1、State of Digital HealthGlobal|Q2 2024Global data and analysis on dealmaking,funding,and exits by private market digital health companiesState of Digital Health2 2Make smartertech decisions.Our platform will help you discover,understand,and manage your response to emerging tech.Make confident tech de

2、cisions that drive growth,improve operations,and beat the competition with CB Insights.IIIITry our platform free!Sign up for a free trialState of Digital Health3 3“Steal”our data.Download the underlying data in this report.If you create any analysis or visualizations with this data,send it our way a

3、nd you could be featured in the CBI newsletter.us on social LinkedIn X(Twitter)InstagramIIIIDownload the raw dataSign up for a free trialTLDR-26%QoQ drop in digital health funding.Quarterly digital health funding and deals fell to$2.9B and 235,respectively,in Q224.This trend played out across the US

4、,Europe,and Asia.However,the annual average deal size globally is$16.7M in 2024 YTD,up 40%from full-year 2023,signaling that investors are writing fewer but larger checks.See the data 426%Mid-stage deal share YTD.Up from 16%in 2023.Early-stage deals have consistently accounted for 60%+of all digital

5、 health deals in recent years.However,in 2024 YTD,early-stage deal share has dropped to 51%as mid-and late-stage deals have captured more investor interest.In the US,early-stage deal share has fallen to 45%in 2024 YTD vs.62%in full-year 2023.See the data 61%US deal share.Upfrom 54%in Q124.Digital he

6、alth funding in the US declined by 18%QoQ in Q224.However,the US proportion of the global deal volume grew by 7 percentage points QoQ,marked by an increase in mid-to late-stage deal share.Median deal size is also up in the US in 2024 so far sitting at$7.5M vs.$4.6M in full-year 2023.See the data 5$1

7、00M+mega-rounds.Digital health mega-rounds dropped from 8 in Q124 to 5 in Q224.The largest deal in Q224($200M Series D)went to telenutritioncompany Foodsmart.While mega-rounds were focused on biotech in Q124,they were more spread out in Q224,spanning areas like care navigation,ultrasound tech,and va

8、lue-based care tools.See the data 32Exits in Q224.Up 23%QoQ.AI-driven platforms stood out in Q224,with Tempusand XtalPi going public via IPO and Nuvo Group going public via SPAC.Digital health M&A exit activity also picked up in Q224,especially in Europe,which saw M&A deals jump from 5 to 10 QoQ.Glo

9、bally,virtual care,provider workflow tools,and drug R&D platforms were key categories for M&A in Q224.See the data Your rundown ondigital health in Q224State of Digital HealthContentsGlobal Trends6Investment Trends7Unicorns30Exit Trends35Investors41Geographic Trends45US46Silicon Valley52New York56As

10、ia60Europe66United Kingdom725State of Digital HealthGlobal Trends6Investment Trends7Annual equity funding&deals8State of Digital Health|Global Trends|Investment Trends$28.9B$53.5B$26.3B$14.3BFunding$6.8B2,3362,8632,3431,503Deals51605001,0001,5002,0002,5003,0003,5004,000$0.0B$10.0B$20.0B$30.0B$40.0B$

11、50.0B$60.0B20202021202220232024YTDQuarterly equity funding&deals9State of Digital Health|Global Trends|Investment Trends$5.9B$5.5B$7.5B$9.9B$11.6B$15.3B$12.2B$14.5B$10.0B$7.8B$4.7B$3.9B$4.2B$3.7B$3.9B$2.5B$3.9BFunding$2.9B570581621564692739755677788597523435515395295298281Deals23502004006008001,0001

12、,200$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22020202120222023202410State of Digital Health|Global Trends|Investment TrendsUS$2.3B143 DealsEurope$0.5B40 DealsAsia$0.1B33 DealsCanada$11M12 DealsLatAm$17M5 DealsAfrica$0.0M1 DealOceania$0.0M1 DealFunding&deals by gl

13、obal region in Q224Percent of quarterly deals by global region11State of Digital Health|Global Trends|Investment Trends54%55%55%51%54%50%51%49%50%51%56%56%52%53%54%55%54%US,61%18%18%19%23%19%22%24%24%22%20%19%16%16%16%20%18%16%Asia,14%21%20%21%21%19%23%17%22%21%21%17%23%26%23%21%20%25%Europe,17%7%8%

14、5%6%7%6%8%6%7%7%8%5%6%8%5%7%5%All Other Regions,8%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Percent of quarterly deals by investor group12State of Digital Health|Global Trends|Investment Trends33%34%34%35%34%34%31%32%33%33%33%31%29%33%35%32%33%VC,36%18%21%19%18%18%16%18%17%16%19%21%21%

