State of Digital Health

GLOBAL TRENDS

Investment Trends
Annual Funding & Deals
Quarterly Funding & Deals
Current Quarter Funding & Deals By Global Region
Percent of Quarterly Deals By Global Region
Percent of Quarterly Deals By Investor Group
Annual Avg & Median Deal Size
Annual Median Deal Size By Global Region
Annual Median Deal Size By Investor Group
Annual Mega-Round Funding & Deals
Quarterly Mega-Round Funding & Deals
Current Quarter Mega-Round Funding & Deals By Global Region
Quarterly Mega-Round Deals By Global Region
Quarterly Mega-Rounds As Percent Of Funding
Current Quarter Top Equity Deals
Annual Percent Of Deals By Deal Stage
Current Quarter Percent Of Deals By Deal Stage & Global Region
Annual Median Funding By Deal Stage
Current Quarter Top Seed/Angel Deals
Current Quarter Top Series A Deals
Current Quarter Top Series B Deals
Current Quarter Top Series C Deals
Current Quarter Top Series D Deals
Current Quarter Top Series E+ Deals

Unicorns
Quarterly New & Total Unicorns
Current Quarter New & Total Unicorns By Global Region
Quarterly New Unicorns By Global Region
Current Quarter Top Unicorn Births
Current Quarter Top Unicorns By Valuation
Exit Trends
Annual Exits
Quarterly Exits
Quarterly Exits by Global Region
Current Quarter Top M&A Exits
Current Quarter Top IPOs

Investors
Current Quarter Top Investors By Company Count
Current Quarter Top VCs By Company Count
Current Quarter Top CVCs By Company Count

GEOGRAPHIC TRENDS

US Trends
Annual Funding & Deals
Quarterly Funding & Deals
Annual Percent Of Deals By Deal Stage
Current Quarter Top Equity Deals
Annual Exits
Quarterly Exits
Current Quarter Top Investors By Company Count

Silicon Valley
Quarterly Funding & Deals
Annual Percent Of Deals By Deal Stage
Current Quarter Top Equity Deals

New York
Quarterly Funding & Deals
Annual Percent Of Deals By Deal Stage
Current Quarter Top Equity Deals

Boston
Quarterly Funding & Deals
Annual Percent Of Deals By Deal Stage
Current Quarter Top Equity Deals

Asia Trends
Annual Funding & Deals
Quarterly Funding & Deals
Annual Percent Of Deals By Deal Stage
Current Quarter Top Equity Deals
Annual Exits
Quarterly Exits
Current Quarter Top Investors By Company Count

Europe Trends
Annual Funding & Deals
Quarterly Funding & Deals
Annual Percent Of Deals By Deal Stage
Current Quarter Top Equity Deals
Annual Exits
Quarterly Exits
Current Quarter Top Investors By Company Count
Annual Funding & Deals

2019 2020 2021 2022 2023

Funding $17.9B $28.4B $52.7B $25.5B $13.2B
Deals 2,253 2,306 2,798 2,267 1,397

Quarterly Funding & Deals

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
Funding $3.9B $4.7B $4.3B $5.0B $5.7B $5.4B
Deals 568 573 573 539 561 573

Current Quarter Funding & Deals By Global Region

Funding Deals
US $1.7B 133
Europe $0.3B 51
Asia $0.3B 44
Canada $23.7M 8
LatAm $26.1M 3
Africa $7.8M 2
Oceania $8.6M 2

Percent of Quarterly Deals By Global Region

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
US 53% 54% 57% 49% 54% 54%
Asia 20% 19% 20% 24% 18% 18%
Europe 19% 20% 15% 20% 21% 20%
All Other
Regions 8% 7% 7% 8% 7% 8%
Percent of Quarterly Deals By Investor Group

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
VC 35% 36% 33% 32% 33% 35%
Other 20% 20% 22% 19% 18% 21%
Corp 8% 8% 7% 8% 10% 7%
CVC 9% 9% 8% 9% 10% 10%
Angel 8% 8% 8% 10% 9% 8%
Asset/
Investment
Manageme
nt
Private 5% 7% 5% 8% 6% 7%
Equity 6% 5% 4% 6% 5% 6%
Incubator/
Accelerator 10% 7% 14% 7% 9% 6%

Annual Avg & Median Deal Size

2019 2020 2021 2022 2023

Average
Deal Size $10.5M $15.8M $23.1M $14.1M $11.9M
Median
Deal Size $2.3M $3.4M $3.7M $4.0M $4.0M

Annual Median Deal Size By Global Region

2019 2020 2021 2022 2023

US $3.1M $4.0M $5.4M $4.7M $4.6M
Asia $2.6M $4.2M $3.0M $3.4M $3.7M
Europe $1.5M $2.0M $2.7M $3.2M $3.2M

Annual Median Deal Size By Investor Group

 2019 2020 2021 2022 2023
Angel $2.5M $2.8M $3.0M $4.0M $3.6M
Asset/
Investment
Manageme
nt $11.3M $37.0M $60.0M $17.5M $13.1M
CVC $12.0M $15.0M $17.3M $15.0M $10.0M
Corp
Private $10.0M $10.0M $13.3M $11.2M $7.3M
Equity $15.0M $22.0M $35.0M $20.0M $20.0M
VC $7.0M $10.0M $12.5M $10.0M $8.0M

