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1、State of Digital HealthGlobal|2023 recapGlobal 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
2、 decisions that drive growth,improve operations,and beat the competition with CB Insights.IIIITry our platform free!Sign up for a free trialContentsGlobal Trends5Investment Trends6Unicorns30Exit Trends36Investors42Geographic Trends46US47Silicon Valley55New York59Boston63Asia67Europe753State of Digit
3、al HealthState of Digital Health4 4“Steal”our data.Download the underlying data in this report.If you create any analysis or visualizations with this data,send it our way and you could be featured in the CBI newsletter.us on social LinkedIn X(Twitter)InstagramIIIIDownload the raw dataSign up for a f
4、ree trialGlobal Trends5Investment Trends6Annual equity funding&deals7State of Digital Health|Global Trends|Investment Trends$17.9B$28.4B$52.7B$25.5BFunding$13.2B2,2532,3062,7982,267Deals1,39705001,0001,5002,0002,5003,000$0.0B$10.0B$20.0B$30.0B$40.0B$50.0B$60.0B200222023Quarterly equity fu
5、nding&deals8State of Digital Health|Global Trends|Investment Trends$3.9B$4.7B$4.3B$5.0B$5.7B$5.4B$7.5B$9.9B$11.4B$15.2B$11.9B$14.2B$9.8B$7.5B$4.6B$3.6B$4.1B$3.5B$3.4BFunding$2.3B56857357353956787257426537685845034Deals24300500600700800$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$
6、12.0B$14.0B$16.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42002220239State of Digital Health|Global Trends|Investment TrendsUS$1.7B133 DealsEurope$0.3B51 DealsAsia$0.3B44 DealsCanada$24M8 DealsLatAm$26M3 DealsAfrica$8M2 DealsOceania$9M2 DealsFunding&deals by global region in Q423Percent of
7、quarterly deals by global region10State of Digital Health|Global Trends|Investment Trends53%54%57%49%54%54%54%51%54%50%50%48%50%51%56%55%51%52%54%US,55%20%19%20%24%18%18%19%22%19%22%24%24%22%21%20%16%16%17%21%Asia,18%19%20%15%20%21%20%22%21%19%23%17%22%21%21%17%24%26%23%20%Europe,21%8%7%7%8%7%8%5%6%
8、7%6%8%6%7%7%7%6%7%8%5%All Other Regions,6%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Percent of quarterly deals by investor group11State of Digital Health|Global Trends|Investment Trends35%36%33%32%33%35%33%36%35%34%31%32%33%33%33%31%29%32%35%VC,31%20%20%22%19%18%21%19%19%18%16%18%1
9、8%17%19%22%21%20%22%21%Other,22%8%8%7%8%10%7%10%7%7%8%9%8%7%7%8%9%10%10%10%Corp,12%9%9%8%9%10%10%8%8%7%8%8%8%8%7%7%7%8%9%8%CVC,10%8%8%8%10%9%8%9%10%10%11%11%12%12%12%10%11%12%9%9%Angel,9%5%7%5%8%6%7%7%8%8%9%9%9%9%9%6%9%7%8%7%Asset/Investment Management,8%6%5%6%5%6%7%8%7%8%6%6%7%6%6%7%Private Equity,
10、4%10%7%14%7%9%6%8%9%6%8%6%8%5%8%6%11%6%Incubator/Accelerator,3%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Annual average&median deal size12State of Digital Health|Global Trends|Investment Trends$10.5M$15.8M$23.1M$14.1M$11.9M201920212023Average Deal Size$2.3M$3.4M$3.7M$4.0M$4.0M20192
11、0212023Median Deal SizeAnnual median deal size by global region13State of Digital Health|Global Trends|Investment Trends$3.1M$4.0M$5.4M$4.7M$4.6M201920212023US$2.6M$4.2M$3.0M$3.4M$3.7M201920212023Asia$1.5M$2.0M$2.7M$3.2M$3.2M201920212023EuropeAnnual median deal size by investor group14State of Digit
12、al Health|Global Trends|Investment Trends$2.5M$4.0M$3.6M201920212023Angel$11.3M$17.5M$13.1M201920212023Asset/Investment Management$12.0M$15.0M$10.0M201920212023CVC$10.0M$11.2M$7.3M201920212023Corp$15.0M$20.0M$20.0M201920212023Private Equity$7.0M$10.0M$8.0M201920212023VCAnnual funding&deals from mega
13、-rounds(deals worth$100M+)15State of Digital Health|Global Trends|Investment Trends$4.9B$12.3B$29.4B$8.1BFunding$3.4B247114750Deals200204060800180200$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B200222023Quarterly mega-round funding&deals16State of Digital Health|Global Trends|Invest