15、20%22%20%20%19%Other,21%6%7%7%8%8%9%8%9%8%9%6%9%7%8%6%8%9%Asset/Investment Management,9%5%6%6%8%7%8%6%6%7%6%6%7%7%Private Equity,8%9%6%8%5%9%6%8%6%8%6%9%7%11%5%6%Incubator/Accelerator,8%10%10%8%8%7%8%8%9%9%7%7%7%8%8%9%9%11%CVC,7%9%7%10%7%7%8%9%8%7%8%8%9%9%10%9%12%9%Corp,6%8%8%9%10%10%11%11%12%12%12%

16、10%10%11%9%9%9%9%Angel,6%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual average&median deal size13State of Digital Health|Global Trends|Investment Trends$15.8M$23.0M$14.1M$11.9M$16.7M202020222024YTDAverage Deal Size$3.4M$3.8M$4.0M$4.0M$6.1M202020222024YTDMedian Deal SizeAnnual median

17、 deal size by global region14State of Digital Health|Global Trends|Investment Trends$4.0M$5.4M$4.8M$4.6M$7.5M202020222024YTDUS$4.2M$3.0M$3.4M$3.7M$3.8M202020222024YTDAsia$2.0M$2.7M$3.2M$3.2M$5.4M202020222024YTDEuropeAnnual median deal size by investor group15State of Digital Health|Global Trends|Inv

18、estment Trends$2.8M$3.5M$4.8M202020222024YTDAngel$36.0M$13.8M$20.0M202020222024YTDAsset/Investment Management$15.3M$10.0M$13.6M202020222024YTDCVC$10.0M$7.2M$8.8M202020222024YTDCorp$25.0M$20.0M$14.5M202020222024YTDPrivate Equity$10.0M$8.3M$12.0M202020222024YTDVCQuarterly funding&deals from mega-round

19、s(deals worth$100m+)16State of Digital Health|Global Trends|Investment Trends$2.4B$1.0B$3.6B$5.3B$7.1B$9.0B$5.6B$8.0B$4.2B$2.4B$0.9B$0.7B$1.1B$0.9B$1.3B$0.4B$1.2BFunding$0.7B14820303842303825166455838Deals501020304050$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0B$9.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q

20、1Q22020202120222023202417State of Digital Health|Global Trends|Investment TrendsUS$0.6B4 DealsEurope$0.2B1 DealMega-round funding&deals by global region in Q224Quarterly mega-round deals by global region18State of Digital Health|Global Trends|Investment Trends4537US,42Asia,011Europe,11All Other Regi

21、ons,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Quarterly mega-rounds as percent of funding19State of Digital Health|Global Trends|Investment Trends41%19%48%53%61%59%46%55%42%31%20%17%26%25%33%16%30%Mega-rounds,25%59%81%52%47%39%41%54%45%58%69%80%83%74%75%67%84%70%Non-mega-rounds,75%Q1Q

22、2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Global:Top equity deals in Q22420State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Foodsmart$200MSeries D2024-06-26N/A The Rise FundUnited States6.9%2Sidecar

23、 Health$165MSeries D2024-06-26N/AKoch Disruptive Technologies,Cathay Innovation,Drive Capital,GreatPoint Ventures,Menlo VenturesUnited States5.7%3Insightec$150MSeries G2024-06-18$375MAlly Bridge Group,Fidelity Management&Research Company,Nexus NeuroTech Ventures,Baillie Gifford,Catalio Capital Manag

24、ementIsrael5.2%4Transcarent$126MSeries D2024-05-02$2.2B7wire Ventures,General Catalyst,Threshold Ventures,Ally Bridge Group,Alta PartnersUnited States4.3%5Lumeris$100MGrowth Equity2024-04-10N/ADeerfield Management,Endeavor Health,Kleiner Perkins Caufield&Byers,Sandbox Industries,The Blue Venture Fun

25、dUnited States3.4%6Mammoth Biosciences$95MCorporate Minority2024-04-25N/A RegeneronUnited States3.3%7Grow Therapy$88MSeries C2024-04-08$1.2BSequoia Capital,SignalFire,Technology Crossover Ventures,Transformation Capital,Goldman Sachs Asset ManagementUnited States3.0%8Midi$60MSeries B2024-04-24$281ME

26、merson Collective,Able Partners,Felicis,G9 Ventures,Google VenturesUnited States2.1%9Biolinq$58MSeries D2024-04-04N/AAlpha Wave Global,Aphelion Capital,RiverVest Venture Partners,Senvest Capital,Taisho PharmaceuticalUnited States2.0%10Enveda Biosciences$55MSeries B2024-06-13N/AFPV Ventures,Jazz Vent

27、ure Partners,Kinnevik,Level Ventures,True VenturesUnited States1.9%Annual percent of deals by deal stage21State of Digital Health|Global Trends|Investment Trends62%65%66%65%Early-stage,51%18%17%15%16%Mid-stage,26%9%9%8%9%Late-stage,12%11%8%11%10%Other,11%20202021202220232024YTDRegional deal share by

28、 deal stage in Q22422State of Digital Health|Global Trends|Investment Trends53%67%69%69%16%12%16%10%19%17%13%14%12%7%Early-stageMid-stageLate-stageOtherUSAsiaEuropeAll Other RegionsAnnual median funding by deal stage23State of Digital Health|Global Trends|Investment Trends$1.8M$2.2M$2.6M$2.6M$4.0M20