Annual Mega-Round Funding & Deals

2019 2020 2021 2022 2023

Funding $4.9B $12.3B $29.4B $8.1B $3.4B
Deals 24 71 147 50 20

Quarterly Mega-Round Funding & Deals

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
Funding $0.9B $0.7B $1.6B $1.7B $2.3B $1.0B
Deals 4 5 8 7 13 8

Current Quarter Mega-Round Funding & Deals By Global Region

Funding Deals
US $0.4B 3

Quarterly Mega-Round Deals By Global Region

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
US 2 4 6 2 10 7
Asia 1 1 0 4 1 0
Europe 1 0 2 1 2 0
All Other
Regions 0 0 0 0 0 1

Quarterly Mega-Rounds As Percent Of Funding

2019 2020
Mega- Q1 Q2 Q3 Q4 Q1 Q2
rounds 22% 15% 37% 35% 41% 19%
Non-mega-
rounds 78% 85% 63% 65% 59% 81%

Annual Percent Of Deals By Deal Stage

2019 2020 2021 2022 2023

Early-stage 66% 62% 65% 65% 64%
Mid-stage 15% 18% 17% 15% 16%
Late-stage 8% 9% 9% 8% 9%
Other 11% 12% 8% 11% 11%

Current Quarter Percent Of Deals By Deal Stage & Global Region

All Other
US Asia Europe Regions
Early-stage 54% 14% 24% 9%
Mid-stage 57% 28% 15% 0%
Late-stage 39% 35% 22% 4%
Other 67% 11% 17% 6%

Annual Median Funding By Deal Stage

2019 2020 2021 2022 2023

Early-stage $1.5M $1.8M $2.1M $2.6M $2.5M
Mid-stage $18.3M $20.5M $31.2M $25.0M $17.9M
Late-stage $18.6M $40.0M $75.0M $30.0M $27.8M
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
$7.5B $9.9B $11.4B $15.2B $11.9B $14.2B $9.8B
613 559 678 725 742 653 768

2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
54% 51% 54% 50% 50% 48% 50%
19% 22% 19% 22% 24% 24% 22%
22% 21% 19% 23% 17% 22% 21%

5% 6% 7% 6% 8% 6% 7%
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
33% 36% 35% 34% 31% 32% 33%
19% 19% 18% 16% 18% 18% 17%
10% 7% 7% 8% 9% 8% 7%
8% 8% 7% 8% 8% 8% 8%
9% 10% 10% 11% 11% 12% 12%

7% 8% 8% 9% 9% 9% 9%
7% 8% 7% 8% 6% 6% 7%

8% 5% 9% 6% 8% 6% 8%
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
$3.6B $5.3B $7.1B $9.0B $5.5B $7.9B $4.2B
20 30 38 42 30 37 25

obal Region

2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
17 19 34 24 21 29 21
3 8 4 5 6 3 1
 0 3 0 12 1 3 2

0 0 0 1 2 2 1

2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
48% 53% 62% 59% 46% 56% 43%

52% 47% 38% 41% 54% 44% 57%

Global Region
 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
$7.5B $4.6B $3.6B $4.1B $3.5B $3.4B $2.3B
584 503 412 499 378 277 243

2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
51% 56% 55% 51% 52% 54% 55%
21% 20% 16% 16% 17% 21% 18%
21% 17% 24% 26% 23% 20% 21%

7% 7% 6% 7% 8% 5% 6%
 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
33% 33% 31% 29% 32% 35% 31%
19% 22% 21% 20% 22% 21% 22%
7% 8% 9% 10% 10% 10% 12%
7% 7% 7% 8% 9% 8% 10%
12% 10% 11% 12% 9% 9% 9%

9% 6% 9% 7% 8% 7% 8%
6% 6% 7% 5% 5% 4% 4%

5% 8% 6% 11% 5% 6% 3%
 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
$2.3B $0.9B $0.7B $1.1B $0.9B $1.0B $0.4B
15 6 4 5 5 7 3

2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
11 3 4 5 4 4 3
1 2 0 0 0 2 0
3 1 0 0 0 1 0

0 0 0 0 1 0 0

2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
31% 20% 19% 26% 26% 30% 17%

69% 80% 81% 74% 74% 70% 83%

Current Quarter Top Equity Deals

Round Round
Company Amount Date
Series E
1 Devoted Health $175.0M 2023-12-29
Series C
2 Headway $125.0M 2023-10-04
Series B
3 Iambic Therapeutics $100.0M 2023-10-03
Series C
4 Elucid $80.0M 2023-11-09
Series E
5 Commure $70.0M 2023-10-13
Series D
6 InfoBionic $58.0M 2023-10-09
Series E
7 Forward $50.0M 2023-11-15
Series D
7 Twin Health $50.0M 2023-12-13
Series C
9 Alto Neuroscience $45.0M 2023-11-21
Series C
10 EndoQuest Robotics $42.0M 2023-12-04