14、ment Trends$0.9B$0.7B$1.6B$1.7B$2.3B$1.0B$3.6B$5.3B$7.1B$9.0B$5.5B$7.9B$4.2B$2.3B$0.9B$0.7B$1.1B$0.9B$1.0BFunding$0.4B45873037251564557Deals3055404550$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0B$9.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420022202317State of Digital
15、 Health|Global Trends|Investment TrendsUS$0.4B3 DealsMega-round funding&deals by global region in Q423Quarterly mega-round deals by global region18State of Digital Health|Global Trends|Investment Trends4544US,32Asia,01Europe,01All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200
16、222023Quarterly mega-rounds as percent of funding19State of Digital Health|Global Trends|Investment Trends22%15%37%35%41%19%48%53%62%59%46%56%43%31%20%19%26%26%30%Mega-rounds,17%78%85%63%65%59%81%52%47%38%41%54%44%57%69%80%81%74%74%70%Non-mega-rounds,83%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201920
17、20202120222023Global:Top equity deals in Q42320State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Devoted Health$175MSeries E2023-12-29$12.9BFearless Ventures,GIC,Maverick Ventures,Stardust Equity,The Space Betw
18、eenUnited States7.5%2Headway$125MSeries C2023-10-04$1.0BSpark Capital,Accel,Andreessen Horowitz,Thrive Capital,Health Care Service CorporationUnited States5.4%3Iambic Therapeutics$100MSeries B2023-10-03$267MAbingworth,Ascenta Capital,Sequoia Capital,Catalio Capital Management,CoatueUnited States4.3%
19、4Elucid$80MSeries C2023-11-09N/A Elevage Medical TechnologiesUnited States3.4%5Commure$70MSeries E2023-10-13$6.0B General CatalystUnited States3.0%6InfoBionic$58MSeries D2023-10-09$73MBlue Cross and Blue Shield of Kansas,Excel Venture Management,Zaffre Investments,Security International Investments,
20、Mayo ClinicUnited States2.5%7Forward$50MSeries E2023-11-15N/AFounders Fund,Garrett Camp,Khosla Ventures,Abu Dhabi Investment Council,Samsung NEXTUnited States2.2%7Twin Health$50MSeries D2023-12-13N/ATemasek,Helena Capital Partners,ICONIQ Growth,Peak XV Partners,SofinaUnited States2.2%9Alto Neuroscie
21、nce$45MSeries C2023-11-21N/AInVivium Capital,Alpha Wave Global,Lightswitch Capital,What If Ventures,Windham Venture PartnersUnited States1.9%10EndoQuest Robotics$42MSeries C2023-12-04N/ACE-Ventures,McNair Interests,Puma Venture CapitalUnited States1.8%Annual percent of deals by deal stage21State of
22、Digital Health|Global Trends|Investment Trends66%62%65%65%Early-stage,64%15%18%17%15%Mid-stage,16%8%9%9%8%Late-stage,9%11%12%8%11%Other,11%200222023Regional deal share by deal stage in Q42322State of Digital Health|Global Trends|Investment Trends54%57%39%67%14%28%35%11%24%15%22%17%9%6%Ear
23、ly-stageMid-stageLate-stageOtherUSAsiaEuropeAll Other RegionsAnnual median funding by deal stage23State of Digital Health|Global Trends|Investment Trends$1.5M$1.8M$2.1M$2.6M$2.5M201920212023Early-stage$18.3M$20.5M$31.2M$25.0M$17.9M201920212023Mid-stage$18.6M$40.0M$75.0M$30.0M$27.8M201920212023Late-s
24、tageGlobal:Top seed/angel deals in Q42324State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Mana.bio$15MSeed VC2023-10-10Andreessen Horowitz,Base4 Capital,LionBird Venture Capital,NFX,Technion Israel Institute of TechnologyIsrael2Power$12MSeed2
25、023-12-22Undisclosed InvestorsUnited States3Biocogniv$11MSeed VC2023-10-19The Fund at HulaUnited States4CoverSelf$8MSeed VC2023-11-143one4 Capital Partners,BEENEXT,Z21 VenturesUnited States4Ventricle Health$8MSeed VC2023-10-17RA Capital Management,Waterline VenturesUnited States6Korio$7MSeed VC2023-