29、2020222024YTDEarly-stage$21.1M$31.0M$25.6M$17.7M$20.0M202020222024YTDMid-stage$40.0M$75.0M$29.3M$28.5M$30.0M202020222024YTDLate-stageGlobal:Top seed/angel deals in Q22424State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Piction Health$6MSeed V

30、C2024-05-01Argon Ventures,Flare Capital Partners,Good Growth Capital,Bayless Integrated Healthcare,TechstarsUnited States1Posterity Health$6MSeed VC2024-05-29FCA Venture Partners,Distributed Ventures,WVV CapitalUnited States1Testmate$6MSeed VC2024-05-02RH Capital,Amboy Street Ventures,DART Labs,The

31、Helm,Lichtsteiner FoundationSwitzerland1Videra Health$6MSeed VC2024-05-21Peterson Ventures,Epic Ventures,Mercato Partners,Philo VenturesUnited States5Auxa Health$5MSeed VC2024-04-22Zeal Capital Partners,AlleyCorp,Chaac Ventures,K50 Ventures,Laconia Capital GroupUnited States5ClaimBuddy$5MSeed VC2024

32、-04-12Bharat Fund,Chiratae Ventures,Rebright Partners,CAC CAPITALIndia5Cognixion$5MSeed VC2024-06-05Sequel Venture PartnersCanada5Esper Bionics$5MSeed VC2024-06-28YZR,u.ventures,European Bank for Reconstruction and DevelopmentUnited States9LunaJoy$4MSeed VC2024-04-16FoundersX Ventures,Goodwater Capi

33、tal,MAGIC Fund,North South Ventures,Nurture VenturesUnited States10Flashaid$3MSeed VC2024-04-25Piper Serica,SOSV,Z21 Ventures,ZNL VenturesIndia10Pixacare$3MSeed VC2024-04-25Elaia Partners,BpifranceFrance10Quantiq$3MSeed2024-06-11BpifranceFrance10Rivia$3MSeed VC2024-06-12Speedinvest,Amino Collective,

34、Nina CapitalSwitzerlandGlobal:Top Series A deals in Q22425State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1DeepCure$25MSeries A2024-04-11IAG Capital PartnersUnited States1Humata Health$25MSeries A2024-06-20LRVHealth,The Blue Venture Fund,.406

35、 Ventures,Highmark Ventures,Optum VenturesUnited States1Resilience$25MSeries A2024-05-21Picus Capital,Red River West,Cathay Innovation,Seaya Ventures,SingularFrance4MD Ally$24MSeries A2024-06-27General Catalyst,Frist Cressey VenturesUnited States5Valar Labs$22MSeries A2024-05-30Andreessen Horowitz,D

36、CVC,Pear VCUnited States6Fay$20MSeries A2024-05-15Forerunner Ventures,General Catalyst,1984 VenturesUnited States7Plenful$17MSeries A2024-05-30TQ Ventures,Bessemer Venture Partners,Danaher Ventures,Susa VenturesUnited States8Better Health$14MSeries A2024-06-13Healthworx,Mosaic General Partnership,UH

37、ealth,General Catalyst,Caffeinated CapitalUnited States8Reperio Health$14MSeries A2024-04-18Caduceus Capital Partners,Liquid 2 Ventures,Rogue Venture Partners,Portland Seed FundUnited States10Canary Speech$13MSeries A2024-06-04Cortes Capital,Hackensack Meridian Health,Sorenson Communications,SMKUnit

38、ed States10Mural Health$13MSeries A2024-04-19Undisclosed InvestorsUnited States10Seven Starling$13MSeries A2024-05-17Pear VC,RH CapitalUnited StatesGlobal:Top Series B deals in Q22426State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Midi$60MSe

39、ries B2024-04-24Emerson Collective,Able Partners,Felicis,G9 Ventures,Google VenturesUnited States2Enveda Biosciences$55MSeries B2024-06-13FPV Ventures,Jazz Venture Partners,Kinnevik,Level Ventures,True VenturesUnited States3Iambic Therapeutics$50MSeries B2024-04-24Exor Ventures,Mubadala Capital,Abin

40、gworth,Coatue,Illumina VenturesUnited States3Rad AI$50MSeries B2024-05-07Khosla Ventures,Artis Ventures,Gradient Ventures,Kickstart Fund,OCV PartnersUnited States3SmarterDx$50MSeries B2024-05-14Transformation Capital,Bessemer Venture Partners,Floodgate,Flare Capital PartnersUnited States6Pomelo Care

41、$46MSeries B2024-06-20Andreessen Horowitz,First Round Capital,Adam Boehler,BoxGroup,Operator PartnersUnited States7AcuityMD$45MSeries B2024-06-04ICONIQ Growth,Benchmark,Redpoint Ventures,Artisanal Ventures,Atreides ManagementUnited States8LabGenius$44MSeries B2024-05-21M Ventures,Atomico,Kindred Cap

