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Life Sciences

Addressing Misinformation

PALO ALTO, Calif., May 7, 2026

We want to address some misinformation.

We are aware of some blogs and social media posts containing deliberate falsehoods about our company, our customers, and our financials. 

The individual behind the blog (a convicted criminal — read about his conviction for securities fraud here) never approached us for comment or to fact-check anything — a basic standard of journalism that he failed to meet.
Below is a summary of the inaccurate claims along with the accurate information for each. 
FALSEHOOD
FACT
  • “Burn rate is $404M while its revenue is virtually zero.”
  • Today Hippocratic has over $250M in the bank. At the current burn rate, Hippocratic has over 7 years of runway. The blogger fails to understand the difference between cash raised, cash burned, and burn rate.
  • “Revenue is an estimated $17–20M ARR.”
  • The company’s ARR today is almost $60MM which is a multiple of 58x on its last valuation.

    With 60+ clients, HAI revenue will continue to grow significantly this year, further lowering the revenue multiple.
  • “Series C at a $3.5B post-money valuation in November 2025… a 6x jump in one year with no new product and no new meaningful customers.”
  • Revenue over the past 5 quarters has increased 12x establishing a reasonable valuation increase of 6x.

    HAI has increased its customer base to 60+ providers, payers and life sciences companies.

    To date HAI has delivered more than 180 million patient interactions across 240+ live-use cases.
  • “Founders have been cashing out at secondary offerings.”
  • Founders currently own 26.1% of outstanding shares. If founders had never sold a share they would currently own 30.0%.
  • “A founding client signed a bloated contract paying over 500% above market rates for add-on services.”
  • Founding clients pay market rate or less depending on their level of engagement in testing product safety.
  • “Hippocratic’s biggest ‘customers’ are also its biggest investors… a textbook conflict of interest… the SEC should be reading very carefully.”
  • None of the company’s top 5 clients are investors. 
  • "Remember the 12-month pilot contracts Hippocratic has been aggressively signing since 2024? Those are now coming up for renewal. And they are not renewing.”
  • HAI renewals and upgrades are so strong that Net dollar retention rate to date is 267%. NDR is a common enterprise software metric that measures the initial revenues of a cohort of clients and compares to renewal revenue for same cohort.
  • “Hippocratic AI has quietly withdrawn from all of its international markets, terminated every international contract, and let go of the international sales team.”
  • Hippocratic AI is continuing to service clients internationally. Three employees related to projects that evolved or closed were let go. See below.
  • “The Middle East was killed specifically because Hippocratic could not deliver real Arabic-language clinical performance.”
  • Hippocratic AI’s voice solution includes three parts. 1) The ASR which converts speech to text, 2) the patented Polaris LLM system, and 3) the TTS which converts text to speech. We buy the ASR and TTS from other vendors like 99% of the industry.  However the accuracy of the ASR available from all vendors currently does not allow for clinical safety in Arabic. (ASR accuracy currency varies across languages. We found it works across most European languages, for example, but not for the Middle East). As a result, the company decided that if it can’t produce a safe enough product we shouldn’t provide services in that language. We are hopeful that as the ASR’s word error rate (how ASRs are measured) improves for Arabic we will be able to return to the region. The company proactively refunded all fees for key clients who were impacted.
  • “Hippocratic is now aggressively pivoting to something it has never had and has never been able to build: analytics.” “Hippocratic AI has never had real analytic capabilities. None.”
  • Hippocratic AI is not a data analytics company, does not advertise as one, and does not offer an analytics product. There has been no “pivot.” The dashboard image used in the blog is not a Hippocratic AI product, client deliverable, or asset. 
  • The blogger has also pointed to lawsuits against Munjal from his previous company. 
  • The judge has dismissed all lawsuits against Munjal from his prior company.

    Background: Hippocratic AI CEO Munjal Shah has successfully built multiple healthcare and technology companies, including as co-founder & CEO of Like.com (AI computer vision/machine learning company which sold to Google) & co-founder & CEO of Andale (sold to Alibaba).

    In 2023, Health IQ, a digital health startup co-founded by Munjal Shah serving seniors nationwide, faced significant macroeconomic headwinds, including rapid interest rate increases that materially raised debt servicing costs across venture-backed growth companies. Amid these broader market pressures, Health IQ filed for Chapter 7 bankruptcy in August 2023.

    Following the bankruptcy filing, an unsecured creditor initiated a lawsuit. The matter was fully reviewed by the Court and dismissed in its entirety. The case was formally closed by the Superior Court of California, County of Santa Clara (Case No. 23-11361) on October 29, 2025. 

If you have questions about anything above, please do not hesitate to reach out.
press@hippocraticai.com