Here are the 10 biggest healthcare startups that have shut down and taken hundreds of millions of investors' money with them

Lantern, a mental health startup that built tools to help people deal with stress and anxiety, ceased commercial operations in 2018 after six years, after having trouble selling to consumers. The company's software however, lives on in digital health startup Omada Health, which is offering cognitive behavioral therapy to those with depression or anxiety.

Funds raised: $21.5 million

Year closed: 2018

Raze Therapeutics, founded in 2014, set out to develop a new class of cancer medications. But in 2017, the company decided to call it quits, sending its potential treatments back to academia.

Funds raised: $24 million

Year closed: 2017

Often in drug development, a drug won't work the way researchers and the company thought it would when tested in humans. Usually at that point, the company looks for another strategy to keep it afloat, either by advancing another drug or acquiring a new one.

Such was not the case for Laguna Pharmaceuticals, which was founded in 2006. In 2015, it announced that its heart drug hadn't succeeded in late-stage trials, prompting the company to shut down.

“If you’re going to fail, you want to fail quickly, right?” Laguna CEO Bob Baltera told Xconomy at the time. “We didn’t fail. The drug failed.”

Funds raised: $35 million

Year closed: 2015

Hello was a San Francisco startup that made a sleep-tracking ball called Sense. Founded in 2012, the company developed a second-generation ball with voice, but shortly after in 2017 decided to shut down. The company did not disclose why.

Funds raised: $40 million

Year closed: 2017

Founded in 2010, Healthspot was a Dublin, Ohio-based startup that operated kiosks where people could video chat with doctors. The company's hardware approach ultimately lost out to the software approaches of companies like Teladoc and American Well, and it closed in 2016.

Funds raised: $45 million

Year closed: 2016

Founded in 2008, the Califorina-based synthetic biology company was developing renewable chemicals. But the company had to go into bankruptcy after one of its backers withdrew its funding, marking the end of the line for the company. The company had at the time been in the process of building a facility.

Funds raised: $89 million

Year closed: 2018

We are super excited about the progress we made in March on our VerdePalm manufacturing site. #Malaysia #biotech pic.twitter.com/mcf9G2mm4K

Founded in 1996, ReVision Optics made an eye technology to correct presbyopia, or the condition in which you start to lose the ability to see nearby objects as clearly as you age. Presbyopia is a common condition that can be corrected with glasses, contacts, or surgery, but ReVision's CEO told OIS Weekly that the market was "very challenging."

Funds raised: $172 million

Year closed: 2018

Drugstore.com had a long run. Since getting its start in 1998, it racked up backing from Amazon and Kleiner Perkins. In 2011, Walgreens acquired the startup in a $429 million deal. But in 2016, Walgreens shut it down. The idea was to put more of a focus on Walgreens.com rather than have a separate brand.

Funds raised: $295 million

Year closed: 2016

Theranos, the once darling blood-testing company founded in 2003, had a spectacular fall from grace from 2015 until September 2018 when it shut down for good. The company hadn't hit key development milestones and had to default on its debt financing. The company had faced expensive lawsuits from investors and patients after The Wall Street Journal raised questions about the company's blood-testing technology. Its founder Elizabeth Holmes stepped down as CEO in June, and she and former Theranos president Sunny Balwani face charges of wire fraud.

Funds raised: more than $700 million

Year closed: 2018