42、ital,Lux Capital,Obvious VenturesUnited Kingdom9Ronovo Surgical$41MSeries B2024-06-14INCE Capital,Wuxi Guolian Development,Kington Capital,Longriver InvestmentsChina10Form Health$38MSeries B2024-06-26Sound Ventures,M13,NextView Ventures,SignalFireUnited StatesGlobal:Top Series C deals in Q22427State

43、 of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Grow Therapy$88MSeries C2024-04-08Sequoia Capital,SignalFire,Technology Crossover Ventures,Transformation Capital,Goldman Sachs Asset ManagementUnited States2Boulder$35MSeries C2024-05-21First Round

44、 Capital,Qiming Venture Partners,Advance Venture PartnersUnited States3Promaxo$32MSeries C2024-04-08Zynext VenturesUnited States4Smart Reporting$25MSeries C2024-04-22TVM Capital Life Science,Bayern KapitalGermany5Cariloop$20MSeries C2024-04-09ABS Capital Partners,KCRise Fund,Noro-Moseley Partners,Pa

45、tterson Thoma Family Office,Revolution Rise Of The Rest Seed FundUnited States6Cognivia$17MSeries C2024-04-18SFPIM,Vesalius BioCapital,Wallonie EntreprendreBelgium7Abacus Insights$13MSeries C2024-05-01.406 VenturesUnited States8WELT$12MSeries C2024-06-26Envisioning Partners,Handok,IMM Investment,Shi

46、nhan Venture Investment,Korea Development BankSouth Korea9Cecelia Health$4MSeries C2024-04-12Rittenhouse Ventures,SJF Ventures,Creeris VenturesUnited States10Intraprise Health$2MSeries C2024-04-12Health Enterprise PartnersUnited StatesGlobal:Top Series D deals in Q22428State of Digital Health|Global

47、 Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Foodsmart$200MSeries D2024-06-26N/A The Rise FundUnited States2Sidecar Health$165MSeries D2024-06-26N/AKoch Disruptive Technologies,Cathay Innovation,Drive Capital,GreatPoint Ventures,Menlo VenturesUnited St

48、ates3Transcarent$126MSeries D2024-05-02$2.2B7wire Ventures,General Catalyst,Threshold Ventures,Ally Bridge Group,Alta PartnersUnited States4Biolinq$58MSeries D2024-04-04N/AAlpha Wave Global,Aphelion Capital,RiverVest Venture Partners,Senvest Capital,Taisho PharmaceuticalUnited States5Wayspring$45MSe

49、ries D2024-04-19N/ACVS Health Ventures,.406 Ventures,HLM Venture Partners,The Blue Venture Fund,ValtruisUnited States6Eko Health$41MSeries D2024-06-05$261MArtis Ventures,Highland Capital Partners,NTT Venture Capital,Questa Capital,Double Point VenturesUnited States7Clearsense$13MSeries D2024-04-12N/

50、A Health Catalyst Capital Management,UPMC Enterprises,KMMT Capital United States8Amino$10MSeries D2024-05-22N/A Transformation CapitalUnited States9HealthBridge$7MSeries D2024-05-09N/A 4490 VenturesUnited States10Circuit Clinical$3MSeries D2024-04-17N/A KMG Capital PartnersUnited StatesGlobal:Top Se

51、ries E+deals in Q22429State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Insightec$150MSeries G2024-06-18$375MAlly Bridge Group,Fidelity Management&Research Company,Nexus NeuroTech Ventures,Baillie Gifford,Catalio Capital Manage

52、mentIsrael2Beam Benefits$30MSeries F2024-05-15N/A Drive Capital,GeorgianUnited States2Sword Health$30MSeries E2024-06-04$3.0B Khosla VenturesUnited States4Freespira$23MSeries E2024-04-15N/A Undisclosed InvestorsUnited States5Nomad$22MSeries E2024-06-17N/AHealthQuest Capital,.406 Ventures,Adams Stree

53、t Partners,Icon Ventures,Polaris PartnersUnited States6Truveris$15MSeries E2024-05-14$27M Canaan Partners,New Leaf Venture PartnersUnited StatesUnicorns30Quarterly new&total unicorns(private companies valued at$1b+)31State of Digital Health|Global Trends|Unicorns2New Unicorns,096959595Total Unicorns

54、,94Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22020202120222023202432State of Digital Health|Global Trends|UnicornsEurope100 NewUS740 NewCanada10 NewAsia90 NewNew&total unicorns by global region in Q224Quarterly new unicorns by global region33State of Digital Health|Global Trends|Unicorns2US,0Asia,0Europe,0

55、Canada,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Global:Top unicorns by valuation in Q22434State of Digital Health|Global Trends|UnicornsCompanyLatest Valuation Country1Devoted Health$12.9BUnited States2Caris$7.8BUnited States3Ro$7.0BUnited States3We Doctor$7.0BChina5Doctolib$6.4BFran

