Behavioral Diligence

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

What the numbers say

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

The behavior behind them

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.

Growth assumptions

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.

Claims and outcomes

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.

Data and reputation

Do users trust how their data is used?

Whether they understand it well enough to keep sharing it.

Governance

How does the company decide?

How it chooses what to claim and build, what incentives reward, and who has a say.

Early warning

Do concerns reach someone who acts?

How feedback and early warnings travel inside the company.

Where value slips away
3.3%
median share of users still on a popular mental health app after 30 days.2
Downloads aren't revenue.
At least
1 in 2
studies testing wearable heart readings that included no one over 65.3
Tested on one group, sold to another.
Where value grows
920 more
steps a day
when a wearable program was designed with behavioral science, compared with the wearable alone.4
Same device, better design, more use.
34% more
activity
among members whose Apple Watch payments fell as they met activity goals, compared with members without the incentive.5
The right incentive changes the habit.
77% more
sign-ups
when a digital health text-message program switched from opt-in to opt-out enrollment, with no increase in people dropping out.6
The default shapes adoption.

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.

Clinical expertise, built in

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.

What matters Whether people sign up and keep using it.

Contract

The buyer pays at scale once results begin to show.

What matters Whether engagement lasts long enough for outcomes to appear.

Renewal

The buyer keeps paying when the outcomes hold.

What matters Whether habits outlast the novelty.

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.

01

Behavioral Outside-In Review

An initial assessment of how the product and company behave, with no company access needed.

02

In-Depth Assessment

A comprehensive evaluation, with access to the company's team and records.

03

Governance Support

After investment, support to strengthen how the company makes decisions.

Get the whole story before you invest.

Request an Outside-In Review

Questions Investors Ask