1、State of Digital HealthGlobal|Q3 2022Global data and analysis on dealmaking,funding,and exits by private market digital health companiesGuess Less.Win More.CB Insights helps the worlds leading companies make smarter technology decisions with data,not opinion.Our Technology Insights Platform provides

2、 companies with comprehensive data,expert insights,and work management tools that enable them to discover,understand,and make technology decisions.IIISign up for a free trialSign up for a free trial2State of Digital HealthConnectGet introductions to the right technology products,services,and partner

3、s with one click.No research.No hassle.Platform4Business Intelligence&AnalyticsState of Digital HealthMake your brand more searchable.Findable.Buyable.Partnerable.Investable.Complete a free Analyst Briefing Survey*and get in front of enterprise tech buyers,M&A teams,and investors.*Survey takers have

4、 increased their lead generation 3x on average.IIIApply hereSign up for a free trialWe get a perspective on healthcare tech that we cant get anywhere else with CB Insights research.View success story Anne WellingtonFormer Managing Director,Cedars-Sinai Accelerator5Dig Deeper.CB Insights clients can

5、find and track companies using our analyst-curated Expert Collections.6Digital TherapeuticsMental Health TechClinical Trials TechBiopharma TechTelehealthHealth ITDigital HealthState of Digital HealthOur Most Popular Research onDigital Health7Analyzing Optums Growth Strategy:How the Health Services G

6、iant Is Expanding Its ReachUnbundling Womens Health:How Femtech Is Disrupting Traditional Womens Health&Wellness ServicesAnalyzing Microsofts Growth Strategy:How the OS Titan Is Building a New Foundation for Healthcare70+Early-Stage Companies Revolutionizing the Medical Device Market112 Companies He

7、lping Healthcare Providers Improve How Patients Access Care125 Early-Stage Companies Transforming Mental Healthcare Delivery100+Early-Stage Companies Using Digital Biomarkers to Improve Patient CareAnalyzing Googles Pharma Strategy:How the Tech Giant Is Expanding Its Presence in Drug DevelopmentStat

8、e of Digital HealthYour rundown ondigital health in Q322$4.6BDigital health funding down 36%.Global digital health funding continued to slide in Q322,falling 36%quarter-over-quarter(QoQ)and 72%from its all-time high in Q221.Notably,Q322s funding total was the sectors lowest since Q119.QoQfunding dec

9、reases of 50%or more were seen in clinical trials tech,telehealth,and health IT.See the data 8-37%Decline in mega-rounds.The number of$100M+mega-rounds dropped to its lowest total since Q119,and funding fell 37%.Both deals and funding have fallen by more than 80%from their all-time highs in Q221.The

10、 top funding rounds went to ArsenalBio,Cleerly,and Allm.See the data 3New unicorns,an 82%fall from the Q121 peak.The unicorn birthrate was the lowest since Q220.For only the 2nd time in the last 7 quarters,unicorn births didnt reach double digits.The US and Europe were the only regions to gain unico

11、rns in Q322.The 3 births were Redesign Health($1.7B),Incredible Health($1.7B),and Spectrum Health($1.2B).See the data-44%QoQ drop in M&A exits.M&A exits fell for the 2nd quarter in a row to just 48 the lowest quarterly total in the last 5 years.The US saw its lowest number of exits in years,while As

12、ia reached an all-time high.The top M&A exit was the$875M acquisition of RX Savings Solutions by McKesson.See the data 7IPOs,a rise from last quarters 5-year low.After Q222 saw the lowest number of IPOs(1)in the last 5 years,IPOs rebounded in Q322 to 7 the highest quarterly total for 2022.This bring

13、s the number of IPOs to a level comparable to 2019.Most of the IPOs in Q322 were for companies based in Asia.See the data State of Digital HealthTLDR$0.1BRise in mental health tech funding.Mental health tech funding saw a small gain in Q322 after 2 straight quarters of decline.Deals also saw a modes

14、t increase.Funding activity was led by Alma($130M)and Happy Health($60M)in the US and CureApp($52M)in Japan.See the data 9-50%Fall in telehealth funding.Telehealth funding dropped for the 3rd straight quarter to its 2nd lowest total in the last 5 years.After seeing substantial growth in 2020 and 202

15、1,this years total telehealth funding is projected to be less than half of that seen in 2021.See the data 233Deals to US-based companies,a recent low.The number of US deals dropped for the 2nd straight quarter,down 21%QoQ.Quarterly funding reached$3B,the lowest total since Q319.Early-stage deal shar

16、e in the US is currently down in 2022 compared to last year.See the data-18%Fall in funding to Asia-based companies.Funding in Asia totaled$0.9B for Q322,retreating under$1B for the first time since Q220.This represents the 4th consecutive quarter of decline.Deals dropped to their lowest quarterly t

17、otal in more than 5 years.IPOs(6)rebounded from none in Q222,and M&A exits saw gains as well.See the data$0.6BFunding in Europe,its lowest level since Q320.For the first time since Q121,digital health funding in Europe dropped below$1B,a 40%decrease QoQ.Deals also dropped by more than 40%,and the to

18、tal for Q322 was the lowest number of quarterly deals for the last 5 years.The UK saw a 50%QoQ increase in funding,driven by a$160M mega-round to Cera.See the data State of Digital HealthTLDRYour rundown ondigital health in Q322ContentsGlobal Trends11Investment Trends12Unicorns36Exit Trends42Investo

19、rs48Collection Spotlights52Digital Therapeutics53Mental Health Tech 62Clinical Trials Tech71Telehealth80Health IT89Geographic Trends98US99Silicon Valley105New York109Boston113Asia117China123India127Japan131Europe135United Kingdom 14110State of Digital HealthGlobal Trends11Investment Trends12Projecte