56、ce6Hinge Health$6.2BUnited States7Benchling$6.1BUnited States8Commure$6.0BUnited States9Lyra Health$5.9BUnited States10Cityblock$5.7BUnited StatesExit Trends35Quarterly exits36State of Digital Health|Global Trends|Exit Trends111IPO,236203925M&A,291SPAC,1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22020202120

57、2220232024Percent of quarterly exits by global region37State of Digital Health|Global Trends|Exit Trends82%62%61%64%60%65%60%59%57%56%44%46%62%50%59%68%56%US,56%15%8%13%10%9%7%20%13%8%7%15%Asia,9%10%23%16%16%16%19%18%24%20%31%28%33%26%29%36%15%22%Europe,34%6%10%8%16%15%13%9%7%14%6%8%8%7%13%10%7%All

58、Other Regions,0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Global:Top M&A exits in Q22438State of Digital Health|Global Trends|Exit TrendsCompanyRound ValuationAcquirerCountry1Celsius Therapeutics$250M AbbVieUnited States2Pro-ficiency$100M Simulations PlusUnited States3Sonio$93M Medison

59、FranceGlobal:Top IPOs in Q22439State of Digital Health|Global Trends|Exit TrendsCompanyRound Valuation Country1Tempus$6.6BUnited StatesGlobal:Top SPACs in Q22440State of Digital Health|Global Trends|Exit TrendsCompanyRound Valuation Select InvestorsCountry1Nuvo Group$300MLAMF Global Ventures Corp.II

60、sraelInvestors41Global:Top investors by company count in Q22442State of Digital Health|Global Trends|InvestorsInvestorCompany Count Investor GroupCountry1General Catalyst5VCUnited States1SOSV5VCUnited States3.406 Ventures4VCUnited States3RH Capital4VCUnited States5Andreessen Horowitz3VCUnited States

61、5LRVHealth3VCUnited States5Memorial Hermann Health System3OtherUnited States5Merck Global Health Innovation Fund3CVCUnited States5The Blue Venture Fund3CVCUnited States5Transformation Capital3VCUnited StatesGlobal:Top VCs by company count in Q22443State of Digital Health|Global Trends|InvestorsInves

62、torCompany Count Country1General Catalyst5United States1SOSV5United States3.406 Ventures4United States3RH Capital4United States5Andreessen Horowitz3United States5LRVHealth3United States5Transformation Capital3United StatesGlobal:Top corporate VCs(CVCs)by company count in Q22444State of Digital Healt

63、h|Global Trends|InvestorsInvestorCompany Count Country1Merck Global Health Innovation Fund3United States1The Blue Venture Fund3United States3CVS Health Ventures2United States3MassMutual Ventures2United States3Valtruis2United States3XTX Ventures2United KingdomGeographic Trends45US Trends46Quarterly f

64、unding&deals47State of Digital Health|Geographic Trends|US Trends$4.3B$3.7B$5.6B$5.8B$8.6B$9.3B$8.0B$10.2B$7.2B$5.2B$3.0B$2.9B$3.0B$2.5B$2.7B$1.8B$2.8BFunding$2.3B310318341286377367382329397306293243266210158163151Deals143050100150200250300350400$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0BQ1Q2Q3Q4Q1Q2Q3Q4Q

65、1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage48State of Digital Health|Geographic Trends|US Trends57%60%60%62%Early-stage,45%18%18%16%16%Mid-stage,27%9%10%8%8%Late-stage,13%15%11%17%14%Other,15%20202021202220232024YTDUS:Top equity deals in Q22449State of Digital Health

66、|Geographic Trends|US TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Foodsmart$200MSeries D2024-06-26N/A The Rise FundUnited States8.6%2Sidecar Health$165MSeries D2024-06-26N/AKoch Disruptive Technologies,Cathay Innovation,Drive Capital,GreatPoint Ventures

67、,Menlo VenturesUnited States7.1%3Transcarent$126MSeries D2024-05-02$2.2B7wire Ventures,General Catalyst,Threshold Ventures,Ally Bridge Group,Alta PartnersUnited States5.4%4Lumeris$100MGrowth Equity2024-04-10N/ADeerfield Management,Endeavor Health,Kleiner Perkins Caufield&Byers,Sandbox Industries,The

68、 Blue Venture FundUnited States4.3%5Mammoth Biosciences$95MCorporate Minority2024-04-25N/A RegeneronUnited States4.1%6Grow Therapy$88MSeries C2024-04-08$1.2BSequoia Capital,SignalFire,Technology Crossover Ventures,Transformation Capital,Goldman Sachs Asset ManagementUnited States3.8%7Midi$60MSeries

69、B2024-04-24$281MEmerson Collective,Able Partners,Felicis,G9 Ventures,Google VenturesUnited States2.6%8Biolinq$58MSeries D2024-04-04N/AAlpha Wave Global,Aphelion Capital,RiverVest Venture Partners,Senvest Capital,Taisho PharmaceuticalUnited States2.5%9Enveda Biosciences$55MSeries B2024-06-13N/AFPV Ve

