Downloaded 76 times
![$6.5B IPO
Partnership: Study on weightlossand
breast cancer prevention
Announcement: 200 clinical studies
run on Fitbit / Fitabase App
Hire: VP Digital Health from Walgreens
Acquisition +
Personnel
2013 2014 2015 2016
Fitness/Wellness: Companies Partner, Acquire or
Develop Clinical Technologies
Consumer Digital Health 21
Source: Company Press Releases,Mobihealthnews,FastCompany,clinicaltrials.gov,Fitbit S-1
• Two 510k approvals
• Real-time patient monitoring on
physician smartphone
• CEO of Spectros becomes Chief
Medical Officer of Jawbone
Acquisition
Jawbone, Fitbit, and Scanadu started in consumer wellness and have made acquisitions, formed
partnerships and started internal developments to adapt to the changing marketplace.
Consumer Clinical
• Has “FDA approval… [and] understandshow
to run a clinical trial with hospitals and
wellnessproviders.”
• 87 patents, >500 trillion data points
• “Partnered…for diabetes prevention”
Regulatory:
Announces Plans for
510K Submission
• Forms clinical advisory board
• Announces plans for clinical
trials
$10.5M
Series A
Used for clinical development
and regulatory approval in
U.S. and China
$35M
Series B
Acquire
Partner
Develop Kickstarter:
Branded as DIY
Vital Signs Device](https://image.slidesharecdn.com/consumer-digital-health-report-2016-170201103309/75/SVB-Consumer-digital-health-report-2016-21-2048.jpg)
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SVB Consumer digital-health-report-2016
Investment trends in digital health are shifting from consumer wellness applications to clinically driven solutions that engage consumers and improve health outcomes. This reflects the convergence of technologies that drive behavioral changes to lower healthcare costs. Specifically, financing is increasingly focused on disease management and remote patient monitoring rather than fitness and wellness. Consumer-facing companies are adapting by partnering with medical institutions on clinical studies, acquiring other companies, and developing features to gather clinical data.
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Similar to SVB Consumer digital-health-report-2016
SVB Consumer digital-health-report-2016
- 1. Consumer Digital Health How MarketShift Is Leading to New Opportunities Steve Allan CFA Head of SVB Analytics [email protected] Scott Winder Director [email protected] Alex Lee Manager [email protected] Emily Wengel Associate [email protected] Written by SVB Analytics:
- 2. Table of Contents 2 3Consumer Digital Health: Introduction & Financing Trends Overview 9 Healthcare Consumers: Fundamental Needs of the User 13 Financing Trends: Shift Toward Clinically Driven Consumer Health 17 Fitness/Wellness: Adapting to the Market 22 Disease Management: Growth Opportunities 28 Market Outlook: Assessing Consumer Health Opportunities 30 About the Authors 31 About Silicon Valley Bank and SVB Analytics Consumer Digital Health
- 3. Consumer Digital Health:Market Shifts to Focus on Engagement and Improved Patient Outcomes Consumer Digital Health 3 Consumer Digital Health Companies address the needs of patients and healthcare consumers Investment trends in digital health are shifting from consumer wellness applications to clinically driven solutions that drive better health outcomes at lower costs. This next wave of financing focuses on encouraging consumers and patients to change health-related behaviors, underscoring the greater opportunities for companies with solutions that create value for payers, providers, employers and consumers. This is the second in a series of reports from SVB Analytics examining Digital Health. In this report we: • Analyze broad consumer health trends and business models • Examine the shift in investments from consumer wellness to clinically focused solutions • Describe adaptation strategies of consumer wellness and wearables companies • Explore potential areas of opportunity in disease management
- 4. Digital Health Landscape ConsumerDigital Health 4 Patients / Consumers In our first report, we provided a framework that landscaped the digital health sector. In this report, we focus on consumer digital health investment trends. FocusonHealthOutcomes Employers / Payers Life Science / Other Systems / Healthcare Professionals FocusonHealthcareCosts Enterprise Wellness Risk Adjustment / Payer Administration Value Based Care Enterprise Health Management Data Driven PayersPatient Engagement / Benefits R&D Operational Patient / Professional Interaction Clinical Operations Patient Surveillance Image Management / Analytics Electronic Medical Records Decision Support & Analytics / Predictive Medicine Marketing / Customer Experience Networking / Education Care Coordination / Communication Population Health Management Practice Management & Operational Workflows Professional Search Insurance SearchSocial SupportGenetic Screening Disease / Medication Management Education Fitness / Wellness / Wearables / Tracking TelemedicineRemote Monitoring Patient-Clinician Communication Digital Therapeutics / Pill Plus