26、10-10Excelerate Health Ventures,Boston Millennia PartnersUnited States6Pepper Bio$7MSeed VC2023-11-30NFX,Mana Ventures,Silverton PartnersUnited States8InpharmD$6MSeed VC2023-12-07645 Ventures,Y Combinator,ELC,Qlarant Capital,Atlanta VenturesUnited States8Nocturne$6MSeed VC2023-10-26Bain Capital Cryp
27、to,Polychain Capital,Bankless Ventures,Hack VC,Robot VenturesGermany10HeartBeat.bio$5MSeed VC2023-11-02AWS Grunderfonds,Invest Unternehmensbeteiligungs,Tensor Ventures,i&i Biotech FundAustria10Jona$5MSeed VC2023-11-01Breyer Capital,Meridian Street Capital,Kicker VenturesUnited States10Susu$5MSeed VC
28、2023-12-14Plug and Play Ventures,Al Mada,Five35 Ventures,Health54France10Vantari VR$5MSeed VC2023-12-07Co:Act,Acova Capital,Significant Early Venture Capital,Sirius CapitalAustraliaGlobal:Top Series A deals in Q42325State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateS
29、elect InvestorsCountry1Orbem$32MSeries A2023-10-1183North,Possible Ventures,The Venture Collective,La FamigliaGermany2Cradle$24MSeries A2023-11-27Index Ventures,Kindred Capital,Chris Gibson,Tom GlocerNetherlands3Bright Uro$23MSeries A2023-11-30Laborie Medical TechnologiesUnited States4Waymark$22MSer
30、ies A2023-10-18Lux Capital,Andreessen Horowitz,CVS Health VenturesUnited States5Greater Good Health$20MSeries A2023-10-10Flare Capital Partners,Health Velocity Capital,LRVHealth,Martin Ventures,Optum VenturesUnited States5PayGround$20MSeries A2023-11-01SixThirty,FCA Venture Partners,IA Capital Group
31、,Plug and Play Ventures,Rally VenturesUnited States5knownwell$20MSeries A2023-12-18Andreessen Horowitz,Flare Capital PartnersUnited States8FluidAI Medical$15MSeries A2023-10-10Graphene Ventures,SOSV,Boutique Venture Partners,Threshold ImpactCanada9Anima$14MSeries A2023-11-08Hummingbird Ventures,Molt
32、en VenturesUnited Kingdom10Orchid$12MSeries A2023-12-05Day One Ventures,Refactor Capital,Conviction Capital,Pebblebed,Prometheus FundUnited States10Sunnyside$12MSeries A2023-11-15Motley Fool Ventures,Adjacent,Eudemian Ventures,Mike Lee,Offline VenturesUnited StatesGlobal:Top Series B deals in Q42326
33、State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Iambic Therapeutics$100MSeries B2023-10-03Abingworth,Ascenta Capital,Sequoia Capital,Catalio Capital Management,CoatueUnited States2Eleos Health$40MSeries B2023-11-09Menlo Ventures,Eight Roads
34、Ventures,F-Prime Capital,Lool Ventures,aMoon FundUnited States2MicroSure$40MSeries B2023-10-04BOM Brabant Ventures,European Innovation Council,Innovation Industries,Invest-NL,Ten Cate InvesteringsmaatschappijNetherlands4Diana Health$34MSeries B2023-10-05Norwest Venture Partners,.406 Ventures,AlleyCo
35、rp,LRVHealthUnited States5Abridge$30MSeries B2023-10-26Spark Capital,Bessemer Venture Partners,CVS Health Ventures,Kaiser Permanente Ventures,Lifepoint HealthUnited States5Eligo Bioscience$30MSeries B2023-12-05Sanofi Ventures,Bpifrance,Khosla Ventures,Seventure PartnersFrance5Holmusk$30MSeries B2023
36、-10-03VeradigmSingapore5PatientFi$30MSeries B2023-12-21Undisclosed InvestorsUnited States9Onsurity Technologies$24MSeries B2023-10-09International Finance Corporation,Nexus Venture Partners,Quona CapitalIndia10PursueCare$20MSeries B2023-12-13T.Rx Capital,Yamaha Motor Ventures,OCA Ventures,Seyen Capi
37、talUnited States10Signos$20MSeries B2023-10-24Cheyenne Partners,Google Ventures,Dexcom Ventures,Samsung NEXTUnited StatesGlobal:Top Series C deals in Q42327State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Headway$125MSeries C2023-10-04Spark C
38、apital,Accel,Andreessen Horowitz,Thrive Capital,Health Care Service CorporationUnited States2Elucid$80MSeries C2023-11-09Elevage Medical TechnologiesUnited States3Alto Neuroscience$45MSeries C2023-11-21InVivium Capital,Alpha Wave Global,Lightswitch Capital,What If Ventures,Windham Venture PartnersUn