70、ntures,Jazz Venture Partners,Kinnevik,Level Ventures,True VenturesUnited States2.4%10Iambic Therapeutics$50MSeries B2024-04-24N/AExor Ventures,Mubadala Capital,Abingworth,Coatue,Illumina VenturesUnited States2.2%10Rad AI$50MSeries B2024-05-07N/AKhosla Ventures,Artis Ventures,Gradient Ventures,Kickst

71、art Fund,OCV PartnersUnited States2.2%10SmarterDx$50MSeries B2024-05-14$334MTransformation Capital,Bessemer Venture Partners,Floodgate,Flare Capital PartnersUnited States2.2%Quarterly exits50State of Digital Health|Geographic Trends|US Trends1IPO,118122814M&A,171SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q

72、4Q1Q220202021202220232024US:Top investors by company count in Q22451State of Digital Health|Geographic Trends|US TrendsInvestorCompany Count Investor GroupCountry1General Catalyst5VCUnited States1SOSV5VCUnited States3.406 Ventures4VCUnited States3RH Capital4VCUnited States5Andreessen Horowitz3VCUnit

73、ed States5LRVHealth3VCUnited States5Merck Global Health Innovation Fund3CVCUnited States5The Blue Venture Fund3CVCUnited States5Transformation Capital3VCUnited StatesSilicon Valley52Quarterly funding&deals53State of Digital Health|Geographic Trends|Silicon Valley$1.5B$1.3B$1.6B$1.6B$2.8B$2.1B$2.7B$3

74、.6B$2.6B$1.4B$0.7B$0.7B$0.6B$0.4B$0.9B$0.4B$0.8BFunding$0.6B6681766480717971806660395623393222Deals2601020304050607080$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage54State of Digital Health|Geographic Trends|

75、Silicon Valley57%57%58%60%Early-stage,42%27%23%22%15%Mid-stage,27%8%14%10%9%Late-stage,15%7%6%10%15%Other,17%20202021202220232024YTDSilicon Valley:Top equity deals in Q22455State of Digital Health|Geographic Trends|Silicon ValleyCompanyRound AmountRoundDateRound Valuation Select Investors%of Total F

76、unding1Foodsmart$200MSeries D2024-06-26N/A The Rise Fund33.2%2Mammoth Biosciences$95MCorporate Minority2024-04-25N/A Regeneron15.8%3Midi$60MSeries B2024-04-24$281MEmerson Collective,Able Partners,Felicis,G9 Ventures,Google Ventures10.0%4Rad AI$50MSeries B2024-05-07N/AKhosla Ventures,Artis Ventures,G

77、radient Ventures,Kickstart Fund,OCV Partners8.3%5Eko Health$41MSeries D2024-06-05$261MArtis Ventures,Highland Capital Partners,NTT Venture Capital,Questa Capital,Double Point Ventures6.8%New York56Quarterly funding&deals57State of Digital Health|Geographic Trends|New York$0.5B$0.7B$0.9B$1.1B$2.6B$2.

78、4B$1.6B$1.4B$0.9B$0.8B$0.8B$0.5B$0.5B$0.4B$0.3B$0.3B$0.6BFunding$0.5B4752593765776156664951434235202826Deals280102030405060708090$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage58State of Digital Health|Geographic Trends

79、|New York61%61%65%66%Early-stage,56%22%24%17%14%Mid-stage,26%6%7%7%Late-stage,9%11%8%14%12%Other,9%20202021202220232024YTDNew York:Top equity deals in Q22459State of Digital Health|Geographic Trends|New YorkCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Grow Therapy$88

80、MSeries C2024-04-08$1.2BSequoia Capital,SignalFire,Technology Crossover Ventures,Transformation Capital,Goldman Sachs Asset Management19.4%2SmarterDx$50MSeries B2024-05-14$334MTransformation Capital,Bessemer Venture Partners,Floodgate,Flare Capital Partners11.0%3Pomelo Care$46MSeries B2024-06-20N/AA

81、ndreessen Horowitz,First Round Capital,Adam Boehler,BoxGroup,Operator Partners10.1%4Atropos Health$33MSeries B2024-05-23$250MValtruis,Breyer Capital,Emerson Collective,Presidio Ventures,Cencora Ventures7.3%5CoachCare$32MGrowth Equity2024-06-13N/A Integrity Growth Partners7.1%Asia Trends60Quarterly f

82、unding&deals61State of Digital Health|Geographic Trends|Asia Trends$0.6B$0.7B$1.2B$3.0B$2.0B$1.8B$2.4B$2.3B$0.9B$0.9B$0.8B$0.4B$0.4B$0.2B$0.5B$0.3B$0.3BFunding$0.1B101103118127132159183160173122101698464595344Deals33020406080100120140160180$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2