Current Quarter Top Seed/Angel Deals

Round Round
Company Amount Date
Seed VC
1 Mana.bio $15.0M 2023-10-10
Seed
2 Power $12.0M 2023-12-22
Seed VC
3 Biocogniv $11.0M 2023-10-19
Seed VC
4 CoverSelf $8.0M 2023-11-14
Seed VC
4 Ventricle Health $8.0M 2023-10-17
 Seed VC
6 Korio $7.0M 2023-10-10
Seed VC
6 Pepper Bio $7.0M 2023-11-30
Seed VC
8 InpharmD $6.0M 2023-12-07
Seed VC
8 Nocturne $6.0M 2023-10-26
Seed VC
10 HeartBeat.bio $5.0M 2023-11-02
Seed VC
10 Jona $5.0M 2023-11-01
Seed VC
10 Susu $5.0M 2023-12-14
Seed VC
10 Vantari VR $5.0M 2023-12-07

Current Quarter Top Series A Deals

Round Round
Company Amount Date
Series A
1 Orbem $32.0M 2023-10-11
Series A
2 Cradle $24.0M 2023-11-27
Series A
3 Bright Uro $23.0M 2023-11-30
Series A
4 Waymark $22.0M 2023-10-18
Series A
5 Greater Good Health $20.0M 2023-10-10
Series A
5 PayGround $20.0M 2023-11-01
Series A
5 knownwell $20.0M 2023-12-18
Series A
8 FluidAI Medical $15.0M 2023-10-10
Series A
9 Anima $14.0M 2023-11-08
Series A
10 Orchid $12.0M 2023-12-05
Series A
10 Sunnyside $12.0M 2023-11-15
Current Quarter Top Series B Deals

Round Round
Company Amount Date
Series B
1 Iambic Therapeutics $100.0M 2023-10-03
Series B
2 Eleos Health $40.0M 2023-11-09
Series B
2 MicroSure $40.0M 2023-10-04
Series B
4 Diana Health $34.0M 2023-10-05
Series B
5 Abridge $30.0M 2023-10-26
Series B
5 Eligo Bioscience $30.0M 2023-12-05
Series B
5 Holmusk $30.0M 2023-10-03
Series B
5 PatientFi $30.0M 2023-12-21
Series B
9 Onsurity Technologies $24.0M 2023-10-09
Series B
10 PursueCare $20.0M 2023-12-13
Series B
10 Signos $20.0M 2023-10-24

Current Quarter Top Series C Deals

Round Round
Company Amount Date
Series C
1 Headway $125.0M 2023-10-04
Series C
2 Elucid $80.0M 2023-11-09
Series C
3 Alto Neuroscience $45.0M 2023-11-21
Series C
4 EndoQuest Robotics $42.0M 2023-12-04
 Series C
5 Doctor Anywhere $41.0M 2023-12-06
Series C
6 MICIN $27.0M 2023-10-05
Series C
7 Covera Health $25.0M 2023-11-01
Series C
8 MedRhythms $19.0M 2023-12-12
Series C
9 AristaMD $17.0M 2023-11-14
Series C
10 Humanscape $15.0M 2023-12-21
Series C
10 Neurophet $15.0M 2023-11-07
Series C
10 ThinkCyte $15.0M 2023-11-28

Current Quarter Top Series D Deals

Round Round
Company Amount Date
Series D
1 InfoBionic $58.0M 2023-10-09
Series D
2 Twin Health $50.0M 2023-12-13
Series D
3 Aidoc $30.0M 2023-11-27
Series D
4 Blue Spark $4.0M 2023-12-11

Current Quarter Top Series E+ Deals

Round Round
Company Amount Date
Series E
1 Devoted Health $175.0M 2023-12-29
Series E
2 Commure $70.0M 2023-10-13
Series E
3 Forward $50.0M 2023-11-15
Round Valuation

$12.9B

$1.0B

$266.5M

N/A

$6.0B

$73.3M

N/A

N/A

N/A

N/A

Select Investors
Andreessen Horowitz, Base4 Capital, LionBird Venture
Capital, NFX, Technion Israel Institute of Technology

Undisclosed Investors

The Fund at Hula

3one4 Capital Partners, BEENEXT, Z21 Ventures

RA Capital Management, Waterline Ventures

Excelerate Health Ventures, Boston Millennia Partners

NFX, Mana Ventures, Silverton Partners

645 Ventures, Y Combinator, ELC, Qlarant Capital, Atlanta
Ventures
Bain Capital Crypto, Polychain Capital, Bankless Ventures,
Hack VC, Robot Ventures
AWS Grunderfonds, Invest Unternehmensbeteiligungs,
Tensor Ventures, i&i Biotech Fund

Breyer Capital, Meridian Street Capital, Kicker Ventures

Plug and Play Ventures, Al Mada, Five35 Ventures, Health54

Co:Act, Acova Capital, Significant Early Venture Capital,
Sirius Capital

Select Investors
83North, Possible Ventures, The Venture Collective, La
Famiglia

Index Ventures, Kindred Capital, Chris Gibson, Tom Glocer

Laborie Medical Technologies

Lux Capital, Andreessen Horowitz, CVS Health Ventures

Flare Capital Partners, Health Velocity Capital, LRVHealth,
Martin Ventures, Optum Ventures
SixThirty, FCA Venture Partners, IA Capital Group, Plug and
Play Ventures, Rally Ventures

