| Unmind | Enterprise mental health benefits, telehealth, coaching, and workforce wellbeing | public/private competitor; not fully benchmarked | Competes for similar buyer budget, use case or infrastructure workflow | Modern Health public positioning: Modern Health says its Adaptive Care Model spans self-guided tools, coaching, therapy and crisis care; its provider network spans 200+ countries and territories and 80+ languages. | Public profiles and analyst synthesis |
| Big Health | Enterprise mental health benefits, telehealth, coaching, and workforce wellbeing | public/private competitor; not fully benchmarked | Competes for similar buyer budget, use case or infrastructure workflow | Modern Health public positioning: Modern Health says its Adaptive Care Model spans self-guided tools, coaching, therapy and crisis care; its provider network spans 200+ countries and territories and 80+ languages. | Public profiles and analyst synthesis |
| axis | target position | competitor position | evidence |
|---|---|---|---|
| Product breadth | partially_verified from public product pages | requires benchmark | Modern Health says its Adaptive Care Model spans self-guided tools, coaching, therapy and crisis care; its provider network spans 200+ countries and territories and 80+ languages. |
| Pricing / unit economics | not_publicly_verifiable beyond public packaging signal | requires benchmark | Modern Health publicly describes PEPM or usage-based pricing and claims $2.39 ROI for every $1 invested based on reduced health care costs alone. |
| Trust, security and compliance | material diligence axis | requires specialist review | Modern Health publishes privacy, HIPAA notice, security, disclosure, compliance and terms links, but no comprehensive litigation/regulatory docket was found in public sources reviewed. |
05Marketing, Sales, and Distribution
Modern Health has observable GTM surfaces, but sales productivity, channel mix, pipeline conversion, quota attainment and budget sufficiency are private.
V.A Strategy and implementation
partially verified confidence: medium
Public evidence provides partial signals for strategy and implementation, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for strategy and implementation are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-003 remains open until private diligence closes this section.
- R-004 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify strategy and implementation.
| channel | region | public evidence | gap |
|---|---|---|---|
| Owned website / demo or signup flow | United States with global employer coverage | The site targets employers, consultants, members, providers, health plans and channel partners and offers demo paths for companies, consultants and health plans. | Conversion, CAC and funnel metrics private |
| Partners / ecosystem | Publicly referenced markets | Modern Health shows public customer logos including Cox Health, Netsmart, Zions, Lyft, Eventbrite, The Trade Desk, Ancestry and Electronic Arts, plus case-story references to Atlassian, RSM and Kraken. | Partner-sourced revenue and contractual economics private |
| Content / events / press | Online | Public web pages and resource links indicate owned-channel marketing. | Campaign ROI and pipeline contribution private |
| signal | observed evidence | verification status | follow up |
|---|---|---|---|
| Positioning headline | Modern Health delivers evidence-based, equitable mental health services worldwide — from self-guided tools to crisis care. | verified from company-owned page | Test buyer awareness and win/loss reasons |
| Customer/partner proof | Modern Health shows public customer logos including Cox Health, Netsmart, Zions, Lyft, Eventbrite, The Trade Desk, Ancestry and Electronic Arts, plus case-story references to Atlassian, RSM and Kraken. | partially_verified | Request references and contract cohort metrics |
| Performance claims | Modern Health publicly describes PEPM or usage-based pricing and claims $2.39 ROI for every $1 invested based on reduced health care costs alone. | partially_verified | Request substantiation, cohort data and methodology |
V.B Major Customers
partially verified confidence: medium
Public evidence provides partial signals for major customers, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for major customers are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-003 remains open until private diligence closes this section.
- R-004 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify major customers.
V.C Principal avenues for generating new business
partially verified confidence: medium
Public evidence provides partial signals for principal avenues for generating new business, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for principal avenues for generating new business are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-003 remains open until private diligence closes this section.
- R-004 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify principal avenues for generating new business.
V.D Sales force productivity model
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for sales force productivity model; this section remains a private diligence request.
Evidence gaps
- Primary records for sales force productivity model are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-003 remains open until private diligence closes this section.
- R-004 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify sales force productivity model.
V.E Ability to implement marketing plan with current and projected budgets
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for ability to implement marketing plan with current and projected budgets; this section remains a private diligence request.
Evidence gaps
- Primary records for ability to implement marketing plan with current and projected budgets are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-003 remains open until private diligence closes this section.
- R-004 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify ability to implement marketing plan with current and projected budgets.
06Research and Development
Public product and technology signals create R&D diligence leads, but roadmap cost, architecture, IP ownership, security, reliability and technical staffing remain unresolved.
VI.A Description of R&D organization
partially verified confidence: medium
Public evidence provides partial signals for description of r&d organization, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for description of r&d organization are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-005 remains open until private diligence closes this section.