20、d Funding$30.3B$25.6B$21.4B$32.6B$59.7BFunding$22.8B00000400005000060000700002,4832,5922,5943,142Deals1,729Projected Deals2,31105001,0001,5002,0002,5003,000200212022YTD$59.6BProjected funding at 50%and projected deals at 74%of 2021s totals13State of Digital Health|Global Trends

21、|Investment TrendsFunding$22.4B$30BDeals hit lowest point in years,funding at its lowest level since Q11914State of Digital Health|Global Trends|Investment Trends$4.9B$7.7B$7.5B$5.6B$4.5B$6.6B$4.9B$5.4B$6.7B$6.4B$8.9B$10.6B$12.9B$16.8B$13.9B$16.1B$10.5B$7.2BFunding$4.6B6246846638614610642

22、7847735724578Deals427005006007008009001,000$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0B$16.0B$18.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022The US leads in funding and deals15State of Digital Health|Global Trends|Investment TrendsUS$3.0B233 DealsAsia$900M99 Deal

23、sEurope$600M63 DealsLatAm&Caribbean$58M12 DealsCanada$90M10 DealsAfrica$14M5 DealsAustralia$38M5 DealsUS deal share ticks up QoQ16State of Digital Health|Global Trends|Investment Trends49%52%53%50%50%51%54%47%50%52%49%49%50%46%46%46%51%51%US,55%26%26%28%27%23%23%25%27%22%22%27%24%23%26%30%28%23%23%A

24、sia,23%17%14%15%18%20%18%13%18%21%18%18%20%19%22%15%21%19%18%Europe,15%8%7%5%8%8%7%7%7%9%6%7%7%6%9%6%7%7%All Other Regions,7%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022VCs retain deal share lead17State of Digital Health|Global Trends|Investment Trends30%37%32%34%33%34%33%31%32%33%33%3

25、4%33%32%31%30%32%32%VC,30%25%21%22%24%22%21%22%20%19%22%19%19%19%17%17%19%18%21%Other,24%8%9%9%9%8%9%8%10%10%8%9%9%10%11%11%12%12%13%Angel,10%8%9%8%9%8%10%8%9%9%10%8%8%7%8%9%9%8%8%CVC,8%10%8%8%7%8%8%8%8%10%8%10%7%7%9%10%9%8%8%Corp,8%8%6%8%5%10%7%14%6%8%6%8%6%9%5%7%5%8%Incubator/Accelerator,7%6%7%6%5

26、%5%7%5%6%6%9%8%8%6%7%6%6%Private Equity,7%7%6%5%6%5%7%8%6%7%6%8%8%9%9%9%8%8%Asset/Investment Management,6%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Telehealth and health IT see the highest funding amounts18State of Digital Health|Global Trends|Investment Trends$0.3B$0.7B$0.1B$1.1B$1.

27、1B27 deals72 deals17 deals91 deals89 dealsDigital TherapeuticsMental Health TechClinical Trials TechTelehealthHealth ITDealsFundingAverage deal size is at 64%of 2021s total19State of Digital Health|Global Trends|Investment Trends$15M$25M$16M201820202022YTDAverage Deal Size$3M$4M$4M201820202022YTDMed

28、ian Deal SizeMedian deal size ticks down in the US20State of Digital Health|Global Trends|Investment Trends20$3M$6M$5M201820202022YTDUS$4M$5M$5M201820202022YTDAsia$1M$3M$3M201820202022YTDEuropeAll investor categories see a decrease in median deal size except Angel21State of Digital Health|Global Tre

29、nds|Investment Trends$4M$3M$4M201820202022YTDAngel$20M$53M$20M201820202022YTDAsset/Investment Management$12M$18M$16M201820202022YTDCVC$10M$15M$11M201820202022YTDCorp$13M$35M$24M201820202022YTDPrivate Equity$9M$15M$12M201820202022YTDVCMega-round funding decreases by 37%,deals fall by 46%QoQ22State of

30、 Digital Health|Global Trends|Investment Trends$1.8B$3.5B$4.0B$2.5B$1.0B$1.9B$1.8B$1.8B$3.0B$1.4B$4.5B$5.3B$8.0B$9.3B$6.3B$9.2B$4.4B$1.9BFunding$1.2B934432713Deals701020304050$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0B$9.0B$10.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3201820192

31、02020212022US leads in quarterly mega-round funding23State of Digital Health|Global Trends|Investment TrendsUS$700M4 DealsAsia$300M2 DealsEurope$200M1 DealUS mega-rounds see a 3-quarter slide,down 60%QoQ24State of Digital Health|Global Trends|Investment Trends24342110US,46512Asia,21221Europe,1323All

32、 Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Mega-rounds share of total funding down 2 percentage points25State of Digital Health|Global Trends|Investment Trends36%46%53%45%22%29%37%34%45%22%51%50%62%55%45%57%42%27%Mega-rounds,25%64%54%47%55%78%71%63%66%55%78%49%50%38%45

33、%55%43%58%73%Non-mega-rounds,75%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Global:Top equity deals in Q32226State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1ArsenalBio$220MSeries B2022-09-06$606

34、MKleiner Perkins Caufield&Byers,Bristol-Myers Squibb,Euclidean Capital,Parker Institute for Cancer ImmunotherapyUnited States4.7%2Cleerly$192MSeries C2022-07-25$572MFidelity Investments,T.Rowe Price,Cigna Ventures,DigiTx Partners,LRVHealthUnited States4.1%3Allm$182MCorporate Minority2022-07-05N/A De

