The numbers show where a company stands.
Behavior shows where your investment is headed.
Behavioral diligence for health, wellness, and longevity investors.
The numbers show where a company stands. Behavior shows where your investment is headed.
What the numbers say
The behavior behind them
- Adoption
- How many sign up and pay
- Retention
- How many stay, month to month
- Results
- How the product performed in studies
- Pilots and contracts
- Deals with employers, insurers, and health systems
- Motivation
- Why they chose it, and what keeps them coming back
- Habit
- Whether use is part of daily routine or riding on novelty
- Understanding
- Whether the design helps users grasp what it tells them, and act on it
- Staying power
- The habits and incentives that keep engagement going until buyers see results
Behavioral diligence for health, wellness, and longevity investors.
Why now
The regulatory shift
In January 2026, the FDA widened its general wellness policy, so more wearables that estimate blood pressure, oxygen, and glucose can reach the market without FDA review.1
The human factor
57% of U.S. adults now own a wearable or connected health device. Picture a watch alerting someone that their blood pressure may be rising. Do they call a doctor, ignore it, or worry about it all night?
The investment implication
How people respond shapes whether the product helps them, and how it performs as an investment. As review narrows and use spreads, behavioral diligence gives investors a structured way to see it.
What it adds to your diligence
Behavioral diligence sits alongside your financial, legal, and technical reviews.
What's behind the numbers
Diligence hygiene that tests whether the numbers mean what they appear to.
Better questions for management
Specific questions to ask before you commit.
A stronger case for your investment committee
Evidence to bring to the decision, whether it supports the deal or raises questions.
A clear plan after close
Priorities to act on once the deal is done.
Where we start
We start with five questions that look past the numbers in the data room to the behavior behind them. From there, we tailor the work to the product and the decision you're facing.
Why do people adopt and stay?
What draws them in, what keeps them coming back, and what could change as the product reaches new users.
Does the evidence fit the people who will use it?
Whether it was tested on a similar population, and whether users act on what it tells them in daily life.
Do users trust how their data is used?
Whether they understand it well enough to keep sharing it.
How does the company decide?
How it chooses what to claim and build, what incentives reward, and who has a say.
Do concerns reach someone who acts?
How feedback and early warnings travel inside the company.
1 in 2
steps a day
activity
sign-ups
Behavior can erode a product's value, or multiply it.
How we look outside the data room
Behavior can be shaped, by design or by accident. We apply behavioral science, the study of how people make decisions in real life, to see how a product and its company influence what users do.
How we look outside the data room
The data room shows what a company reports. We look at how it behaves.
We experience the product the way its customers do, firsthand or by demonstration. We go beyond what users say to what they do: the habits that keep them coming back, and the friction that turns them away. And with the company's cooperation, we talk to the people who make the calls.
Product design
How features, defaults, and alerts shape what users do.
Habit
What keeps people coming back once the novelty fades.
Incentives
What the business model rewards, for users and for staff.
Decision-making
Who makes the calls on claims, features, and data use, and whether clinical, safety, and customer insight shapes them.
Behavior can be shaped, by design or by accident. We apply behavioral science, the study of how people make decisions in real life, to see how a product and its company influence what users do.
The data room shows what a company reports. We look at how it behaves.
We experience the product the way its customers do, firsthand or by demonstration. We go beyond what users say to what they do: the habits that keep them coming back, and the friction that turns them away. And with the company's cooperation, we talk to the people who make the calls.
Where a product makes clinical claims, we draw on our team of clinical advisors to review the evidence.
Adoption runs on behavior
Why it matters
For many health products, the real prize is adoption by the organizations that pay: employers, insurers, and health systems. At each stage, how far a product gets depends heavily on behavior.
When people keep using a product, investors see returns and users see results.
We show what’s driving that engagement today, and what the company can strengthen to carry it from pilot to renewal.
Pilot
A buyer tests the product with its members or employees.
Contract
The buyer pays at scale once results begin to show.
Renewal
The buyer keeps paying when the outcomes hold.
For many health products, the real prize is adoption by the organizations that pay: employers, insurers, and health systems. At each stage, how far a product gets depends heavily on behavior.
We show what’s driving that engagement today, and what the company can strengthen to carry it from pilot to renewal.
Built for the people backing what comes next:
Investors, family offices, and acquirers in health, wellness, and longevity tech.
Behavioral Outside-In Review
An initial assessment of how the product and company behave, with no company access needed.
In-Depth Assessment
A comprehensive evaluation, with access to the company's team and records.
Governance Support
After investment, support to strengthen how the company makes decisions.
Get the whole story before you invest.
Request an Outside-In ReviewQuestions Investors Ask
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Behavioral due diligence looks at how people use a health product in daily life, and how the company behind it makes decisions. It complements financial, legal, and technical diligence by examining the behavior behind the numbers: adoption, habit, trust, and decision-making.
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Americans spend an average of 12.4 years living with disease or disability, the widest gap in the world,⁸ and women spend 25% more of their lives in poor health than men.⁹ Health and longevity products can help close that gap when people use them well over time.
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It adds a different lens rather than replacing anything. Financial, commercial, and legal reviews show what a company reports. Behavioral diligence looks at how people and the company behave: why people adopt a product, whether they keep using it, and how key decisions get made. Read together, they give a fuller picture of the investment.
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Before a term sheet or letter of intent, before an acquisition, before a follow-on round, or after investing, when priorities for the company are being set.
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It works alongside them. Where a product makes clinical claims, we draw on clinical advisors to review the evidence, and we flag regulatory questions for your counsel.
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A first read on how a product and company behave, built from public information and hands-on product use or demonstration, with no company access needed. It helps you decide whether a deeper assessment is worthwhile.
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Health, wellness, and longevity companies, including wearables, digital health and mental health apps, women's health, recovery, and products for healthy aging.
References
- FDA, General Wellness: Policy for Low Risk Devices, January 2026
- Rock Health, 2025 Consumer Adoption of Digital Health Survey
- Baumel et al., Journal of Medical Internet Research, 2019
- Scoping review, JMIR mHealth and uHealth, 2026
- Patel et al., STEP UP randomized clinical trial, JAMA Internal Medicine, 2019
- RAND Europe, Incentives and Physical Activity, 2018
- Is opt-out enrolment acceptable for low-risk digital health services?, Journal of Primary Health Care, 2022
- Mayo Clinic, healthspan-lifespan gap study, JAMA Network Open, 2024
- McKinsey Health Institute and World Economic Forum, Closing the women's health gap, 2024