39、ited States4EndoQuest Robotics$42MSeries C2023-12-04CE-Ventures,McNair Interests,Puma Venture CapitalUnited States5Doctor Anywhere$41MSeries C2023-12-06Novo Holdings,Square Peg VenturesSingapore6MICIN$27MSeries C2023-10-05MTG Ventures,Toho Holdings Co.Ltd.,World Innovation Lab,Alfresa Holdings Corpo
40、rationJapan7Covera Health$25MSeries C2023-11-01Insight PartnersUnited States8MedRhythms$19MSeries C2023-12-12Advantage CapitalUnited States9AristaMD$17MSeries C2023-11-14Undisclosed InvestorsUnited States10Humanscape$15MSeries C2023-12-21Hanwha Asset Management,Hanwha Group,Korea Development BankSou
41、th Korea10Neurophet$15MSeries C2023-11-07KOLON INVESTMENT,Prophet Asset Management,KB SecuritiesSouth Korea10ThinkCyte$15MSeries C2023-11-28Nomura Sparx Investment,ITOCHU Technology Ventures,Real Tech Holdings,Technology Ventures,Toyoda GoseiUnited StatesGlobal:Top Series D deals in Q42328State of D
42、igital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1InfoBionic$58MSeries D2023-10-09$73MBlue Cross and Blue Shield of Kansas,Excel Venture Management,Zaffre Investments,Security International Investments,Mayo ClinicUnited States2Twin Healt
43、h$50MSeries D2023-12-13N/ATemasek,Helena Capital Partners,ICONIQ Growth,Peak XV Partners,SofinaUnited States3Aidoc$30MSeries D2023-11-27N/A Undisclosed InvestorsIsrael4Blue Spark$4MSeries D2023-12-11N/A Early Stage PartnersUnited StatesGlobal:Top Series E+deals in Q42329State of Digital Health|Globa
44、l Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Devoted Health$175MSeries E2023-12-29$12.9BFearless Ventures,GIC,Maverick Ventures,Stardust Equity,The Space BetweenUnited States2Commure$70MSeries E2023-10-13$6.0B General CatalystUnited States3Forward$50M
45、Series E2023-11-15N/AFounders Fund,Garrett Camp,Khosla Ventures,Abu Dhabi Investment Council,Samsung NEXTUnited StatesUnicorns30Quarterly new&total unicorns(private companies valued at$1B+)31State of Digital Health|Global Trends|Unicorns2New Unicorns,295979695Total Unicorns,94Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q
46、4Q1Q2Q3Q4Q1Q2Q3Q420022202332State of Digital Health|Global Trends|UnicornsUS742 NewAsia100 NewCanada10 NewEurope90 NewNew&total unicorns by global region in Q423Quarterly new unicorns by global region33State of Digital Health|Global Trends|Unicorns2US,2Asia,0Europe,0Canada,0Q1Q2Q3Q4Q1Q2Q3
47、Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Global:Top unicorn births in Q42334State of Digital Health|Global Trends|UnicornsCompanyLatest Valuation Country1EmployerDirect Healthcare$1.0BUnited States1Headway$1.0BUnited StatesGlobal:Top unicorns by valuation in Q42335State of Digital Health|Global
48、 Trends|UnicornsCompanyLatest Valuation Country1Devoted Health$12.9BUnited States2Tempus$8.1BUnited States3Caris$7.8BUnited States4Ro$7.0BUnited States4We Doctor$7.0BChina6Doctolib$6.4BFrance7Hinge Health$6.2BUnited States8Benchling$6.1BUnited States9Commure$6.0BUnited States10Lyra Health$5.9BUnited
49、 StatesExit Trends36Annual exits37State of Digital Health|Global Trends|Exit Trends19IPO,4258M&A,1513SPAC,2120222023Quarterly exits38State of Digital Health|Global Trends|Exit Trends121IPO,135563620M&A,391SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Percent of quarter
50、ly exits by global region39State of Digital Health|Global Trends|Exit Trends61%76%79%61%82%62%62%64%61%66%61%61%56%56%44%47%62%50%59%US,68%7%6%7%5%15%8%13%11%9%7%21%13%5%8%Asia,7%23%17%15%25%10%23%15%16%17%19%16%22%21%31%27%32%27%29%36%Europe,15%10%7%6%10%8%16%15%12%9%7%13%6%8%8%7%13%All Other Regio