35、NA,Seibu Properties SolutionsJapan3.9%4Cera$160MSeries C2022-08-03N/AKairos HQ,Evolve Healthcare Partners,Guinness Asset Management,Yabeo CapitalUnited Kingdom3.4%5We Doctor$150MSeries G2022-07-05N/A Shandong GuotouChina3.2%6Alma$130MSeries D2022-08-25$733MThoma Bravo,Insight Partners,Optum Ventures

36、,Primary Venture Partners,Sound VenturesUnited States2.8%7Senda Biosciences$123MSeries C2022-08-16N/AAlexandria Venture Investments,Flagship Pioneering,Longevity Vision Fund,Partners Investment,State of Michigan Retirement SystemUnited States2.6%8Fortanix$90MSeries C2022-08-11N/AGoldman Sachs Growth

37、 Equity,Foundation Capital,Intel Capital,Neotribe Ventures,Giantleap CapitalUnited States1.9%9Incredible Health$80MSeries B2022-08-17$1.7BBase10 Partners,Andreessen Horowitz,Obvious Ventures,444 Capital,Kaiser PermanenteUnited States1.7%10Medical Micro Instruments$75MSeries B2022-07-20N/ADeerfield M

38、anagement,Andera Partners,Fountain Healthcare Partners,Panakes Partners,Samba TechItaly1.6%Early-stage deal share continues to lead in 2022 YTD27State of Digital Health|Global Trends|Investment Trends63%65%59%62%Early-stage,60%14%15%18%18%Mid-stage,16%10%9%10%11%Late-stage,10%12%11%12%9%Other,14%201

39、820022YTDThe US leads in early-and mid-stage deal share28State of Digital Health|Global Trends|Investment Trends51%49%36%84%23%32%43%18%13%14%5%8%6%7%7%Early-stageMid-stageLate-stageOtherUSAsiaEuropeAll Other RegionsMid-and late-stage average deal sizes decrease from 2021s levels29State o

40、f Digital Health|Global Trends|Investment Trends$2M$2M$3M201820202022YTDEarly-stage$17M$31M$28M201820202022YTDMid-stage$10M$73M$35M201820202022YTDLate-stageGlobal:Top seed/angel deals in Q32230State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1

41、Rippl Care$32MSeed VC2022-09-28ARCH Venture Partners,General Catalyst,F-Prime Capital,Google Ventures,Mass General Brigham VenturesUnited States2Psych Hub$16MSeed VC2022-08-25Frist Cressey Ventures,HC9 Ventures,Bailey&Company,HealthStream,Emerson CollectiveUnited States3Elite HRV$11MSeed VC2022-07-1

42、8DraftKings,Boston Seed Capital,Karlani Capital,Permit VenturesUnited States3Salvo Health$11MSeed VC2022-08-08Threshold Ventures,Felicis,Torch CapitalUnited States3Freedom Biosciences$11MSeed VC2022-08-23MBX Capital,PsyMed Ventures,Village Global,The Y Startup IndexUnited States3Caraway Health$11MSe

43、ed VC2022-07-267wire Ventures,OMERS Ventures,Hopelab,Lux Capital,Aike HoUnited States7Tembo Health$9MSeed VC2022-08-15Undisclosed InvestorsUnited States8Hopscotch$8MSeed VC2022-09-13Greycroft,Inspired Capital,Cold Start Ventures,New York Ventures,Remarkable VenturesUnited States8Dr.B$8MSeed VC2022-0

44、8-16Founders Fund,Lerer HippeauUnited States8Summer Health$8MSeed VC2022-07-27Lux Capital,Sequoia Capital,BoxGroup,Coalition Operators,Metrodora VenturesUnited StatesGlobal:Top Series A deals in Q32231State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect Investors

45、Country1Happy Health$60MSeries A2022-08-24ARCH Venture PartnersUnited States2ForSight Robotics$55MSeries A2022-07-18Adani Group,Eclipse Ventures,Mithril Capital Management,Ljungstrom Family Office,Precision CapitalIsrael33T Biosciences$40MSeries A2022-08-25Westlake Village BioPartners,Lightspeed Ven

46、ture PartnersUnited States4Oui Therapeutics$26MSeries A2022-08-03CVS Health Ventures,First Round Capital,Otsuka Health SolutionsUnited States4Eyenuk$26MSeries A2022-08-23AXA IM Alts,KOFA Healthcare,Kendall Capital,A&C Folsgaard AlternativeUnited States6Nutrisense$25MSeries A2022-07-131315 CapitalUni

47、ted States6Soda Health$25MSeries A2022-09-13Lightspeed Venture Partners,Define Ventures,Qiming Venture Partners United States8KeyCare$24MSeries A2022-08-17HealthX Ventures,8VC,Bold Capital,LRVHealth,Spectrum Health VenturesUnited States9Mojocare$21MSeries A2022-08-23B Capital Group,Chiratae Ventures

48、,Surge,Better Capital,Adrian AuonIndia10Moving Analytics$20MSeries A2022-07-11Seae Ventures,Wellington Management,Philips VenturesUnited States10Otolith Labs$20MSeries A2022-09-07Morningside VenturesUnited StatesGlobal:Top Series B deals in Q32232State of Digital Health|Global Trends|Investment Tren

49、dsCompanyRound AmountRoundDateSelect InvestorsCountry1ArsenalBio$220MSeries B2022-09-06Kleiner Perkins Caufield&Byers,Bristol-Myers Squibb,Euclidean Capital,Parker Institute for Cancer Immunotherapy,UCSF Foundation Investment CompanyUnited States2Incredible Health$80MSeries B2022-08-17Base10 Partner

50、s,Andreessen Horowitz,Obvious Ventures,444 Capital,Kaiser PermanenteUnited States3Medical Micro Instruments$75MSeries B2022-07-20Deerfield Management,Andera Partners,Fountain Healthcare Partners,Panakes Partners,Samba TechItaly4Homeward$50MSeries B2022-08-03ARCH Venture Partners,Human Capital,Genera