- 5. Focus on ConsumerHealth: Categorizations Consumer Digital Health Patients / Consumers 5 TelemedicineRemote Monitoring Patient-Clinician Communication Digital Therapeutics / Pill Plus Patient / Professional Interaction • Disease Management Disease/Medication Management Digital Therapeutics • Monitoring Remote Monitoring • Communications Telemedicine Patient-Clinician Communication Clinical Enablement • Fitness / Wellness Fitness Wellness Wearables Tracking Consumer Activation • Medical Education Education Social Support Genetic Screening • Provider Search Professional Search • Insurance Insurance Search Education and Transparency Less Clinically Focused More Clinically Focused For our analysis, we looked at three key themes: clinical enablement, consumer activation and education and transparency. We also grouped consumer digital health into seven categories, and focused on fitness/wellness and disease management. Professional Search Insurance SearchSocial SupportGenetic Screening Disease / Medication Management Fitness / Wellness / Wearables / Tracking Education
- 6. $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 0% 10% 20% 30% 40% 50% 60% 70% 2011 2012 20132014 2015 2016 (E) TotalFunding($M) PercentageofTotalFunding $ (Consumer) Consumer Funding (%) Consumer Digital Health Financing Trends Overview Consumer Digital Health 6 Source: Rock Health Database;2011-2016Q2 SVB Analytics Analysis 2016(E) is extrapolatedbased on 2016HY About 55% of all digital health investments since 2011 have been in companies whose technologies interface with the consumer in some manner. This reflects the convergence of technologies to drive and measure improved health outcomes and cost savings, and funding is following. Investments in Consumer Health Companies as a Percentage of Total Digital Health Investments (2011 to Q2 2016)
- 7. 0% 10% 20% 30% 40% 50% 60% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 2011 2012 20132014 2015 2016 (E) TotalFunding($M) Crossover Investments Financings without Strategic Investor Financings with Strategic Investor % of Deal Count with Strategic Investors Strategic Investors Actively Investing in Consumer Digital Health Consumer Digital Health 7 Consumer Digital Health Investments (2011 to Q2 2016) * Crossover investmentsrepresentinvestment rounds greaterthan $100M that are led by a crossover investor Source: Rock Health Database;2011-2016Q2 SVB Analytics Analysis 2016(E) is extrapolatedbased on 2016HY Top Strategic Investors Focused on Consumer Health The number of deals with strategic investors participating has slowly increased over time, as tech, life science, healthcare and insurance companies seek to partner and collaborate with startups. 1 2 3 4 5 6 7 8
- 8. 0% 10% 20% 30% 40% 50% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2011 2012 20132014 2015 2016 (E) TotalFunding($M) Crossover Investments Financings without Strategic Investors Financings with Strategic Investors % of Dollar Investments with Strategic Investors 0% 10% 20% 30% 40% 50% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2011 2012 2013 2014 2015 2016 (E) TotalFunding($M) Crossover Investments Financings without Strategic Investors Financings with Strategic Investors % of Dollar Investments with Strategic Investors Strategic Investors Shift to More Clinically Focused Investments Consumer Digital Health 8 Other Consumer Digital Health Investments* (2011 to Q2 2016) Clinically Focused Consumer Digital Health Investments* (2011 to Q2 2016) Strategic investors have recently shifted their attention to clinically focused startups as they begin to see how technologies designed to affect patient behavior can generate better health outcomes and cost savings. * Crossover investmentsrepresentinvestment rounds greaterthan $100M that are led by a crossover investor Source: Rock Health Database;2011-2016Q2 SVB Analytics Analysis 2016(E) is extrapolatedbased on 2016HY *IncludesClinical EnablementCompanies *IncludesConsumer Activation and Educationand Transparency Companies
- 9. Consumer Digital Health9 Healthcare Consumers: Fundamental Needs of the User