- R-006 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify description of r&d organization.
| name or function | role | background or public signal | source |
|---|---|---|---|
| Alyson Watson | Founder / CEO | Founder/CEO publicly associated with Modern Health | Public company/profile materials |
| Alison Borland | Chief People & Strategy Officer | Quoted by CB Insights-linked news excerpt | Public company/profile materials |
| Provider network | Clinical delivery roles | Public site emphasizes provider network; roster is private | Public company/profile materials |
VI.B New Product Pipeline
partially verified confidence: medium
Public evidence provides partial signals for new product pipeline, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for new product pipeline are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-005 remains open until private diligence closes this section.
- R-006 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify new product pipeline.
| project or capability | status | expected date | verification |
|---|---|---|---|
| Adaptive Care Model | Publicly marketed capability | not_publicly_verifiable | Roadmap, release quality, cost and technical debt require private diligence |
| Global provider network | Publicly marketed capability | not_publicly_verifiable | Roadmap, release quality, cost and technical debt require private diligence |
| Workplace wellbeing analytics | Publicly marketed capability | not_publicly_verifiable | Roadmap, release quality, cost and technical debt require private diligence |
07Management and Personnel
Public team and hiring signals are limited; a complete org chart, compensation, incentives, headcount, turnover and employee-relations record require private HR diligence.
VII.A Organization Chart
partially verified confidence: medium
Public evidence provides partial signals for organization chart, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for organization chart are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-007 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify organization chart.
Do not treat inferred reporting lines as verified.
VII.B Historical and projected headcount by function and location
partially verified confidence: medium
Public evidence provides partial signals for historical and projected headcount by function and location, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for historical and projected headcount by function and location are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-007 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify historical and projected headcount by function and location.
| function or period | region | public evidence | source |
|---|---|---|---|
| 2017 | United States with global employer coverage | Founded year from CB Insights profile | Public company/profile materials |
| Current | United States with global employer coverage | Current headcount not publicly verified; careers page says actively hiring | Public company/profile materials |
VII.C Senior management biographies
partially verified confidence: medium
Public evidence provides partial signals for senior management biographies, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for senior management biographies are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-007 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify senior management biographies.
| name | role | tenure | prior roles or public context | source |
|---|---|---|---|---|
| Alyson Watson | Founder / CEO | not_publicly_verifiable | Founder/CEO publicly associated with Modern Health | Reviewed public sources |
| Alison Borland | Chief People & Strategy Officer | not_publicly_verifiable | Quoted by CB Insights-linked news excerpt | Reviewed public sources |
| Provider network | Clinical delivery roles | not_publicly_verifiable | Public site emphasizes provider network; roster is private | Reviewed public sources |
VII.D Compensation arrangements
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for compensation arrangements; this section remains a private diligence request.
Evidence gaps
- Primary records for compensation arrangements are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-007 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify compensation arrangements.
VII.E Incentive stock plans
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for incentive stock plans; this section remains a private diligence request.
Evidence gaps
- Primary records for incentive stock plans are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-007 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify incentive stock plans.
VII.F Significant employee relations problems, past or present
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for significant employee relations problems, past or present; this section remains a private diligence request.
Evidence gaps
- Primary records for significant employee relations problems, past or present are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-007 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify significant employee relations problems, past or present.
VII.G Personnel Turnover
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for personnel turnover; this section remains a private diligence request.
Evidence gaps
- Primary records for personnel turnover are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-007 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify personnel turnover.
| name or group | role | departure date | source or gap |
|---|---|---|---|
| Senior executives | Management | not_publicly_verifiable | No complete departure log found; request HRIS export and leadership turnover history. |
| Employee population | All functions | not_publicly_verifiable | Request two-year attrition, regretted-loss and engagement data. |
08Legal and Related Matters
Modern Health's public legal/regulatory surface identifies material diligence themes, but litigation, regulatory correspondence, insurance, contracts, IP and counsel records remain private.
VIII.A Pending lawsuits against the Company
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for pending lawsuits against the company; this section remains a private diligence request.
Evidence gaps
- Primary records for pending lawsuits against the company are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-001 remains open until private diligence closes this section.
- R-006 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify pending lawsuits against the company.
| case | court or agency | filed date | status | source |
|---|---|---|---|---|
| No comprehensive public litigation search artifact available in this workflow | not_publicly_verifiable | not_publicly_verifiable | not_publicly_verifiable | Request counsel docket and litigation schedule |
| Regulatory/compliance-relevant operating surface | Relevant regulators depend on product and jurisdictions | Current | partially_verified diligence theme | Modern Health publishes privacy, HIPAA notice, security, disclosure, compliance and terms links, but no comprehensive litigation/regulatory docket was found in public sources reviewed. |
VIII.B Pending lawsuits initiated by Company
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for pending lawsuits initiated by company; this section remains a private diligence request.
Evidence gaps
- Primary records for pending lawsuits initiated by company are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-001 remains open until private diligence closes this section.
- R-006 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify pending lawsuits initiated by company.
| defendant | court | filed date | status | source |
|---|---|---|---|---|
| not_publicly_verifiable | not_publicly_verifiable | not_publicly_verifiable | not_publicly_verifiable | Request counsel docket, collections/litigation schedule and settlement agreements |
| IP/contract enforcement matters | not_publicly_verifiable | not_publicly_verifiable | not_publicly_verifiable | Request IP, customer, supplier and employee dispute summaries |
VIII.C Environmental and employee safety issues and liabilities
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for environmental and employee safety issues and liabilities; this section remains a private diligence request.