Andreessen Horowitz, Flare Capital Partners

Graphene Ventures, SOSV, Boutique Venture Partners,
Threshold Impact

Hummingbird Ventures, Molten Ventures

Day One Ventures, Refactor Capital, Conviction Capital,
Pebblebed, Prometheus Fund
Motley Fool Ventures, Adjacent, Eudemian Ventures, Mike
Lee, Offline Ventures
Select Investors
Abingworth, Ascenta Capital, Sequoia Capital, Catalio
Capital Management, Coatue
Menlo Ventures, Eight Roads Ventures, F-Prime Capital, Lool
Ventures, aMoon Fund
BOM Brabant Ventures, European Innovation Council,
Innovation Industries, Invest-NL, Ten Cate
Investeringsmaatschappij
Norwest Venture Partners, .406 Ventures, AlleyCorp,
LRVHealth
Spark Capital, Bessemer Venture Partners, CVS Health
Ventures, Kaiser Permanente Ventures, Lifepoint Health
Sanofi Ventures, Bpifrance, Khosla Ventures, Seventure
Partners

Veradigm

Undisclosed Investors
International Finance Corporation, Nexus Venture Partners,
Quona Capital
T.Rx Capital, Yamaha Motor Ventures, OCA Ventures, Seyen
Capital
Cheyenne Partners, Google Ventures, Dexcom Ventures,
Samsung NEXT

Select Investors
Spark Capital, Accel, Andreessen Horowitz, Thrive Capital,
Health Care Service Corporation

Elevage Medical Technologies

InVivium Capital, Alpha Wave Global, Lightswitch Capital,
What If Ventures, Windham Venture Partners

CE-Ventures, McNair Interests, Puma Venture Capital

Novo Holdings, Square Peg Ventures
MTG Ventures, Toho Holdings Co. Ltd., World Innovation
Lab, Alfresa Holdings Corporation

Insight Partners

Advantage Capital

Undisclosed Investors
Hanwha Asset Management, Hanwha Group, Korea
Development Bank
KOLON INVESTMENT, Prophet Asset Management, KB
Securities
Nomura Sparx Investment, ITOCHU Technology Ventures,
Real Tech Holdings, Technology Ventures, Toyoda Gosei

Round Valuation

$73.3M

N/A

N/A

N/A

Round Valuation

$12.9B

$6.0B

N/A
Select Investors Country
Fearless Ventures, GIC, Maverick Ventures, Stardust Equity, The United
Space Between States
Spark Capital, Accel, Andreessen Horowitz, Thrive Capital, Health United
Care Service Corporation States
Abingworth, Ascenta Capital, Sequoia Capital, Catalio Capital United
Management, Coatue States
United
Elevage Medical Technologies States
United
General Catalyst States
Blue Cross and Blue Shield of Kansas, Excel Venture
Management, Zaffre Investments, Security International United
Investments, Mayo Clinic States
Founders Fund, Garrett Camp, Khosla Ventures, Abu Dhabi United
Investment Council, Samsung NEXT States
Temasek, Helena Capital Partners, ICONIQ Growth, Peak XV United
Partners, Sofina States
InVivium Capital, Alpha Wave Global, Lightswitch Capital, What If United
Ventures, Windham Venture Partners States
United
CE-Ventures, McNair Interests, Puma Venture Capital States

Country

Israel

United States

United States

United States

United States
United States

United States

United States

Germany

Austria

United States

France

Australia

Country

Germany

Netherlands

United States

United States

United States

United States

United States

Canada

United Kingdom

United States

United States
Country

United States

United States

Netherlands

United States

United States

France

Singapore

United States

India

United States

United States

Country

United States

United States

United States

United States
Singapore

Japan

United States

United States

United States

South Korea

South Korea

United States

Select Investors Country

Blue Cross and Blue Shield of Kansas, Excel Venture
Management, Zaffre Investments, Security International United
Investments, Mayo Clinic States
Temasek, Helena Capital Partners, ICONIQ Growth, Peak XV United
Partners, Sofina States

Undisclosed Investors Israel

United
Early Stage Partners States

Select Investors Country

Fearless Ventures, GIC, Maverick Ventures, Stardust Equity, The United
Space Between States
United
General Catalyst States
Founders Fund, Garrett Camp, Khosla Ventures, Abu Dhabi United
Investment Council, Samsung NEXT States
% of Total Funding

7.5%

5.4%

4.3%

3.4%

3.0%

2.5%

2.2%

2.2%

1.9%

1.8%
Quarterly New & Total Unicorns

2019 2020
New Q1 Q2 Q3 Q4 Q1 Q2
Unicorns
Total 4 2 3 1 2 1
Unicorns 30 31 31 32 33 34

Current Quarter New & Total Unicorns By Global Region

Total New
Unicorns Unicorns
US 74 2
Asia 10 0
Canada 1 0
Europe 9 0

Quarterly New Unicorns By Global Region

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
US 3 1 1 1 1 1
Asia 0 1 0 0 0 0
Europe 1 0 2 0 1 0
Canada 0 0 0 0 0 0
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
5 6 16 10 10 12 7
36 42 53 61 68 78 85