51、ns,10%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Global:Top M&A exits in Q42340State of Digital Health|Global Trends|Exit TrendsCompanyRound ValuationAcquirerCountry1Pathology Watch$150M Sonic HealthcareUnited States2Imbio$45M 4DMedicalUnited States3Envera Health$32M Access Healthca
52、reUnited States4Hyris$28M Ulisse BiomedUnited Kingdom5Pentavere Research Group$15M Healwell AICanada6Digital Diagnostics Imaging$11M Kingsway Financial ServicesUnited StatesGlobal:Top IPOs in Q42341State of Digital Health|Global Trends|Exit TrendsCompanyRound Valuation Country1Marso$52MJapanInvestor
53、s42Global:Top investors by company count in Q42343State of Digital Health|Global Trends|InvestorsInvestorCompany Count Investor GroupCountry1Andreessen Horowitz5VCUnited States1Plug and Play Ventures5VCUnited States3CVS Health Ventures3CVCUnited States3Excelerate Health Ventures3VCUnited States3Klei
54、ner Perkins Caufield&Byers3VCUnited States3SOSV3VCUnited States3Samsung NEXT3CVCUnited States3The Venture Collective3VCUnited StatesGlobal:Top VCs by company count in Q42344State of Digital Health|Global Trends|InvestorsInvestorCompany Count Country1Andreessen Horowitz5United States1Plug and Play Ve
55、ntures5United States3Excelerate Health Ventures3United States3Kleiner Perkins Caufield&Byers3United States3SOSV3United States3The Venture Collective3United StatesGlobal:Top CVCs by company count in Q42345State of Digital Health|Global Trends|InvestorsInvestorCompany Count Country1CVS Health Ventures
56、3United States1Samsung NEXT3United States3Google Ventures2United States3Health542France3Yamaha Motor Ventures2United StatesGeographic Trends46US Trends47Annual funding&deals48State of Digital Health|Geographic Trends|US Trends$11.4B$19.1B$35.7B$17.5BFunding$9.1B1,2001,2271,4141,183Deals7360200400600
57、8001,0001,2001,4001,6001,800$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B$35.0B$40.0B200222023Quarterly funding&deals49State of Digital Health|Geographic Trends|US Trends$2.5B$3.3B$2.4B$3.2B$4.1B$3.6B$5.5B$5.9B$8.8B$9.3B$7.8B$9.9B$7.0B$4.9B$2.9B$2.6B$2.9B$2.3B$2.2BFunding$1.7B29930832926430230
58、933733225256198149Deals0200250300350400$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Annual percent of deals by deal stage50State of Digital Health|Geographic Trends|US Trends61%57%60%59%Early-stage,60%17%18%18%16%Mi
59、d-stage,15%8%9%10%8%Late-stage,9%14%16%11%18%Other,15%200222023US:Top equity deals in Q42351State of Digital Health|Geographic Trends|US TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Devoted Health$175MSeries E2023-12-29$12.9BFearless Ventures,
60、GIC,Maverick Ventures,Stardust Equity,The Space BetweenUnited States10.5%2Headway$125MSeries C2023-10-04$1.0BSpark Capital,Accel,Andreessen Horowitz,Thrive Capital,Health Care Service CorporationUnited States7.5%3Iambic Therapeutics$100MSeries B2023-10-03$267MAbingworth,Ascenta Capital,Sequoia Capit
61、al,Catalio Capital Management,CoatueUnited States6.0%4Elucid$80MSeries C2023-11-09N/A Elevage Medical TechnologiesUnited States4.8%5Commure$70MSeries E2023-10-13$6.0B General CatalystUnited States4.2%6InfoBionic$58MSeries D2023-10-09$73MBlue Cross and Blue Shield of Kansas,Excel Venture Management,Z
62、affre Investments,Security International Investments,Mayo ClinicUnited States3.5%7Forward$50MSeries E2023-11-15N/AFounders Fund,Garrett Camp,Khosla Ventures,Abu Dhabi Investment Council,Samsung NEXTUnited States3.0%7Twin Health$50MSeries D2023-12-13N/ATemasek,Helena Capital Partners,ICONIQ Growth,Pe
63、ak XV Partners,SofinaUnited States3.0%9Alto Neuroscience$45MSeries C2023-11-21N/AInVivium Capital,Alpha Wave Global,Lightswitch Capital,What If Ventures,Windham Venture PartnersUnited States2.7%10EndoQuest Robotics$42MSeries C2023-12-04N/ACE-Ventures,McNair Interests,Puma Venture CapitalUnited State