Evidence gaps
- Primary records for environmental and employee safety issues and liabilities are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-001 remains open until private diligence closes this section.
- R-006 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify environmental and employee safety issues and liabilities.
VIII.D Material patents, copyrights, licenses, and trademarks
partially verified confidence: medium
Public evidence provides partial signals for material patents, copyrights, licenses, and trademarks, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for material patents, copyrights, licenses, and trademarks are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-001 remains open until private diligence closes this section.
- R-006 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify material patents, copyrights, licenses, and trademarks.
| asset or control | jurisdiction | status | source |
|---|---|---|---|
| Brand, domain and product marks | United States | Public web presence verified; trademark ownership not fully searched | https://www.modernhealth.com/ |
| Privacy/security/regulatory controls | United States with global employer coverage | Publicly relevant; policy and counsel review required | Modern Health publishes privacy, HIPAA notice, security, disclosure, compliance and terms links, but no comprehensive litigation/regulatory docket was found in public sources reviewed. |
| IP assignments, patents, proprietary software and open-source licenses | Global/product jurisdictions | not_publicly_verifiable | Request IP schedule, invention assignments and OSS scan |
VIII.E Insurance coverage and material exposures
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for insurance coverage and material exposures; this section remains a private diligence request.
Evidence gaps
- Primary records for insurance coverage and material exposures are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-001 remains open until private diligence closes this section.
- R-006 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify insurance coverage and material exposures.
VIII.F Material contracts
not publicly verifiable confidence: low
Public sources do not disclose the primary records needed for material contracts; this section remains a private diligence request.
Evidence gaps
- Primary records for material contracts are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-001 remains open until private diligence closes this section.
- R-006 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify material contracts.
VIII.G Regulatory agency problems
partially verified confidence: medium
Public evidence provides partial signals for regulatory agency problems, but investment-grade verification requires private company records.
Evidence gaps
- Primary records for regulatory agency problems are not fully public.
- Request data-room support and management/counsel confirmation before relying on public claims.
Hidden risks
- R-001 remains open until private diligence closes this section.
- R-006 remains open until private diligence closes this section.
Follow-up questions
- Provide the source records and management explanation needed to verify regulatory agency problems.
| agency or contract area | action or contract | date | status | source |
|---|---|---|---|---|
| Regulatory compliance | Modern Health publishes privacy, HIPAA notice, security, disclosure, compliance and terms links, but no comprehensive litigation/regulatory docket was found in public sources reviewed. | Current | partially_verified operating exposure | Public materials |
| Customer/partner contracts | Material contracts, SLAs, DPAs and termination provisions | Current | not_publicly_verifiable | Data-room request |
| Insurance coverage | Cyber, E&O/D&O, professional liability and product-specific coverage | Current | not_publicly_verifiable | Data-room request |
Evidence
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | Modern Health appears on the fetched CB Insights current unicorn list at $1.17B. | verified high | SRC-001 |
| EC-002 | Modern Health publicly markets an active product or service surface. | verified medium | SRC-002 |
| EC-003 | Modern Health has public product/capability detail relevant to its sector. | verified medium | SRC-002 |
| EC-004 | Modern Health has public monetization or commercialization signals but not realized economics. | partially verified medium | SRC-002 |
| EC-005 | Modern Health has public customer, buyer, partner or demand-channel signals. | partially verified medium | SRC-002 |
| EC-006 | Modern Health has public technology, R&D, security or operational differentiation signals. | partially verified medium | SRC-005 |
| EC-007 | Modern Health has observable public go-to-market surfaces. | verified medium | SRC-002 |
| EC-008 | Modern Health has limited public team or founder evidence available from reviewed public sources. | partially verified medium | SRC-003SRC-004 |
| EC-009 | Modern Health's legal/regulatory posture cannot be fully verified from public sources. | partially verified medium | SRC-005 |
| EC-010 | Modern Health's core private diligence records were not publicly available. | not publicly verifiable high | SRC-001SRC-002SRC-003SRC-004SRC-005 |
| EC-011 | Modern Health operates in a competitive market where public positioning must be benchmarked. | inconclusive medium | SRC-003 |
| EC-012 | Modern Health passed public-source eligibility screening as an uncovered active private unicorn candidate. | partially verified medium | SRC-001SRC-002 |
| ID | Publisher | Title | Accessed |
|---|---|---|---|
| SRC-001 | CB Insights | CB Insights complete list of unicorn companies | 2026-06-03 |
| SRC-002 | Modern Health | Modern Health homepage | 2026-06-03 |
| SRC-003 | CB Insights | Modern Health CB Insights profile | 2026-06-03 |
| SRC-004 | Modern Health | Modern Health careers page | 2026-06-03 |
| SRC-005 | Modern Health | Modern Health security and data disclosure page | 2026-06-03 |
| SRC-006 | other | Public-source workflow limitation | 2026-06-03 |
Disclaimer
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.