2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
5 6 15 6 8 10 7
0 0 0 1 2 1 0
0 0 0 3 0 1 0
0 0 1 0 0 0 0
 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
10 2 0 2 0 0 2
94 95 95 97 96 95 94

2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
8 2 0 2 0 0 2
0 0 0 0 0 0 0
2 0 0 0 0 0 0
0 0 0 0 0 0 0
Current Quarter Top Unicorn Births
Latest
Company
EmployerDirect Valuation Country
United
1 Healthcare $1.0B States
United
1 Headway $1.0B States

Current Quarter Top Unicorns By Valuation

Latest
Company Valuation Country
United
1 Devoted Health $12.9B States
United
2 Tempus $8.1B States
United
3 Caris $7.8B States
United
4 Ro $7.0B States
4 We Doctor $7.0B China
6 Doctolib $6.4B France
United
7 Hinge Health $6.2B States
United
8 Benchling $6.1B States
United
9 Commure $6.0B States
United
10 Lyra Health $5.9B States
Annual Exits

2019 2020 2021 2022 2023

IPO 17 33 55 19 4
M&A 215 237 342 258 151
SPAC 1 1 20 3 1

Quarterly Exits

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
IPO 2 3 5 7 5 6
M&A 58 51 55 51 54 54
SPAC 0 0 1 0 0 0

Quarterly Exits by Global Region

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
US 61% 76% 79% 61% 82% 62%
Asia 7% 6% 3% 7% 2% 5%
Europe 23% 17% 15% 25% 10% 23%
All Other
Regions 10% 2% 3% 7% 6% 10%
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
14 8 14 9 15 17 5
57 72 92 84 86 80 107
0 1 3 5 5 7 0

2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
62% 64% 61% 66% 61% 61% 56%
15% 4% 8% 3% 13% 11% 9%
15% 16% 17% 19% 16% 22% 21%

8% 16% 15% 12% 9% 7% 13%

 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
4 9 1 2 1 0 1
63 53 35 56 36 20 39
2 1 0 0 0 1 0

2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
56% 44% 47% 62% 50% 59% 68%
7% 21% 13% 5% 8% 5% 7%
31% 27% 32% 27% 29% 36% 15%

6% 8% 8% 7% 13% 0% 10%
Current Quarter Top M&A Exits
Round
Company Valuation Acquirer Country
1 Pathology Watch $150.0M Sonic Healthcare United States
2 Imbio $45.0M 4DMedical United States
3 Envera Health $32.0M Access Healthcare United States
4 Hyris $28.0M Ulisse Biomed United Kingdom
5 Pentavere Research Group $15.0M Healwell AIFinancial
Kingsway Canada
6 Digital Diagnostics Imaging $11.0M Services United States

Current Quarter Top IPOs

Round
Company Valuation Country
1 Marso $52.0M Japan
Current Quarter Top Investors By Company Count
Company Investor
Investor Count Group Country
United
1 Andreessen Horowitz 5 VC States
United
1 Plug and Play Ventures 5 VC States
United
3 CVS Health Ventures 3 CVC States
United
3 Excelerate Health
Kleiner Perkins Ventures
Caufield & 3 VC States
United
3 Byers 3 VC States
United
3 SOSV 3 VC States
United
3 Samsung NEXT 3 CVC States
United
3 The Venture Collective 3 VC States

Current Quarter Top VCs By Company Count

Company
Investor Count Country
1 Andreessen Horowitz 5 United States
1 Plug and Play Ventures 5 United States
3 Excelerate Health
Kleiner Perkins Ventures
Caufield & 3 United States
3 Byers 3 United States
3 SOSV 3 United States
3 The Venture Collective 3 United States

Current Quarter Top CVCs By Company Count

Company
Investor Count Country
1 CVS Health Ventures 3 United States
1 Samsung NEXT 3 United States
3 Google Ventures 2 United States
3 Health54 2 France
3 Yamaha Motor Ventures 2 United States
Annual Funding & Deals

2019 2020 2021 2022 2023

Funding $11.4B $19.1B $35.7B $17.5B $9.1B
Deals 1,200 1,227 1,414 1,183 736

Quarterly Funding & Deals

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
Funding $2.5B $3.3B $2.4B $3.2B $4.1B $3.6B
Deals 299 308 329 264 302 309

Annual Percent Of Deals By Deal Stage

2019 2020 2021 2022 2023

Early-stage 61% 57% 60% 59% 60%
Mid-stage 17% 18% 18% 16% 15%
Late-stage 8% 9% 10% 8% 9%
Other 14% 16% 11% 18% 15%

Annual Exits

2019 2020 2021 2022 2023

IPO 10 14 28 4 2
M&A 150 166 213 141 91
SPAC 1 1 18 1 1

Quarterly Exits

2019 2020
 Q1 Q2 Q3 Q4 Q1 Q2
IPO 1 1 5 3 3 2
M&A 35 40 42 33 46 35
SPAC 0 0 1 0 0 0
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
$5.5B $5.9B $8.8B $9.3B $7.8B $9.9B $7.0B
331 285 369 361 373 311 382

