Investing fully in women's health means investing in better data

At the 2026 Citizens Private Bank Women in Venture Conference in Santa Barbara, a panel featuring Joanna Strober of Midi Health, Dr. Tiffany Lester of Function Health and Kelly Lacob of Xella Health offered a view into one of healthcare's fastest-moving areas of innovation. While each company approaches women's health differently, from specialized clinical care and preventive testing to AI-enabled diagnostics, the discussion identified a common challenge: much of women's healthcare has historically been built on incomplete data. Closing that gap has significant implications for patients, founders and investors.

The conversation reflected a broader shift underway across women's health. Companies are combining longitudinal data, diagnostic testing, artificial intelligence and specialized care models to address conditions that have often been under-researched, under-diagnosed or treated through fragmented systems.

The missing data in women's healthcare

Panelists reiterated that women have historically been underrepresented in clinical research, with downstream effects across diagnostics, treatment protocols and clinical guidelines. The relative lack of research continues to impact care in the way certain conditions are identified, defined and managed. In practice, this often leads to delayed diagnoses or fragmented care that does not provide effective treatments or clear remedies.

Panelists pointed out that these outcomes are not tied to a single failure point. The issue extends across the full healthcare ecosystem, from research design to how findings are translated into clinical use. Several speakers described a healthcare system that often treats hormonal, metabolic, cardiovascular and reproductive health as separate issues, even though patients experience them as interconnected challenges.

From clinical gap to data infrastructure challenge

As a result, data limitations continue to influence outcomes, even as innovation accelerates across biotechnology and digital health.

As AI and data-driven tools become more integrated in diagnostics and care, the quality and composition of underlying datasets take on added importance. Panelists noted that models trained on incomplete or imbalanced datasets can perpetuate biases that already exist in clinical practice.

In response, a growing set of companies is building datasets specifically designed for women's health. This work spans everything from clinical data collection to longitudinal tracking and real-world evidence development, with the intention of improving accuracy and applicability so that tools perform as intended across broader populations.

What investors should evaluate

For investors, this introduces a different lens for evaluation. Product functionality remains important, though increasing attention is being paid to how data is sourced, structured and refined over time.

Conference attendees hold a unique position as both allocators of capital and individuals who interact with the healthcare system directly. This perspective informs how opportunities are assessed. Investors are looking closely at whether companies are building underlying data and evidence or relying primarily on positioning.

Panelists emphasized the importance of understanding how data is sourced and care is delivered in ways that counteract existing biases. With reduced biases in the data, the direct impact on women's health outcomes can become clearer over time, particularly as products move from early adoption into broader clinical use.

Final thoughts

A similar level of rigor applies to managers investing in the category. Positioning as a women-focused investor does not carry weight on its own. Managers raising funds in this space should have a clear answer about what specific problem is being addressed within women’s healthcare and longevity through their approach, and how that approach is supported by data.

The Citizens Private Bank Women in Venture Retreat brought together some of women’s healthcare’s most persistent challenges, and their outlook was decidedly optimistic. For companies working across diagnostics, preventive care and specialized clinical services, progress increasingly depends on building stronger evidence, more representative datasets and models of care designed around women’s experiences.

For fund managers investing and allocating in sectors like healthcare, these considerations increasingly connect investment decisions with personal experience. Through events such as the Women in Venture Retreat, Citizens Private Bank fosters dialogue among investors, operators and thought leaders across private markets, offering a direct view into how these industries are developing. Our relationship managers work alongside venture capital managers and founders to help ensure financial visibility in these moments, from fund financing to personal liquidity planning. To continue the conversation, please reach out to your Citizens Private Bank team.