64、s2.5%Annual exits52State of Digital Health|Geographic Trends|US Trends4IPO,2141M&A,911SPAC,2120222023Quarterly exits53State of Digital Health|Geographic Trends|US Trends2IPO,017331812M&A,281SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023US:Top investors by company count
65、 in Q42354State of Digital Health|Geographic Trends|US TrendsInvestorCompany Count Investor GroupCountry1Andreessen Horowitz5VCUnited States1Plug and Play Ventures5VCUnited States3CVS Health Ventures3CVCUnited States3Excelerate Health Ventures3VCUnited States3Kleiner Perkins Caufield&Byers3VCUnited
66、States3SOSV3VCUnited States3Samsung NEXT3CVCUnited States3The Venture Collective3VCUnited StatesSilicon Valley55Quarterly funding&deals56State of Digital Health|Geographic Trends|Silicon Valley$0.6B$1.1B$0.7B$1.0B$1.4B$1.3B$1.7B$1.8B$3.0B$2.2B$2.4B$3.5B$2.6B$1.1B$0.7B$0.7B$0.5B$0.4B$0.5BFunding$0.4B
67、49667949657876647973776980625638542235Deals3200708090100$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Annual percent of deals by deal stage57State of Digital Health|Geographic Trends|Silicon Valley65%56%56%56%Early-stage,61%24%27%
68、23%23%Mid-stage,13%7%8%15%10%Late-stage,10%8%6%10%Other,17%200222023Silicon Valley:Top equity deals in Q42358State of Digital Health|Geographic Trends|Silicon ValleyCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Commure$70MSeries E2023-10-13$6.0B General Cat
69、alyst16.7%2Forward$50MSeries E2023-11-15N/AFounders Fund,Garrett Camp,Khosla Ventures,Abu Dhabi Investment Council,Samsung NEXT11.9%2Twin Health$50MSeries D2023-12-13N/ATemasek,Helena Capital Partners,ICONIQ Growth,Peak XV Partners,Sofina11.9%4Alto Neuroscience$45MSeries C2023-11-21N/AInVivium Capit
70、al,Alpha Wave Global,Lightswitch Capital,What If Ventures,Windham Venture Partners10.7%5Vida Health$29MGrowth Equity2023-11-09N/AAlly Bridge Group,Canvas Ventures,General Atlantic,Hercules Capital6.8%New York59Quarterly funding&deals60State of Digital Health|Geographic Trends|New York$0.8B$0.5B$0.6B
71、$0.3B$0.4B$0.7B$0.9B$1.1B$2.6B$2.4B$1.7B$1.2B$0.9B$0.7B$0.8B$0.3B$0.5B$0.4B$0.3BFunding$0.3B544742294655463474837383219Deals50607080$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Annual percent of deals by deal stage61State of Dig
72、ital Health|Geographic Trends|New York66%61%61%64%Early-stage,63%17%22%23%16%Mid-stage,14%6%6%7%Late-stage,8%11%12%8%15%Other,15%200222023New York:Top equity deals in Q42362State of Digital Health|Geographic Trends|New YorkCompanyRound AmountRoundDateRound Valuation Select Investors%of To
73、tal Funding1Headway$125MSeries C2023-10-04$1.0BSpark Capital,Accel,Andreessen Horowitz,Thrive Capital,Health Care Service Corporation49.7%2Diana Health$34MSeries B2023-10-05$86MNorwest Venture Partners,.406 Ventures,AlleyCorp,LRVHealth13.5%3Covera Health$25MSeries C2023-11-01N/A Insight Partners9.9%
74、4ObvioHealth$15MUndisclosed2023-11-06N/A Undisclosed Investors6.0%5Allara$10MSeries A2023-10-18$40MGoogle Ventures,Great Oaks Venture Capital,humbition,FOG Ventures,Vanterra Capital4.0%5Ciba Health$10MSeries A2023-12-04N/A DigiTx Partners4.0%Boston63Quarterly funding&deals64State of Digital Health|G
75、eographic Trends|Boston$0.3B$0.5B$0.3B$0.4B$0.5B$0.3B$0.7B$0.5B$0.7B$1.1B$0.8B$0.8B$0.9B$1.1B$0.1B$0.3B$0.1B$0.2B$0.5BFunding$0.2B222833303822252282322161414Deals530354045$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Annual