51、l Catalyst,Glen Tullman,Lee ShapiroUnited States5Grow Therapy$45MSeries B2022-09-29Technology Crossover Ventures,Transformation Capital,SignalFire,Silicon Valley BankUnited States5Diagnostic Robotics$45MSeries B2022-07-25StageOne Ventures,Clal Insurance,Mayo Clinic Ventures,Bank Hapoalim,Migdal Insu

52、ranceIsrael7Elephas$42MSeries B2022-09-07ARCH Venture Partners,Moore Strategic Ventures,Northpond Ventures,Sands Capital,Tao Capital PartnersUnited States8PurpleLab$40MSeries B2022-07-27Primus Capital,Edison PartnersUnited States9Annexus Health$33MSeries B2022-08-02Transformation CapitalUnited State

53、s10Centivo$30MSeries B2022-07-19Morgan HealthUnited States10ADEN$30MSeries B2022-07-08Haier Capital,Eastern Bell Capital,Sinovation Ventures,Xingtuo Capital ChinaGlobal:Top Series C deals in Q32233State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCoun

54、try1Cleerly$192MSeries C2022-07-25Fidelity Investments,T.Rowe Price,Cigna Ventures,DigiTx Partners,LRVHealthUnited States2Cera$160MSeries C2022-08-03Kairos HQ,Evolve Healthcare Partners,Guinness Asset Management,Yabeo CapitalUnited Kingdom3Senda Biosciences$123MSeries C2022-08-16Alexandria Venture I

55、nvestments,Flagship Pioneering,Longevity Vision Fund,Partners Investment,State of Michigan Retirement SystemUnited States4Fortanix$90MSeries C2022-08-11Goldman Sachs Growth Equity,Foundation Capital,Intel Capital,NeotribeVentures,Giantleap CapitalUnited States5EchoNous$57MSeries C2022-09-26Undisclos

56、ed InvestorsUnited States6Ceribell$50MSeries C2022-09-21Ally Bridge GroupUnited States7Theranica$45MSeries C2022-08-29New Rhein Healthcare,Lightspeed Venture Partners,Corundum Open Innovation,LionBird Venture Capital,Takoa InvestIsrael8Docquity$44MSeries C2022-08-18ITOCHU Corporation,KDV Capital,Alk

57、emi Venture Partners,Global Brain,InfocomSingapore9Ubie$26MSeries C2022-07-27Suzuken,Chubu Electric Power,Dai-ichi Life Insurance,EggFORWARD,NVenture CapitalJapan10Quit Genius$11MSeries C2022-08-11Octopus VenturesUnited States10Upfront Healthcare$11MSeries C2022-09-07Baird Capital Partners,Echo Heal

58、th Ventures,First Trust Capital Partners,Hyde Park Venture Partners,LRVHealthUnited StatesGlobal:Top Series D deals in Q32234State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Alma$130MSeries D2022-08-25$733MThoma Bravo,Insight

59、Partners,Optum Ventures,Primary Venture Partners,Sound VenturesUnited States2MedGenome Labs$50MSeries D2022-08-30$490M Novo Holdings,LeapFrog Investments,SofinaUnited States2Elation Health$50MSeries D2022-07-26$358MAscension Ventures,Generation Investment Management,Threshold Ventures,Ascend Partner

60、s,Fay RotenbergandUnited States4Dami&Xiaomi$42MSeries D2022-07-29N/A ABC Impact,OrbiMed Advisors,Grand Flight InvestmentChina5Insilico Medicine$35MSeries D2022-08-10N/AProsperity7 Ventures,B Capital Group,BOLD Capital Partners,Bohai Huamei,Deerfield ManagementHong Kong6Dr.Consulta$34MSeries D2022-08

61、-01N/A Kamaroopin,Lightrock,Madrone Capital PartnersBrazil7LetsGetChecked$20MSeries D2022-09-08N/A Casdin Capital,Transformation Capital,Morgan HealthIreland7Biofourmis$20MSeries D2022-08-10N/A Intel CapitalUnited States9Insgeek$13MSeries D2022-09-23N/AGuozhong Venture Capital Management,Huasheng Ca

62、pital,SIG Asia Investments,HR Tech InvestmentsChinaGlobal:Top Series E+deals in Q32235State of Digital Health|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1We Doctor$150MSeries G2022-07-05N/A Shandong GuotouChina2CureApp$52MSeries G2022-08-16N/A T

63、he Carlyle GroupJapan3Kyruus$35MSeries E2022-09-30$449M Providence VenturesUnited States3Monteris Medical$35MSeries E2022-09-15N/A Undisclosed InvestorsUnited States3uLab Systems$35MSeries E2022-09-13N/A Undisclosed InvestorsUnited States6ottonova$34MSeries F2022-09-05N/A Cadence Growth CapitalGerma

64、ny7Momentis Surgical$4MSeries E2022-09-14N/A Undisclosed InvestorsIsraelUnicorns36Just 3 new unicorns born in Q32237State of Digital Health|Global Trends|Unicorns1013810New Unicorns,3768694103Total Unicorns,105Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022The US continues to lead in tota

65、l digital health unicorn count38State of Digital Health|Global Trends|UnicornsUS772 NewEurope91 NewLatAm&Caribbean10 NewCanada10 NewAsia170 NewUnicorn births plummet in Q32239State of Digital Health|Global Trends|Unicorns81078US,2221Asia,011Europe,11All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q

66、4Q1Q2Q3200212022Global:Unicorn births in Q32240State of Digital Health|Global Trends|UnicornsCompanyLatest Valuation Country1Redesign Health$1.7BUnited States1Incredible Health$1.7BUnited States3Spectrum Medical$1.2BUnited KingdomGlobal:Top unicorns by valuation in Q32241State of Digital