2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
7 2 6 7 10 5 2
36 49 57 53 51 52 61
0 1 3 5 4 6 0
 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
$4.9B $2.9B $2.6B $2.9B $2.3B $2.2B $1.7B
296 280 225 256 198 149 133

2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
2 0 0 2 0 0 0
36 27 17 33 18 12 28
0 1 0 0 0 1 0
Current Quarter Top Equity Deals

Round Round
Company Amount Date
Series E
1 Devoted Health $175.0M 2023-12-29
Series C
2 Headway $125.0M 2023-10-04
Series B
3 Iambic Therapeutics $100.0M 2023-10-03
Series C
4 Elucid $80.0M 2023-11-09
Series E
5 Commure $70.0M 2023-10-13
Series D
6 InfoBionic $58.0M 2023-10-09
Series E
7 Forward $50.0M 2023-11-15
Series D
7 Twin Health $50.0M 2023-12-13
Series C
9 Alto Neuroscience $45.0M 2023-11-21
Series C
10 EndoQuest Robotics $42.0M 2023-12-04

Current Quarter Top Investors By Company Count

Company
Investor Count Investor Group
1 Andreessen Horowitz 5 VC
1 Plug and Play Ventures 5 VC
3 CVS Health Ventures 3 CVC
3 Excelerate Health
Kleiner Perkins Ventures
Caufield & 3 VC
3 Byers 3 VC
3 SOSV 3 VC
3 Samsung NEXT 3 CVC
3 The Venture Collective 3 VC
Round Valuation Select Investors
Fearless Ventures, GIC, Maverick Ventures, Stardust Equity, The
$12.9B Space Between
Spark Capital, Accel, Andreessen Horowitz, Thrive Capital, Health
$1.0B Care Service Corporation
Abingworth, Ascenta Capital, Sequoia Capital, Catalio Capital
$266.5M Management, Coatue

N/A Elevage Medical Technologies

$6.0B General Catalyst

Blue Cross and Blue Shield of Kansas, Excel Venture
Management, Zaffre Investments, Security International
$73.3M Investments, Mayo Clinic
Founders Fund, Garrett Camp, Khosla Ventures, Abu Dhabi
N/A Investment Council, Samsung NEXT
Temasek, Helena Capital Partners, ICONIQ Growth, Peak XV
N/A Partners, Sofina
InVivium Capital, Alpha Wave Global, Lightswitch Capital, What If
N/A Ventures, Windham Venture Partners

N/A CE-Ventures, McNair Interests, Puma Venture Capital

Country
United States
United States
United States
United States
United States
United States
United States
United States
Country % of Total Funding
United
States 10.5%
United
States 7.5%
United
States 6.0%
United
States 4.8%
United
States 4.2%
United
States 3.5%
United
States 3.0%
United
States 3.0%
United
States 2.7%
United
States 1.8%
Quarterly Funding & Deals

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
Funding $0.6B $1.1B $0.7B $1.0B $1.4B $1.3B
Deals 49 66 79 49 65 78

Annual Percent Of Deals By Deal Stage

2019 2020 2021 2022 2023

Early-stage 65% 56% 56% 56% 61%
Mid-stage 24% 27% 23% 23% 13%
Late-stage 7% 8% 15% 10% 10%
Other 5% 8% 6% 10% 17%
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
$1.7B $1.8B $3.0B $2.2B $2.4B $3.5B $2.6B
76 64 79 73 77 69 80
 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
$1.1B $0.7B $0.7B $0.5B $0.4B $0.5B $0.4B
62 56 38 54 22 35 32
Current Quarter Top Equity Deals

Round Round Round

Company Amount Date Valuation
Series E
1 Commure $70.0M 2023-10-13 $6.0B
Series E
2 Forward $50.0M 2023-11-15 N/A
Series D
2 Twin Health $50.0M 2023-12-13 N/A
Series C
4 Alto Neuroscience $45.0M 2023-11-21 N/A
Growth Equity
5 Vida Health $29.0M 2023-11-09 N/A
Select Investors % of Total Funding

General Catalyst 16.7%

Founders Fund, Garrett Camp, Khosla Ventures,
Abu Dhabi Investment Council, Samsung NEXT 11.9%
Temasek, Helena Capital Partners, ICONIQ
Growth, Peak XV Partners, Sofina 11.9%
InVivium Capital, Alpha Wave Global, Lightswitch
Capital, What If Ventures, Windham Venture
Partners 10.7%
Ally Bridge Group, Canvas Ventures, General
Atlantic, Hercules Capital 6.8%
Quarterly Funding & Deals

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
Funding $0.8B $0.5B $0.6B $0.3B $0.4B $0.7B
Deals 54 47 42 29 46 51

Annual Percent Of Deals By Deal Stage

2019 2020 2021 2022 2023

Early-stage 66% 61% 61% 64% 63%
Mid-stage 17% 22% 23% 16% 14%
Late-stage 6% 6% 7% 4% 8%
Other 11% 12% 8% 15% 15%
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
$0.9B $1.1B $2.6B $2.4B $1.7B $1.2B $0.9B
55 38 64 74 65 54 63
 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
$0.7B $0.8B $0.3B $0.5B $0.4B $0.3B $0.3B
47 48 37 38 32 19 18
Current Quarter Top Equity Deals