- 10. Challenge Fundamental NeedSolution Lack of choice and price transparency Consumer- Friendliness Improve consumers' access to healthcare and their user experience by making healthcare easier to use Poor health literacy Knowledge Create access to education and relevant and personalized health information Lack of tools to manage health and wellness Engagement Engage and affect behavioral change in healthcare consumers to better manage their own health Consumer Digital Health 10 Overview: Empowering Patients Is Key to Fixing Healthcare System
- 11. Consumer Digital HealthFramework Consumer Digital Health 11 Knowledge Engagement Fitness / Wellness / Wearables/ Tracking (for leisure) Disease / Medication Management (incl. Fitness/Wellness) Professional Search Insurance Search Remote Monitoring Social Support Genetic Screening Education Digital Therapeutics / Pill Plus Consumer-Friendliness Challenge: Lack of choice and price transparency Solution: Improve consumers' access to healthcare and their user experience by making healthcare easier to use Knowledge Challenge: Poor health literacy Solution: Create access to education and relevant and personalized health information Engagement Challenge: Lack of tools to manage health and wellness Solution: Engage and affect behavioral change in healthcare consumers to better manage their own health Consumer-Friendliness Patient-Clinician Communication (incl. Telemedicine)
- 12. Knowledge Engagement Consumer-Friendliness Consumer DigitalHealth Framework Consumer Digital Health 12 Consumer-Friendliness Challenge: Lack of choice and price transparency Solution: Improve consumers' access to healthcare and their user experience by making healthcare easier to use Knowledge Challenge: Poor health literacy Solution: Create access to education and relevant and personalized health information Engagement Challenge: Lack of tools to manage health and wellness Solution: Engage and affect behavioral change in healthcare consumers to better manage their own health
- 13. Consumer Digital Health13 Financing Trends: Shift Toward Clinically Driven Consumer Health
- 14. $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 2011 2012 20132014 2015 2016 (E) TotalCapitalInvested($M) Disease Management Remote Monitoring Communications Fitness / Wellness Medical Education Provider Search Insurance Total Capital Invested by Category (2011 – Q2 2016) Financing Trends: Historic Investment Trends Weighted Toward Wellness Consumer Digital Health 14 The advent of the quantified self movement in the early 2010s attracted significant capital, especially in the fitness and wellness category. Source: Rock Health Database Q2 2016, Pitchbook,2011-2016 Q2; SVB Analytics Analysis 2016(E) is extrapolatedbased on 1H 2016 More Clinically Focused Less Clinically Focused Disease Management Remote Monitoring Communications Medical Education Provider Search Insurance Search Fitness / Wellness Clinical Enablement Education and Transparency Consumer Activation
- 15. Financing Trends: Riseof Clinically Driven Consumer Health Consumer Digital Health 15 Percentage of Total Deal Count Over Time by Category (2011 – Q2 2016) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2011 2012 2013 2014 2015 2016 (E) Disease Management Remote Monitoring Communications Fitness / Wellness Medical Education Provider Search Insurance There has been a gradual shift toward increased investment activity in the more clinically focused categories of disease management, remote monitoring and communications. Source: Rock Health Database Q2 2016, Pitchbook,2011-2016 Q2; SVB Analytics Analysis 2016(E) is extrapolatedbased on 1H 2016 More Clinically Focused Less Clinically Focused Disease Management Remote Monitoring Communications Medical Education Provider Search Insurance Search Fitness / Wellness Clinical Enablement Education and Transparency More Consumer Focused
- 16. Financing Trends: MoreClinically Focused Companies Receiving Early-Stage Funding Consumer Digital Health 16 Investment Amount by Stage of Development (2011 – Q2 2016) 0 10 20 30 40 50 60 70 80 90 100 $0 $200 $400 $600 $800 $1,000 $1,200 2011 2012 2013 2014 2015 2016 (E) Funding($M) Early Mid Late Total Deal Count 0 10 20 30 40 50 60 70 80 90 100 $0 $200 $400 $600 $800 $1,000 $1,200 2011 2012 2013 2014 2015 2016 (E) Funding($M) Early Mid Late Total Deal Count 0 10 20 30 40 50 60 70 80 90 100 $0 $200 $400 $600 $800 $1,000 $1,200 2011 2012 2013 2014 2015 2016 (E) Funding($M) Early Mid Late Total Deal Count The clinically focused areas of disease management and patient-provider communications are seeing an increase in early-stage funding, indicating new startup formation; consumer activation and education and transparency companies are maturing, with fewer early-stage rounds raised. Source: Rock Health Database Q2 2016, Pitchbook,2011-2016 Q2; SVB Analytics Analysis 2016(E) is extrapolatedbased on 1H 2016 Early – Seed and Series A, Mid – Series B and C, Late – Series D and later Clinical Enablement Disease Management Monitoring Communications Consumer Activation Fitness/Wellness Education and Transparency Medical Education Provider Search Insurance Search