67、Health|Global Trends|UnicornsCompanyLatest Valuation Country1Devoted Health$12.6BUnited States2Talkdesk$10.0BUnited States3Tempus$8.1BUnited States4Caris Life Sciences$7.8BUnited States5Ro$7.0BUnited States5We Doctor$7.0BChina7Doctolib$6.4BFrance8Hinge Health$6.2BUnited States9Benchling$6.1BUnited S

68、tates10Lyra Health$5.9BUnited StatesExit Trends42M&A exits on a 2-quarter slide,IPOs surge QoQ43State of Digital Health|Global Trends|Exit Trends192522IPO,7M&A,48562SPAC,2Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Asias exit share increases to 19%44State of Digital Health|G

69、lobal Trends|Exit Trends68%54%64%60%55%66%74%59%77%58%60%58%56%59%62%56%54%57%US,51%5%11%10%8%8%11%6%8%8%11%6%12%9%6%Asia,19%21%28%18%19%26%21%17%20%18%23%18%19%21%21%16%24%25%30%Europe,16%6%14%8%11%11%6%6%10%13%14%15%13%13%9%10%15%9%All Other Regions,14%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32018201

70、9202020212022Global:Top M&A exits in Q32245State of Digital Health|Global Trends|Exit TrendsCompanyRound ValuationAcquirerCountry1Rx Savings Solutions$875M McKessonUnited States2Midnight Health$33M nibAustralia3Linewalks$10M Kakao HealthcareSouth Korea4KetaMD$6M Braxia ScientificUnited States5Pillox

71、a$3M iZafeSwedenGlobal:IPOs in Q32246State of Digital Health|Global Trends|Exit TrendsCompanyRound Valuation Country1Dingdang Medicine Express$2.1BChina2Medlander$597MChina3LunitN/ASouth Korea3Optimind PharmaN/ACanada3United Imaging HealthcareN/AChina3Yuantu HulianN/AChina3Zhiyun HealthN/AChinaGloba

72、l:SPACs in Q32247State of Digital Health|Global Trends|Exit TrendsCompanyRound Valuation Select InvestorsCountry1D-Wave Systems$1.6BDPCM CapitalCanada2Akili Interactive Labs$1.0BSocial Capital Suvretta HoldingsUnited StatesInvestors48Global:Top investors by company count in Q32249State of Digital He

73、alth|Global Trends|InvestorsInvestorCompany Count Investor GroupCountry1General Catalyst7VCUnited States2Lightspeed Venture Partners5VCUnited States3ARCH Venture Partners4VCUnited States3Transformation Capital4VCUnited StatesGlobal:Top VCs by company count in Q32250State of Digital Health|Global Tre

74、nds|InvestorsInvestorCompany Count Country1General Catalyst7United States2Lightspeed Venture Partners5United States3ARCH Venture Partners4United States3Transformation Capital4United States5B Capital Group3United States5First Trust Capital Partners3United States5GSR Ventures3United States5LRVHealth3U

75、nited States5Long Hill Capital3China5Morningside Ventures3United States5Plug and Play Ventures3United States5SOSV3United StatesGlobal:Top CVCs by company count in Q32251State of Digital Health|Global Trends|InvestorsInvestorCompany Count Country1Ascension Ventures2United States1Boehringer Ingelheim

76、Venture Fund2Germany1CVS Health Ventures2United States1Cigna Ventures2United States1DSM Venturing2Netherlands1Intel Capital2United States1MassMutual Ventures2United States1Northwell Holdings&Ventures2United States1Orkla Ventures2Norway1UPMC Enterprises2United StatesCollection Spotlights52Digital The

77、rapeutics53Funding falls 50%from Q22254State of Digital Health|Collection Spotlights|Digital Therapeutics$0.1B$0.3B$0.2B$0.1B$0.2B$0.4B$0.2B$0.1B$0.3B$0.4B$0.3B$0.5B$0.9B$0.8B$0.6B$1.1B$0.5B$0.6BFunding$0.3B20232472762825Deals270554045$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1

78、.2BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Asia leads in quarterly funding,the US leads in deals55State of Digital Health|Collection Spotlights|Digital TherapeuticsAsia$200M6 DealsUS$100M11 DealsEurope$15M7 DealsLatAm&Caribbean$1M2 DealsCanada$0.1M1 DealEuropes deal share decreases

79、 by 22 percentage points56State of Digital Health|Collection Spotlights|Digital Therapeutics65%65%63%71%41%63%66%57%44%67%53%43%52%63%54%53%29%32%US,41%15%13%13%18%18%6%16%19%15%15%24%29%14%16%20%8%36%20%Asia,22%15%13%25%12%36%31%13%19%37%19%24%29%34%19%23%36%32%48%Europe,26%5%9%6%All Other Regions,

80、11%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Average and median deal sizes are down in 2022 YTD57State of Digital Health|Collection Spotlights|Digital Therapeutics$11M$31M$22M201820202022YTDAverage Deal Size$5M$9M$7M201820202022YTDMedian Deal SizeEarly-stage deal share is up 11 perce

81、ntage points in 2022 YTD58State of Digital Health|Collection Spotlights|Digital Therapeutics75%69%63%52%Early-stage,63%15%21%25%25%Mid-stage,15%6%7%14%Late-stage,11%5%9%Other,11%200212022YTDDigital Therapeutics:Top equity deals in Q32259State of Digital Health|Collection Spotlights|Digita

82、l TherapeuticsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1CureApp$52MSeries G2022-08-16N/A The Carlyle GroupJapan16.5%2Grow Therapy$45MSeries B2022-09-29N/ATechnology Crossover Ventures,Transformation Capital,SignalFire,Silicon Valley BankUnited States14.3%2T