Round Round
Company Amount Date Round Valuation
Series C
1 Headway $125.0M 2023-10-04 $1.0B
Series B
2 Diana Health $34.0M 2023-10-05 $85.8M
Covera Series C
3 Health $25.0M 2023-11-01 N/A
Undisclosed
4 ObvioHealth $15.0M 2023-11-06 N/A
Series A
5 Allara $10.0M 2023-10-18 $40.0M
Series A
5 Ciba Health $10.0M 2023-12-04 N/A
Select Investors % of Total Funding
Spark Capital, Accel, Andreessen Horowitz,
Thrive Capital, Health Care Service
Corporation 49.7%
Norwest Venture Partners, .406 Ventures,
AlleyCorp, LRVHealth 13.5%

Insight Partners 9.9%

Undisclosed Investors 6.0%

Google Ventures, Great Oaks Venture
Capital, humbition, FOG Ventures, Vanterra
Capital 4.0%

DigiTx Partners 4.0%

Quarterly Funding & Deals

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
Funding $0.3B $0.5B $0.3B $0.4B $0.5B $0.3B
Deals 22 28 33 30 38 22

Annual Percent Of Deals By Deal Stage

2019 2020 2021 2022 2023

Early-stage 60% 55% 56% 50% 56%
Mid-stage 19% 19% 23% 21% 19%
Late-stage 10% 13% 7% 10% 8%
Other 11% 13% 14% 19% 16%
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
$0.7B $0.5B $0.7B $1.1B $0.8B $0.8B $0.9B
25 21 25 37 30 26 44
 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
$1.1B $0.1B $0.3B $84M $0.2B $0.5B $0.2B
28 23 22 16 14 14 18
Current Quarter Top Equity Deals

Round Round
Company Amount Date Round Valuation
Series C
1 Elucid $80.0M 2023-11-09 N/A
Series D
2 InfoBionic $58.0M 2023-10-09 $73.3M
Eleos Series B
3 Health $40.0M 2023-11-09 N/A
Series A
4 knownwell $20.0M 2023-12-18 N/A
Series B
5 Scitara $15.0M 2023-11-03 N/A
Select Investors % of Total Funding

Elevage Medical Technologies 32.5%

Blue Cross and Blue Shield of Kansas, Excel Venture
Management, Zaffre Investments, Security International
Investments, Mayo Clinic 23.5%
Menlo Ventures, Eight Roads Ventures, F-Prime Capital, Lool
Ventures, aMoon Fund 16.2%

Andreessen Horowitz, Flare Capital Partners 8.1%

Flybridge Capital Partners, Northpond Ventures 6.1%

Annual Funding & Deals

2019 2020 2021 2022 2023

Funding $2.9B $5.4B $8.4B $2.9B $1.3B
Deals 465 446 622 457 245

Quarterly Funding & Deals

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
Funding $0.7B $0.6B $0.5B $1.0B $0.6B $0.7B
Deals 114 109 115 127 101 103

Annual Percent Of Deals By Deal Stage

2019 2020 2021 2022 2023

Early-stage 66% 61% 66% 69% 60%
Mid-stage 21% 25% 21% 21% 24%
Late-stage 9% 11% 10% 7% 12%
Other 4% 3% 3% 3% 4%

Annual Exits

2019 2020 2021 2022 2023

IPO 3 6 13 13 2
M&A 10 12 24 19 8
SPAC 0 0 0 1 0

Quarterly Exits

2019 2020
 Q1 Q2 Q3 Q4 Q1 Q2
IPO 0 1 0 2 0 1
M&A 4 2 2 2 1 2
SPAC 0 0 0 0 0 0
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
$1.2B $3.0B $1.9B $1.8B $2.4B $2.3B $0.9B
118 124 130 156 181 155 169

2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
5 0 5 0 3 5 2
6 3 4 3 11 6 8
0 0 0 0 0 0 0
 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
$0.9B $0.8B $0.3B $0.4B $0.2B $0.5B $0.3B
121 100 67 80 64 57 44

2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
1 9 1 0 1 0 1
3 4 4 3 2 1 2
1 0 0 0 0 0 0
Current Quarter Top Equity Deals

Round Round
Company Amount Date
Series C
1 Doctor Anywhere $41.0M 2023-12-06
Series B
2 Holmusk $30.0M 2023-10-03
Series C
3 MICIN $27.0M 2023-10-05
Series B
4 Onsurity Technologies $24.0M 2023-10-09
Series C
5 Humanscape $15.0M 2023-12-21
Series C
5 Neurophet $15.0M 2023-11-07
Series B
7 MEZOO $14.0M 2023-11-07
Series B
8 Medipixel $13.0M 2023-10-26
Series B
9 AITRICS $11.0M 2023-10-20
Private Equity
10 ABI Health $10.0M 2023-12-18