76、percent of deals by deal stage65State of Digital Health|Geographic Trends|Boston60%55%56%50%Early-stage,56%19%19%23%21%Mid-stage,19%10%13%7%10%Late-stage,8%11%13%14%19%Other,16%200222023Boston:Top equity deals in Q42366State of Digital Health|Geographic Trends|BostonCompanyRound AmountRou
77、ndDateRound Valuation Select Investors%of Total Funding1Elucid$80MSeries C2023-11-09N/A Elevage Medical Technologies32.5%2InfoBionic$58MSeries D2023-10-09$73MBlue Cross and Blue Shield of Kansas,Excel Venture Management,Zaffre Investments,Security International Investments,Mayo Clinic23.5%3Eleos Hea
78、lth$40MSeries B2023-11-09N/AMenlo Ventures,Eight Roads Ventures,F-Prime Capital,Lool Ventures,aMoon Fund16.2%4knownwell$20MSeries A2023-12-18N/A Andreessen Horowitz,Flare Capital Partners8.1%5Scitara$15MSeries B2023-11-03N/A Flybridge Capital Partners,Northpond Ventures6.1%Asia Trends67Annual fundin
79、g&deals68State of Digital Health|Geographic Trends|Asia Trends$2.9B$5.4B$8.4B$2.9BFunding$1.3B465446622457Deals24500500600700$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0B$9.0B200222023Quarterly funding&deals69State of Digital Health|Geographic Trends|Asia Trends$0.7B$0.6B$0.5B$
80、1.0B$0.6B$0.7B$1.2B$3.0B$1.9B$1.8B$2.4B$2.3B$0.9B$0.9B$0.8B$0.3B$0.4B$0.2B$0.5BFunding$0.3B745806457Deals440204060800180200$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Annual percent of deal
81、s by deal stage70State of Digital Health|Geographic Trends|Asia Trends66%61%66%69%Early-stage,60%21%25%21%21%Mid-stage,24%9%11%10%7%Late-stage,12%Other,4%200222023Asia:Top equity deals in Q42371State of Digital Health|Geographic Trends|Asia TrendsCompanyRound AmountRoundDateRound Valuatio
82、n Select InvestorsCountry%of Total Funding1Doctor Anywhere$41MSeries C2023-12-06N/A Novo Holdings,Square Peg VenturesSingapore16.1%2Holmusk$30MSeries B2023-10-03N/A VeradigmSingapore11.8%3MICIN$27MSeries C2023-10-05N/AMTG Ventures,Toho Holdings Co.Ltd.,World Innovation Lab,Alfresa Holdings Corporati
83、onJapan10.5%4Onsurity Technologies$24MSeries B2023-10-09N/AInternational Finance Corporation,Nexus Venture Partners,Quona CapitalIndia9.4%5Humanscape$15MSeries C2023-12-21N/AHanwha Asset Management,Hanwha Group,Korea Development BankSouth Korea6.1%5Neurophet$15MSeries C2023-11-07N/AKOLON INVESTMENT,
84、Prophet Asset Management,KB SecuritiesSouth Korea6.0%7MEZOO$14MSeries B2023-11-07N/AAJU IB Investment,Dong-A ST,InterVest,SJ Investment Partners,Shinhan Venture InvestmentSouth Korea5.4%8Medipixel$13MSeries B2023-10-26N/AQUAD Investment Management,Company K Partners,DAYLI Partners,IMM Investment,Pre
85、mier PartnersSouth Korea4.9%9AITRICS$11MSeries B2023-10-20N/ABSK Investment,Premier Partners,Bonum Investment,DS Investment&Securitie,HB InvestmentSouth Korea4.5%10ABI Health$10MPrivate Equity2023-12-18N/A InvAscentIndia3.9%Annual exits72State of Digital Health|Geographic Trends|Asia Trends13IPO,219
86、M&A,81SPAC,0200222023Quarterly exits73State of Digital Health|Geographic Trends|Asia Trends11IPO,14321M&A,2SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Asia:Top investors by company count in Q42374State of Digital Health|Geographic Trends|Asia TrendsInvestorCompany Co
87、unt Investor GroupCountry1Epic Angels2AngelSingapore1Global Brain2VCJapan1Premier Partners2VCSouth Korea1QR investment2Asset/investment managementJapan1Shinhan Venture Investment2VCSouth KoreaEurope Trends75Annual funding&deals76State of Digital Health|Geographic Trends|Europe Trends$3.2B$3.1B$6.9B$
88、4.1BFunding$2.1B4Deals32200500600700$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0B200222023Quarterly funding&deals77State of Digital Health|Geographic Trends|Europe Trends$0.6B$0.6B$1.3B$0.7B$0.7B$0.8B$0.6B$0.9B$0.5B$3.9B$1.2B$1.3B$1.3B$1.5B$0.7B$0.6B$0.6B$0.5B$0.6BFu