- 17. Consumer Digital Health17 Fitness/Wellness: Adapting To The Market
- 18. Fitness/Wellness: Decline inValuations and Investment Size Consumer Digital Health 18 Median Pre-Money Valuation of Fitness/Wellness Companies (2011 – Q2 2016) Median Invested Capital of Fitness/Wellness Companies (2011 – Q2 2016) $0 $5 $10 $15 $20 $25 $30 $35 $40 2011 2012 2013 2014 2015 1H 2016 MedianPre-MoneyValuation($M) Valuations and financing round sizes have declined in 2016 due to increased competition and shifting investor interest toward clinical applications, forcing wellness companies to adapt. Source: Pitchbook, 2011-2016Q2; SVB Analytics Analysis Series BSeries ASeries Seed $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 2011 2012 2013 2014 2015 1H 2016 MedianInvestedCapital($M)
- 19. Strategy Description Examples StrategicExit Sell business to strategic partners Acquire Acquire companies to build clinical programs Partner Partner with academic institutions to conduct clinical studies and provide ancillary data Develop Develop features or pivot business model in order to collect real world data or gather clinical-grade data Consumer Digital Health 19 Fitness/Wellness: Companies Adapt to Changing Marketplace As investors move toward more clinically focused strategies, wearables and wellness companies are executing different strategies to adapt to this shifting landscape.
- 20. 11/11/2015 $250M $64M3.9x 3/25/2014 $100M $37M 2.7x 2/12/2016 $85M $16M 7.4x 8/5/2015 $235M NA NA 2/4/2015 $474M $18M 26.3x 2/4/2015 $85M $6M 13.7x 12/6/2013 $150M $24M 6.3 Fitness/Wellness: Exit to Sports and Fashion Companies Consumer Digital Health 20 “If you don’t have a brand, it is hard to be legit in this space.” – Sonny Vu, Chief Executive and co-founder of Misfit Acquirer Target Date Deal Value ($M) Invested Capital (IC $M) EV / IC Multiple SoftwareHardware Source: Capital IQ SVB Analytics Analysis Wall StreetJournal - Fossil Group to Buy Misfit for $260 Million Sports Fitness Apparel Fashion Tech Facing declining investor interest, companies that are not adopting clinical strategies are instead choosing to sell to sports and fashion retailers. Among those, software-focused firms are receiving the highest exit multiples.
- 21. $6.5B IPO Partnership: Studyon weightlossand breast cancer prevention Announcement: 200 clinical studies run on Fitbit / Fitabase App Hire: VP Digital Health from Walgreens Acquisition + Personnel 2013 2014 2015 2016 Fitness/Wellness: Companies Partner, Acquire or Develop Clinical Technologies Consumer Digital Health 21 Source: Company Press Releases,Mobihealthnews,FastCompany,clinicaltrials.gov,Fitbit S-1 • Two 510k approvals • Real-time patient monitoring on physician smartphone • CEO of Spectros becomes Chief Medical Officer of Jawbone Acquisition Jawbone, Fitbit, and Scanadu started in consumer wellness and have made acquisitions, formed partnerships and started internal developments to adapt to the changing marketplace. Consumer Clinical • Has “FDA approval… [and] understandshow to run a clinical trial with hospitals and wellnessproviders.” • 87 patents, >500 trillion data points • “Partnered…for diabetes prevention” Regulatory: Announces Plans for 510K Submission • Forms clinical advisory board • Announces plans for clinical trials $10.5M Series A Used for clinical development and regulatory approval in U.S. and China $35M Series B Acquire Partner Develop Kickstarter: Branded as DIY Vital Signs Device
- 22. Consumer Digital Health22 Disease Management: Growth Opportunities
- 23. General Disease Management and VitalsMonitoring Solutions that help patients manage any type of disease Medication Management Solutions that help patients adhere to and manage their medications Disease Specific Solutions that help patients manage one specific type of disease or disorder Disease Management: Approaches to Engaging Patients Consumer Digital Health 23 *Includesboth Disease Managementand RemoteMonitoringcompaniesand deals Source: Rock Health Database Q2 2016, Pitchbook,2011-2016 Q2; SVB Analytics Analysis Percentage of Total Capital Invested by Category* (2011 – Q2 2016) 30% 8% 62% Disease management and remote monitoring companies are shifting to focus on a specific disease to help patients and providers better manage the condition as opposed to providing general solutions aimed at patients facing different diseases.