83、heranica$45MSeries C2022-08-29N/ANew Rhein Healthcare,Lightspeed Venture Partners,Corundum Open Innovation,LionBird Venture Capital,Takoa InvestIsrael14.3%4Dami&Xiaomi$42MSeries D2022-07-29N/A ABC Impact,OrbiMed Advisors,Grand Flight InvestmentChina13.3%5Oui Therapeutics$26MSeries A2022-08-03N/ACVS

84、Health Ventures,First Round Capital,Otsuka Health SolutionsUnited States8.3%6Otolith Labs$20MSeries A2022-09-07N/A Morningside VenturesUnited States6.3%6Moving Analytics$20MSeries A2022-07-11N/A Seae Ventures,Wellington Management,Philips VenturesUnited States6.3%6Biofourmis$20MSeries D2022-08-10N/A

85、 Intel CapitalUnited States6.3%9Fitterfly$12MSeries A2022-07-20N/AAmazon,Fireside Ventures,9Unicorns,Venture Catalysts,Nihar ParikhIndia3.8%10Quit Genius$11MSeries C2022-08-11N/A Octopus VenturesUnited States3.6%No unicorn births for first time since Q32160State of Digital Health|Collection Spotligh

86、ts|Digital Therapeutics111New Unicorns,03456Total Unicorns,6Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022M&A exits flatten at 1,IPOs flatten at 0,1st SPAC in 202261State of Digital Health|Collection Spotlights|Digital Therapeutics2IPO,04411M&A,112SPAC,1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

87、Q2Q3200212022Mental Health Tech62Mental health tech funding rebounds slightly63State of Digital Health|Collection Spotlights|Mental Health Tech$0.3B$0.4B$0.1B$0.1B$0.3B$0.5B$0.3B$0.2B$0.5B$0.5B$0.6B$0.6B$0.9B$1.5B$1.1B$1.9B$0.8B$0.6BFunding$0.7B455338355648684950707369789289908370Deals720

88、20406080100120$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8B$2.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022US leads funding and deals64State of Digital Health|Collection Spotlights|Mental Health TechUS$500M36 DealsAsia$200M13 DealsEurope$47M12 DealsAustralia$24M1 DealCanada$16M3

89、DealsLatAm&Caribbean$10M7 DealsDeal share ticks down in the US,Asia,and Europe65State of Digital Health|Collection Spotlights|Mental Health Tech53%62%66%66%61%48%59%61%60%50%58%48%56%48%56%56%52%53%US,50%22%21%13%17%9%13%16%10%14%16%12%20%15%18%16%20%23%19%Asia,18%18%13%18%11%18%27%13%14%22%20%23%28

90、%19%28%22%21%18%19%Europe,17%7%6%13%13%12%14%14%7%9%5%6%7%10%All Other Regions,15%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Average deal size falls in 2022 so far66State of Digital Health|Collection Spotlights|Mental Health Tech$7M$19M$11M201820202022YTDAverage Deal Size$2M$3M$3M2018

91、20202022YTDMedian Deal SizeEarly-,mid-,and late-stage deal shares tick down in 2022 YTD67State of Digital Health|Collection Spotlights|Mental Health Tech75%81%70%72%Early-stage,70%14%9%12%13%Mid-stage,12%10%9%Late-stage,6%8%6%8%7%Other,12%200212022YTDMental Health Tech:Top equity deals in

92、 Q32268State of Digital Health|Collection Spotlights|Mental Health TechCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Alma$130MSeries D2022-08-25$733MThoma Bravo,Insight Partners,Optum Ventures,Primary Venture Partners,Sound VenturesUnited States18.4%2Happy Heal

93、th$60MSeries A2022-08-24$307M ARCH Venture PartnersUnited States8.5%3CureApp$52MSeries G2022-08-16N/A The Carlyle GroupJapan7.4%4Grow Therapy$45MSeries B2022-09-29N/ATechnology Crossover Ventures,Transformation Capital,SignalFire,Silicon Valley BankUnited States6.4%5Dami&Xiaomi$42MSeries D2022-07-29

94、N/A ABC Impact,OrbiMed Advisors,Grand Flight InvestmentChina5.9%6Rippl Care$32MSeed VC2022-09-28N/AARCH Venture Partners,General Catalyst,F-Prime Capital,Google Ventures,Mass General Brigham VenturesUnited States4.5%7Kindbody$27MUndisclosed2022-09-06N/A Undisclosed InvestorsUnited States3.8%8Oui The

95、rapeutics$26MSeries A2022-08-03N/ACVS Health Ventures,First Round Capital,Otsuka Health SolutionsUnited States3.7%9Sonder$24MSeries B2022-09-15N/ABlackbird Ventures,MA Financial Group,SecondQuarter Ventures,Seek VenturesAustralia3.3%10Mojocare$21MSeries A2022-08-23N/AB Capital Group,Chiratae Venture

96、s,Surge,Better Capital,Adrian AuonIndia2.9%No new unicorns for the 3rd straight quarter69State of Digital Health|Collection Spotlights|Mental Health Tech31New Unicorns,09101010Total Unicorns,10Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022M&A exits flatten,SPACs and IPOs both tick up QoQ

97、70State of Digital Health|Collection Spotlights|Mental Health Tech11IPO,111886M&A,61SPAC,1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Clinical Trials Tech71Clinical trials tech funding plummets QoQ72State of Digital Health|Collection Spotlights|Clinical Trials Tech$0.2B$0.2B$0.3B$0.1B$