89、nding$0.3B66298656Deals5000200$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200222023Annual percent of deals by deal stage78State of Digital Health|Geographic Trends|Europe Trends
90、76%72%74%74%Early-stage,73%10%12%13%12%Mid-stage,12%6%7%6%9%Late-stage,7%8%9%6%5%Other,7%200222023Europe:Top equity deals in Q42379State of Digital Health|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1MicroSure$40MSerie
91、s B2023-10-04N/ABOM Brabant Ventures,European Innovation Council,Innovation Industries,Invest-NL,Ten Cate InvesteringsmaatschappijNetherlands12.0%2Orbem$32MSeries A2023-10-11N/A 83North,Possible Ventures,The Venture Collective,La FamigliaGermany9.6%3Aidoc$30MSeries D2023-11-27N/A Undisclosed Investo
92、rsIsrael9.0%3Eligo Bioscience$30MSeries B2023-12-05N/A Sanofi Ventures,Bpifrance,Khosla Ventures,Seventure PartnersFrance8.9%5BioSerenity$26MPrivate Equity2023-11-13N/A JOLT CapitalFrance7.7%6Cradle$24MSeries A2023-11-27N/A Index Ventures,Kindred Capital,Chris Gibson,Tom GlocerNetherlands7.2%7Mana.b
93、io$15MSeed VC2023-10-10N/AAndreessen Horowitz,Base4 Capital,LionBird Venture Capital,NFX,Technion Israel Institute of TechnologyIsrael4.4%8Anima$14MSeries A2023-11-08N/A Hummingbird Ventures,Molten VenturesUnited Kingdom4.4%9Tilak Healthcare$11MSeries B2023-10-12N/A Cap Horn Finance,Elaia Partners,S
94、WEN Capital Partners,iBionext,AdelieFrance3.2%10Biosency$8MSeries B2023-11-09N/A Go Capital,Partners PrivateFrance2.3%10Kranus Health$8MSeries A2023-10-02N/AKarista,SwissHealth Ventures,A-Round Capital,High-Tech Grunderfonds,WENVEST CapitalGermany2.3%10Poppins$8MSeries B2023-10-18N/A Eurazeo,HEC Ven
95、tures,Verve Ventures,Allianz France AcceleratorFrance2.5%Annual exits80State of Digital Health|Geographic Trends|Europe Trends2IPO,072M&A,401SPAC,0200222023Quarterly exits81State of Digital Health|Geographic Trends|Europe TrendsIPO,01216117M&A,6SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
96、Q4200222023Europe:Top investors by company count in Q42382State of Digital Health|Geographic Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1Health542CVCFranceReport MethodologyYou can download the underlying data found in this report here:https:/ you have questions about
97、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 exchange(including Pink Sheets)are excluded from
98、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$5M is reflected.Round numbers reflect wha
99、t 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 regulatory filings;(2)direct confirmation with fir
100、m 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 and relied on for funding events,which incl
101、ude 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,Latin America,Oceania,and Africa is included in global figures but not spotlighted in this report.Rounds to p
102、rivate 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 foursources.The estimating method w
103、ill 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 events;only first exits are counted.H
104、eadquarters 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 refers to the San Jose-San Francisco-Oa
105、kland 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,later,or never.If a company signs a$30
106、0M 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 firms and are tracked by CB Insigh
107、ts.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).Venture debt or any kind of debt
108、/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 funding.Grants or loans by the federal
109、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,incubators,business-plan competitions,econ
110、omic-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.83State of Digital Health