- 24. Consumer Digital Health Source:Interviewwith TJ Parker, August 19, 2016 23 “I don’t think you can scale a business in healthcare without working directly with the clinical entities like payers and providers.” – TJ Parker, CEO
- 25. How PillPack IsTaking on Medication Management: An Interview with TJ Parker, CEO, PillPack Consumer Digital Health 25 Online pharmacy that uses technology to help people take medication in a timely manner Key Success Factors for Consumer-Centric Disease Management: Expertise in Both Healthcare and Technology | Patient-Centric Design Operating in the Clinical Space Consumer health companies need to develop sound business models because the patient is not the only customer – the payer is also the customer. “The healthcare system is moving towards a pay for performance model. Pharmacy should do the same and no one is truly doing that today.” Source: Interviewwith TJ Parker, August 19, 2016 Most EXPENSIVE patients take 5+ prescriptions / day and have trouble coordinating their medication. Advice to Entrepreneurs • Spend time with your consumers: figure out their pain points and understand their core problems. And whether you can solve their problems with technology alone or if you need to become a provider. • Know who your customers are and what they are willing to pay for. Poor Adherence ProblemSolution Manage complexity for patients • Automated sign up and refills • Coordination with payers • Staff available 24/7
- 26. 0 5 10 15 20 25 2011 2012 20132014 2015 2016 (E) Disease Management: Increasing Focus on Behavioral Change and Complex Disease Management Consumer Digital Health 26 Number of Investments in Disease Management and Remote Monitoring Sectors (2011 – Q2 2016) There has been a steady rise in investments in companies aimed at behavioral change, while the niche targeting complex diseases is more nascent. Source: Rock Health Database Q2 2016, Pitchbook,2011-2016 Q2; SVB Analytics Analysis 2016(E) is extrapolatedbased on 1H 2016 Behavioral Change Psychiatry Metabolic Degenerative and Complex Diseases Orthopedic Oncology Neurology “Remote Monitoring 1.0” Cardiovascular Respiratory
- 27. Disease Management: Opportunitiesin Complex and Degenerative Diseases Consumer Digital Health 27 Degenerative and complex diseases, which are difficult to manage and account for a significant portion of U.S. medical expenditures, have received comparatively lower digital health investments, signaling the space is ripe for disruption. Source: Rock Health Database Q2 2016, Pitchbook,2011-2016 Q2; SVB Analytics Analysis AHRQ - Total Medical Expenditureby Conditionsin US, 2013 Total Medical Expenditure, by Chronic Conditions in U.S. 2013 ($B) Total Investments in Disease Management and Remote Monitoring Sectors by Chronic Conditions in U.S. 2011-Q2 2016 ($M) 24% 9% 22% 11% 14% 10% 9% $- $50 $100 $150 $200 $250 Metabolic Psychiatric Cardiovascular Respiratory Orthopedic Oncology Neurology * 34% 15% 19% 12% 6% 2% 4% $-$100$200$300$400$500 Metabolic Psychiatric Cardiovascular Respiratory Orthopedic Oncology Neurology * Behavioral Change Psychiatry Metabolic Degenerative and Complex Diseases Orthopedic Oncology Neurology “Remote Monitoring 1.0” Cardiovascular Respiratory 10% 6% -3% 1% -8% -8% -5% Difference *Excludes trauma or injury-related conditions
- 28. Consumer Digital Health28 Market Outlook: Assessing Consumer Health Opportunities
- 29. Progression to ClinicallyDriven Consumer Health Solutions Consumer Digital Health 29 Exits Remote Monitoring 1.0 2010–14 Fitness/ Wellness 2012–16 Disease Management 2014–18 Digital Therapeutics 2016–20 • Led by the medtech sector • Point solutions • Rely on traditional reimbursement • Rise of quantified self movement • Tech investors galvanize market with investments into consumer hardware and software • Focused on fitness and wellness • User-friendly cloud/mobile solutions, clinical-grade devices and data analytics • Engage patients to actively manage their health • Target financiers focused on controlling health benefit cost and improving outcomes • Predictive and personalized clinical intervention • FDA-regulated, provider- prescribed, combination solutions • Demonstrate clinically proven efficacy and cost savings High-Flyers We have seen the sector's focus move from traditional devices aimed at a specific solution to consumer devices. Now, the focus is on digital solutions for disease management. Going forward, clinically proven software and hardware will be integrated to drive better health outcomes and cost savings. Source: Pitchbook, Company websites SVB Analytics analysis