Current Quarter Top Investors By Company Count

Company
Investor Count Investor Group
1 Epic Angels 2 Angel
1 Global Brain 2 VC
1 Premier Partners 2 VC
Asset/investment
1 QR investment
Shinhan Venture 2 management
1 Investment 2 VC
Round
Valuation Select Investors Country

N/A Novo Holdings, Square Peg Ventures Singapore

N/A Veradigm Singapore

MTG Ventures, Toho Holdings Co. Ltd., World
N/A Innovation Lab, Alfresa Holdings Corporation Japan
International Finance Corporation, Nexus Venture
N/A Partners, Quona Capital India
Hanwha Asset Management, Hanwha Group, Korea South
N/A Development Bank Korea
KOLON INVESTMENT, Prophet Asset Management, South
N/A KB Securities Korea
AJU IB Investment, Dong-A ST, InterVest, SJ South
N/A Investment Partners, Shinhan Venture Investment Korea
QUAD Investment Management, Company K
Partners, DAYLI Partners, IMM Investment, Premier South
N/A Partners Korea
BSK Investment, Premier Partners, Bonum
Investment, DS Investment & Securitie, HB South
N/A Investment Korea

N/A InvAscent India

Country
Singapore
Japan
South Korea
Japan
South Korea
% of Total Funding

16.1%

11.8%

10.5%

9.4%

6.1%

6.0%

5.4%

4.9%

4.5%

3.9%
Annual Funding & Deals

2019 2020 2021 2022 2023

Funding $3.2B $3.1B $6.9B $4.1B $2.1B
Deals 418 479 570 470 322

Quarterly Funding & Deals

2019 2020
Q1 Q2 Q3 Q4 Q1 Q2
Funding $0.6B $0.6B $1.3B $0.7B $0.7B $0.8B
Deals 110 115 87 106 116 115

Annual Percent Of Deals By Deal Stage

2019 2020 2021 2022 2023

Early-stage 76% 72% 74% 74% 73%
Mid-stage 10% 12% 13% 12% 12%
Late-stage 6% 7% 6% 9% 7%
Other 8% 9% 6% 5% 7%

Annual Exits

2019 2020 2021 2022 2023

IPO 3 8 7 2 0
M&A 44 36 67 72 40
SPAC 0 0 2 1 0

Quarterly Exits

2019 2020
 Q1 Q2 Q3 Q4 Q1 Q2
IPO 0 1 0 2 1 1
M&A 14 8 9 13 5 13
SPAC 0 0 0 0 0 0
 2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
$0.6B $0.9B $0.5B $3.9B $1.2B $1.3B $1.3B
132 116 130 167 127 146 163

2021 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1
2 4 0 1 1 5 1
9 9 18 17 15 17 23
0 0 0 0 1 1 0
 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
$1.5B $0.7B $0.6B $0.6B $0.5B $0.6B $0.3B
124 86 97 129 86 56 51

2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4
1 0 0 0 0 0 0
20 17 12 16 11 7 6
1 0 0 0 0 0 0
Current Quarter Top Equity Deals

Round Round Round

Company Amount Date Valuation
Series B
1 MicroSure $40.0M 2023-10-04 N/A
Series A
2 Orbem $32.0M 2023-10-11 N/A
Series D
3 Aidoc $30.0M 2023-11-27 N/A
Series B
3 Eligo Bioscience $30.0M 2023-12-05 N/A
Private Equity
5 BioSerenity $26.0M 2023-11-13 N/A
Series A
6 Cradle $24.0M 2023-11-27 N/A
Seed VC
7 Mana.bio $15.0M 2023-10-10 N/A
Series A
8 Anima $14.0M 2023-11-08 N/A
Series B
9 Tilak Healthcare $11.0M 2023-10-12 N/A
Series B
10 Biosency $8.0M 2023-11-09 N/A
Series A
10 Kranus Health $8.0M 2023-10-02 N/A
Series B
10 Poppins $8.0M 2023-10-18 N/A

Current Quarter Top Investors By Company Count

Company
Investor Count Investor Group Country
1 Health54 2 CVC France
Select Investors Country
BOM Brabant Ventures, European Innovation Council,
Innovation Industries, Invest-NL, Ten Cate
Investeringsmaatschappij Netherlands
83North, Possible Ventures, The Venture Collective, La
Famiglia Germany

Undisclosed Investors Israel

Sanofi Ventures, Bpifrance, Khosla Ventures, Seventure
Partners France

JOLT Capital France

Index Ventures, Kindred Capital, Chris Gibson, Tom Glocer Netherlands

Andreessen Horowitz, Base4 Capital, LionBird Venture
Capital, NFX, Technion Israel Institute of Technology Israel

Hummingbird Ventures, Molten Ventures United Kingdom

Cap Horn Finance, Elaia Partners, SWEN Capital Partners,
iBionext, Adelie France

Go Capital, Partners Private France

Karista, SwissHealth Ventures, A-Round Capital, High-Tech
Grunderfonds, WENVEST Capital Germany
Eurazeo, HEC Ventures, Verve Ventures, Allianz France
Accelerator France
% of Total Funding

12.0%

9.6%

9.0%

8.9%

7.7%

7.2%

4.4%

4.4%

3.2%

2.3%

2.3%

2.5%