83、Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage62State of Digital Health|Geographic Trends|Asia Trends61%66%69%59%Early-stage,47%25%21%21%24%Mid-stage,31%11%10%7%13%Late-stage,17%Other,5%20202021202220232024YTDAsia:Top equity deals in Q22463State of Digital Health|Geographi

84、c Trends|Asia TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Ronovo Surgical$41MSeries B2024-06-14N/AINCE Capital,Wuxi Guolian Development,Kington Capital,Longriver InvestmentsChina39.9%2WELT$12MSeries C2024-06-26N/AEnvisioning Partners,Handok,IMM Investme

85、nt,Shinhan Venture Investment,Korea Development BankSouth Korea11.6%3Cloudphysician$11MSeries A2024-06-25N/A Peak XV Partners,Elevar Equity,Panthera Peak Capital India10.1%4HD$6MSeries A2024-04-03N/ANTUitive,SBI Ven Capital,FEBE Ventures,M Venture Partners,Orvel VenturesThailand5.4%4Medmain$6MSeries

86、 A2024-04-18N/APSP,Migalo Holdings,Nikon,AngelNavi,Taro FukuyamaJapan5.3%6ClaimBuddy$5MSeed VC2024-04-12$22MBharat Fund,Chiratae Ventures,Rebright Partners,CAC CAPITALIndia4.8%7Allm$4MVenture Capital2024-05-22N/AMizuho Capital,DIMENSION,Hokuhoku Financial GroupJapan4.3%7Butterfly Learnings$4MSeries

87、A2024-04-11N/AEnzia Ventures,Insitor Partners,100Unicorns,Fondation Botnar,IIMA VenturesIndia3.7%95C Network$3MSeries B2024-04-12$30M Redwood India Healthcare FundIndia2.9%9Flashaid$3MSeed VC2024-04-25N/A Piper Serica,SOSV,Z21 Ventures,ZNL VenturesIndia2.4%9Portl$3MSeries A2024-05-23N/A Bharat Fund,

88、Kalaari Capital,T-HubIndia2.9%Quarterly exits64State of Digital Health|Geographic Trends|Asia Trends11IPO,12124M&A,2SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Asia:Top investors by company count in Q22465State of Digital Health|Geographic Trends|Asia TrendsInvestorCompany Count In

89、vestor GroupCountry1Ally Bridge Group2VCHong Kong1Bharat Fund2VCIndia1FreesFund2VCChina1Longriver Investments2VCChina1Qiming Venture Partners2VCChinaEurope Trends66Quarterly funding&deals67State of Digital Health|Geographic Trends|Europe Trends$0.8B$0.8B$0.6B$1.0B$0.8B$3.9B$1.2B$1.3B$1.3B$1.5B$0.7B$

90、0.6B$0.6B$0.5B$0.7B$0.4B$0.7BFunding$0.5B1171161301171341721301461631278910113291626071Deals40050100150200250300$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage68State of Digital Health|Geographic Trends|Europe

91、 Trends73%73%74%74%Early-stage,66%12%13%11%12%Mid-stage,20%7%7%9%7%Late-stage,7%8%6%5%7%Other,7%20202021202220232024YTDEurope:Top equity deals in Q22469State of Digital Health|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Insighte

92、c$150MSeries G2024-06-18$375MAlly Bridge Group,Fidelity Management&Research Company,Nexus NeuroTech Ventures,Baillie Gifford,Catalio Capital ManagementIsrael32.8%2LabGenius$44MSeries B2024-05-21N/AM Ventures,Atomico,Kindred Capital,Lux Capital,Obvious VenturesUnited Kingdom9.7%3Resilience$25MSeries

93、A2024-05-21N/APicus Capital,Red River West,Cathay Innovation,Seaya Ventures,SingularFrance5.5%3Smart Reporting$25MSeries C2024-04-22N/A TVM Capital Life Science,Bayern KapitalGermany5.4%5Biofidelity$24MSeries B2024-04-03N/AAgilent Technologies,BlueYard Capital,Longwall Venture Partners,Octopus Ventu

94、resUnited Kingdom5.2%6CN Bio Innovations$21MSeries B2024-04-23N/A CN Innovations,Bayland CapitalUnited Kingdom4.6%7ifeel$20MSeries B2024-05-29N/A FinTLV,Korelya CapitalSpain4.4%8Spectrum.Life$18MSeries B2024-05-27N/A ACT Venture CapitalIreland4.0%9Cognivia$17MSeries C2024-04-18N/A SFPIM,Vesalius Bio

95、Capital,Wallonie EntreprendreBelgium3.6%9neurocare$17MPrivate Equity2024-04-24N/A TVM Capital HealthcareGermany3.7%Quarterly exits70State of Digital Health|Geographic Trends|Europe TrendsIPO,011765M&A,10SPAC,1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Europe:Top investors by company cou

96、nt in Q22471State of Digital Health|Geographic Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1Bpifrance2Asset/investment managementFrance1Elaia Partners2VCFrance1Octopus Ventures2VCUnited Kingdom1Vesalius BioCapital2VCLuxembourg1XTX Ventures2CVCUnited KingdomUnited Kingdom72Quarterl