- 30. About the Authors ConsumerDigital Health 30 Steve Allan, CFA Steve Allan is the Head of SVB Analytics, responsible for the three areas of information services provided to the innovation economy: Strategic Advisory Services, Compliance Valuations, and Insights. Strategic Advisory Services provides consultative guidance around valuations, benchmarking and inorganic growth strategies. Compliance Valuations issues valuation opinions for private companies. Insight focuses on studying trends and opportunities in the private venture-backed innovation ecosystem. Steve brings a strong financial background and passion for entrepreneurship to his role at SVB Analytics. Steve earned a master’s in business administration from Duke University's Fuqua School of Business and a bachelor's degree in finance from the University of Notre Dame. Head of Analytics [email protected] Emily Wengel Emily Wengel is a Valuation Associate with SVB Analytics, responsible for conducting due diligence and financial analysis on valuation engagements for early-stage, venture-backed life sciences companies. Prior to joining SVB Analytics, Emily worked as a business analyst at BioMotiv, an early stage biotech accelerator. Emily graduated cum laude from University of Pennsylvania, where she earned a bachelor of science in economics and a bachelor of arts in biology. Associate [email protected] Alex Lee Alex Lee is a Valuation Manager at SVB Analytics, responsible for conducting due diligence and financial analysis on valuation engagements for venture-backed companies in the Life Science sectors. Prior to joining SVB Analytics, Alex worked as a consultant for biopharmaceutical companies, diagnostic companies and medical research institutions, assisting in corporate development, product commercialization and strategic advisory activities. Alex holds a master’s of bioscience degree from Keck Graduate Institute and a bachelor’s of science degree in biochemistry from the University of Nebraska-Lincoln. Manager [email protected] Scott Winder Scott Winder is a Director at SVB Analytics, responsible for managing client valuation assignments and issuing valuation opinions. Prior to joining SVB Analytics, Scott was a manager in the Business Valuation practice of Deloitte Financial Advisory Services LLP based in San Francisco. While at Deloitte, Scott provided financial advisory services related to mergers and acquisitions, accounting compliance, tax reporting and strategic planning for clients in the technology and life sciences industries, with particular experience in the biotechnology and biopharmaceutical industry segments. Scott holds a master's degree in business administration from the Haas School of Business (University of California at Berkeley), and a bachelor’s degree in human biology from Occidental College. Director [email protected]
- 31. About Silicon ValleyBank For more than 30 years, Silicon Valley Bank has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Consumer Digital Health 31 This material, including without limitation to the statistical information herein, is providedfor informationalpurposesonly. The materialis based in part on information from third-party sourcesthat we believeto be reliable,but which have not been independentlyverifiedby us and for this reason we do not represent that the information is accurate or complete.The information should not be viewed as tax, investment,legal or other advice nor is it to be reliedon in making an investmentor other decision. You should obtain relevantand specific professionaladvice beforemaking any investment decision.Nothing relatingto the material should be construedas a solicitation,offer or recommendation to acquire or dispose of any investmentor to engage in any other transaction. SVB Analytics is a memberof SVB Financial Group and a non-bank affiliate of Silicon Valley Bank. Productsand servicesofferedby SVB Analyticsare not FDIC insured and are not depositsor other obligationsof Silicon Valley Bank. SVB Analytics does not provideinvestment,tax, or legal advice. Please consult your investment, tax, or legal advisors for such guidance. ©2016 SVB Financial Group. All rights reserved.SVB>, SVB Financial Group, and Silicon Valley Bank are registeredtrademarks.0916-232 About SVB Analytics SVB Analytics, a non-bank affiliate of Silicon Valley Bank, serves the strategic business needs of entrepreneurs, corporates and investors in the global innovation economy. For more than a decade, SVB Analytics has helped global business leaders make informed decisions by providing market intelligence, research, and consulting services. Powered by proprietary data, SVB Analytics has a unique view into the technology and life science sectors.