98、0.3B$0.3B$0.1B$0.3B$0.4B$0.2B$0.4B$0.7B$0.4B$0.8B$1.0B$0.6B$0.6B$0.6BFunding$0.1B22222818121418Deals53035$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022The US dominates in funding and deals73State of Digital Health|Collec

99、tion Spotlights|Clinical Trials TechUS$49M9 DealsAustralia$10M2 DealsEurope$7M3 DealsAsia$5M3 DealsUS deal share falls 19 percentage points QoQ74State of Digital Health|Collection Spotlights|Clinical Trials Tech68%77%71%83%72%68%75%52%79%72%56%67%58%56%78%50%86%72%US,53%9%19%8%17%17%20%5%22%15%10%21

100、%6%17%25%17%Asia,18%23%14%10%8%6%23%20%16%6%30%19%21%33%6%25%14%11%Europe,18%6%8%8%6%All Other Regions,12%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Average and median deal sizes fall in 2022 so far75State of Digital Health|Collection Spotlights|Clinical Trials Tech$14M$51M$33M2018202

101、02022YTDAverage Deal Size$4M$20M$10M201820202022YTDMedian Deal SizeEarly-,mid-,and late-stage deal shares are down in 2022 YTD76State of Digital Health|Collection Spotlights|Clinical Trials Tech61%48%46%39%Early-stage,35%17%23%22%40%Mid-stage,29%12%19%20%21%Late-stage,20%10%9%12%Other,16%20182019202

102、020212022YTDClinical Trials Tech:Top equity deals in Q32277State of Digital Health|Collection Spotlights|Clinical Trials TechCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Syapse$35MVenture Capital2022-07-27N/AInnovatus Capital Partners,Ally Bridge Group,Merck G

103、lobal Health Innovation Fund,Northpond Ventures,Revelation PartnersUnited States49.4%2Power$7MSeed VC2022-08-22N/ACRV,Footwork,AirAngels,South Park CommonsUnited States9.9%2HealthMatch$7MSeries C2022-09-12N/A Folklore Ventures,Square Peg CapitalAustralia9.6%4Dyania Health$5MSeed VC2022-09-08N/AInnos

104、park Ventures,Big Pi Ventures,Outsiders Fund,Wild Basin InvestmentsUnited States7.1%4Buzzreach$5MSeries A2022-07-21N/AANOBAKA,Mobile Internet Capital,GlobisCapital PartnersJapan6.7%6iLoF$4MSeed VC2022-07-28N/AFaber Ventures,M12,Alter Venture Partners,Berggruen Holdings,FLUXUNITUnited Kingdom5.7%7Evr

105、ima$3MSeries A2022-09-05N/AArtesian Capital Management,BridgeLane,Wavemaker PartnersAustralia4.2%7Stitch$3MSeed VC2022-09-09N/AConnect Ventures,Boost Capital,Form VenturesUnited Kingdom4.1%9High Enroll$1MUndisclosed2022-08-11N/A Undisclosed InvestorsUnited States1.6%10Innovative Supply Solutions$0.5

106、MUndisclosed2022-09-13N/A Undisclosed InvestorsUnited States0.7%10Delve Health$0.5MSeed VC2022-07-07$4M Traction CapitalUnited States0.7%For the first time since Q221,no unicorns are born78State of Digital Health|Collection Spotlights|Clinical Trials Tech2211New Unicorns,04678Total Unicorns,8Q1Q2Q3Q

107、4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022For only the 3rd time in the last 5 years,there are no M&A exits79State of Digital Health|Collection Spotlights|Clinical Trials Tech4636Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Telehealth80Funding sees its 2nd lowest quarter in the

108、last 5 years81State of Digital Health|Collection Spotlights|Telehealth$0.9B$1.7B$2.2B$1.2B$1.3B$1.6B$1.5B$1.6B$2.2B$2.0B$3.5B$2.9B$4.3B$5.3B$3.4B$4.5B$3.2B$2.2BFunding$1.1B059169128Deals900$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q

109、3Q4Q1Q2Q3Q4Q1Q2Q3200212022The US leads in funding and deals82State of Digital Health|Collection Spotlights|TelehealthUS$500M54 DealsAsia$200M18 DealsEurope$200M13 DealsLatAm&Caribbean$35M3 DealsAustralia$5M2 DealsAfrica$0.0M1 DealQuarterly deal share increases in the US and Asia,declines

110、in Europe83State of Digital Health|Collection Spotlights|Telehealth48%59%65%69%58%63%63%63%54%54%59%59%54%56%60%51%53%54%US,59%19%17%15%7%14%15%20%17%13%15%14%16%16%14%20%26%19%16%Asia,20%22%17%16%18%19%17%11%14%21%20%19%15%21%23%15%19%18%21%Europe,14%10%7%7%8%6%6%6%11%11%8%9%9%8%5%10%9%All Other Re

111、gions,7%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Average telehealth deal size is down in 2022 so far84State of Digital Health|Collection Spotlights|Telehealth$16M$32M$20M201820202022YTDAverage Deal Size$3M$7M$7M201820202022YTDMedian Deal SizeEarly-stage deal share dominates in 2022

112、YTD85State of Digital Health|Collection Spotlights|Telehealth63%61%59%57%Early-stage,58%17%21%21%21%Mid-stage,18%9%8%10%13%Late-stage,11%11%10%10%9%Other,13%200212022YTDTelehealth:Top equity deals in Q32286State of Digital Health|Collection Spotlights|TelehealthCompanyRound AmountRoundDat

113、eRound Valuation Select InvestorsCountry%of Total Funding1Cera$160MSeries C2022-08-03N/AKairos HQ,Evolve Healthcare Partners,Guinness Asset Management,Yabeo CapitalUnited Kingdom15.1%2We Doctor$150MSeries G2022-07-05N/A Shandong GuotouChina14.1%3Upfront Healthcare$62MUndisclosed2022-08-30N/A Undiscl