97、y funding&deals73State of Digital Health|Geographic Trends|United Kingdom$121M$309M$75M$563M$214M$1,929M$546M$262M$201M$339M$272M$230M$230M$184M$285M$31M$183MFunding$136M2931304141423935443426273227151116Deals1501020304050$0M$500M$1,000M$1,500M$2,000MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22020202120222

98、0232024Annual percent of deals by deal stage74State of Digital Health|Geographic Trends|United Kingdom76%69%77%78%Early-stage,61%10%17%11%8%Mid-stage,19%6%8%8%6%Late-stage,10%8%6%8%Other,10%20202021202220232024YTDUnited Kingdom:Top equity deals in Q22475State of Digital Health|Geographic Trends|Unit

99、ed KingdomCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1LabGenius$44MSeries B2024-05-21N/AM Ventures,Atomico,Kindred Capital,Lux Capital,Obvious Ventures32.8%2Biofidelity$24MSeries B2024-04-03N/AAgilent Technologies,BlueYard Capital,Longwall Venture Partners,Octopus V

100、entures17.7%3CN Bio Innovations$21MSeries B2024-04-23N/A CN Innovations,Bayland Capital15.5%4Elvie$12MUndisclosed2024-04-26N/A Undisclosed Investors8.9%5Phlo$11MSeries B2024-04-17N/A Par Equity,Scottish Enterprise,Thairm Bio8.2%Report MethodologyYou can download the underlying data found in this rep

101、ort here:https:/ you have questions about the definitions or methodological principles used,or if you feel that your firm has been underrepresented,please reach out to .What is included:Equity financings into private companies only.Funding rounds raised by public companies of any kind on any exchang

102、e(including Pink Sheets)are excluded from our numbers,even if they received investment from a venture firm.Only includes the investment made in the quarter for tranchedinvestments.If a company does a second closing of its Series B round for$5M and previously had closed$2M in a prior quarter,only the

103、$5M is reflected.Round numbers reflect what has closed,not what is intended.If a company indicates the closing of$5M out of a desired raise of$15M,our numbers reflect only the amount which has closed.Only verifiable fundings are included.Fundings are verified via(1)various federal and state regulato

104、ry filings;(2)directconfirmation with firm or investor;(3)press release;or(4)credible media sources.Equity fundings to joint ventures and spinoffs/spinouts are included.Unicorn data includes private companies valued at$1B or more in the private markets globally,per the same 4 sources listed above an

105、d relied on for funding events,which include valuations disclosed in credible media sources.The list is maintained publicly and updated in real time at https:/ notes:Israel funding figures are classified in Europe;funding to Canada,LatAm,Oceania,and Africa is included in global figures but not spotl

106、ighted in this report.Rounds to private companies that may be majority-or minority-owned subsidiaries of other private companies.Valuation data includes estimates to calibrate median and average valuations based on current and previous quarter disclosed valuations gathered from the aforementioned fo

107、ur sources.The estimating method will control for the over-sampling of large rounds that are reported quickly versus a comparative lag in valuations obtained from other sources.Valuation data reflects post-money valuations.Exits include IPOs,SPACs,publicly announced M&A deals,and other liquidity eve

108、nts;only first exits are counted.Headquarters are determined by publicly available sources including company-owned websites and profiles,legal filings,and press releases.All figures in the report are in USD.US financing trends follow the combined statistical area(CSA)methodology.Silicon Valley refer

109、s to the San Jose-San Francisco-Oakland CSA.What is excluded:No contingent funding.If a company receives a commitment for$20M subject to hitting certain milestones but first gets$8M,only the$8M is included in our data.No business development/R&D arrangements,whether transferable into equity now,late

110、r,or never.If a company signs a$300M R&D partnership with a larger corporation,this is not equity financing nor is it from venture capital firms.As a result,it is not included.No buyouts,consolidations,or recapitalizations.All three of these transaction types are commonly employed by private equity

111、firms and are tracked by CB Insights.However,they are excluded for the purposes of this report.No private placements.These investments,also known as PIPEs(Private Investment in Public Equities),are not included even if made by a venture capital firm.No debt/loans of any kind(except convertible notes

112、).Venture debt or any kind of debt/loan issued to emerging,startup companies,even if included as an additional part of an equity financing,is not included.If a company receives$3M with$2M from venture investors and$1M in debt,only the$2M is included in these statistics.No non-equity government fundi

113、ng.Grants or loans by the federal government,state agencies,or public-private partnerships to emerging,startup companies are not included.No fundings to subsidiaries of a larger parent corporation unless that subsidiary is a private entity and meets other criteria for inclusion.Accelerators,incubato

114、rs,business-plan competitions,economic-development entities are excluded from rankings of most active investors,even if making equity financings.Rankings for top investors are calculated according to“company count,”or the number of unique companies an investor funds in a quarter,and so excludes follow-on deals.76State of Digital Health