The 10 most valuable American startups that died in 2018

Having millions of dollars in backing from venture capitalists doesn’t guarantee the longevity of a startup.

Even well-established private companies are at constant risk of failure, as evidenced by some of the startups that went out of business this year. PitchBook compiled data on the 25 most valuable startups that failed in 2018; three of these companies have been around for more than 20 years and were still forced to shutter.

Startups in the healthcare industry took a big hit — seven companies on the list are in the medical sector.

The list is headed by Theranos, the blood-testing company, whose $9 billion valuation was greater than those of all the other startups on the list combined. It ultimately flamed out after a series of Wall Street Journal reports raised serious questions about its technology.

Here are the 10 most valuable VC-backed startups that failed in 2018:

10. Fallbrook Technologies — automatic shifting technology for bicycles

Year founded: 1998

Maximum valuation: $169 million

Amount raised: $171 million

Read more about Fallbrook Technologies on PitchBook.

9. ReVision Optics — surgical implants for vision loss

Year founded: 1996

Maximum valuation: $183 million

Amount raised: $175 million

Read more about ReVision Optics on PitchBook.

8. Medical Simulation — simulation products for medical training

Year founded: 1998

Maximum valuation: $194 million

Amount raised: $55 million

Read more about Medical Simulation on PitchBook.

7. Airware — drone analytics

Year founded: 2011

Maximum valuation: $59 million

Amount raised: $104 million

Read more about Airware on PitchBook.

6. ItsOn — cloud-based platform for smart mobile services

Year founded: 2008

Maximum valuation: $243 million

Amount raised: $41 million

Read more about ItsOn on PitchBook.

5. Shyp — on-demand delivery platform

Year founded: 2013

Maximum valuation: $275 million

Amount raised: $62 million

Read more about Shyp on PitchBook.

4. Rethink Robotics — robots for the manufacturing industry

Year founded: 2008

Maximum valuation: $291 million

Amount raised: $150 million

Read more about Rethink Robotics on PitchBook.

3. Videology — TV and video advertising software

Year founded: 2007

Maximum valuation: $311 million

Amount raised: $233 million

Read more about Videology on PitchBook.

2. Lytro — full-spectrum light-field cameras

Year founded: 2006

Maximum valuation: $360 million

Amount raised: $202 million

Read more about Lytro on PitchBook.

1. Theranos — blood-testing technology

Year founded: 2003

Maximum valuation: $9 billion

Amount raised: $910 million

Read more about Theranos on PitchBook.