114、osed InvestorsUnited States5.8%4Elation Health$50MSeries D2022-07-26$358MAscension Ventures,Generation Investment Management,Threshold Ventures,Ascend Partners,Fay RotenbergandUnited States4.7%5Diagnostic Robotics$45MSeries B2022-07-25N/AStageOne Ventures,Clal Insurance,Mayo Clinic Ventures,Bank Hap

115、oalim,Migdal InsuranceIsrael4.2%6Dr.Consulta$34MSeries D2022-08-01N/A Kamaroopin,Lightrock,Madrone Capital PartnersBrazil3.2%7Recuro Health$27MSeries B2022-08-26$183M Oklahoma Life Sciences FundUnited States2.6%7Kindbody$27MUndisclosed2022-09-06N/A Undisclosed InvestorsUnited States2.5%9Empatica$26M

116、Series B2022-08-02$109M CDP Venture Capital SGRUnited States2.4%9Ubie$26MSeries C2022-07-27N/ASuzuken,Chubu Electric Power,Dai-ichi Life Insurance,EggFORWARD,NVenture CapitalJapan2.4%No new unicorns for the first time since Q22087State of Digital Health|Collection Spotlights|Telehealth4743New Unicor

117、ns,031364043Total Unicorns,43Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022M&A exits decline for third consecutive quarter88State of Digital Health|Collection Spotlights|Telehealth1411IPO,122333214M&A,822SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Health IT89Funding d

118、rops to lowest point since 201990State of Digital Health|Collection Spotlights|Health IT$0.5B$0.8B$1.8B$0.9B$0.8B$1.1B$0.6B$1.1B$1.4B$1.4B$1.5B$2.6B$3.5B$2.7B$3.3B$2.3B$2.3B$2.9BFunding$1.1B998157Deals890204060800180200$0.0B$0.5B$1.0B$1.5B$2.0B$

119、2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022The US dominates in funding and deals91State of Digital Health|Collection Spotlights|Health ITUS$900M58 DealsAsia$84M17 DealsEurope$57M11 DealsAfrica$10M1 DealCanada$4M1 DealAustralia$3M1 DealAsias deal share increases 8 pe

120、rcentage points QoQ92State of Digital Health|Collection Spotlights|Health IT65%71%78%66%72%74%77%77%78%74%70%75%77%72%65%62%68%71%US,65%19%15%14%19%12%11%13%10%12%8%9%11%8%10%21%18%13%11%Asia,19%11%8%6%10%14%10%5%9%13%13%8%8%13%8%16%14%13%Europe,12%5%6%5%5%8%6%7%6%6%All Other Regions,3%Q1Q2Q3Q4Q1Q2Q

121、3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Average and median deal sizes are down in 2022 so far93State of Digital Health|Collection Spotlights|Health IT$12M$32M$21M201820202022YTDAverage Deal Size$3M$11M$7M201820202022YTDMedian Deal SizeEarly-stage deal share continues to lead in 2022 YTD94State

122、of Digital Health|Collection Spotlights|Health IT58%57%49%46%Early-stage,49%16%21%23%26%Mid-stage,20%15%10%13%16%Late-stage,13%11%12%16%11%Other,18%200212022YTDHealth IT:Top equity deals in Q32295State of Digital Health|Collection Spotlights|Health ITCompanyRound AmountRoundDateRound Valu

123、ation Select InvestorsCountry%of Total Funding1Cleerly$192MSeries C2022-07-25$572MFidelity Investments,T.Rowe Price,Cigna Ventures,DigiTx Partners,LRVHealthUnited States18.0%2Incredible Health$80MSeries B2022-08-17$1.7BBase10 Partners,Andreessen Horowitz,Obvious Ventures,444 Capital,Kaiser Permanent

124、eUnited States7.5%3Redesign Health$65MVenture Capital2022-09-13$1.7BGeneral Catalyst,CVS Health Ventures,Samsung NEXT,UPMC Enterprises,TriplePoint CapitalUnited States6.1%4Upfront Healthcare$62MUndisclosed2022-08-30N/A Undisclosed InvestorsUnited States5.8%5Elation Health$50MSeries D2022-07-26$358MA

125、scension Ventures,Generation Investment Management,Threshold Ventures,Ascend Partners,Fay RotenbergandUnited States4.7%6Diagnostic Robotics$45MSeries B2022-07-25N/AStageOne Ventures,Clal Insurance,Mayo Clinic Ventures,Bank Hapoalim,Migdal InsuranceIsrael4.2%7Elephas$42MSeries B2022-09-07$154MARCH Ve

126、nture Partners,Moore Strategic Ventures,Northpond Ventures,Sands Capital,Tao Capital PartnersUnited States3.9%8Kyruus$35MSeries E2022-09-30$449M Providence VenturesUnited States3.3%8Monteris Medical$35MSeries E2022-09-15N/A Undisclosed InvestorsUnited States3.3%10Ubie$26MSeries C2022-07-27N/ASuzuken

127、,Chubu Electric Power,Dai-ichi Life Insurance,EggFORWARD,NVenture CapitalJapan2.4%Total unicorn count stands at 3396State of Digital Health|Collection Spotlights|Health IT3416New Unicorns,319232430Total Unicorns,33Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Q322 sees this years 1st IPO

128、s97State of Digital Health|Collection Spotlights|Health IT31IPO,232282312M&A,1111SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Geographic Trends98US Trends99Deals hit a 5-year low,funding sees its lowest quarter since 2019100State of Digital Health|Geographic Trends|US Trends$3.7B$

129、3.8B$4.3B$4.3B$2.8B$5.0B$2.8B$3.5B$5.0B$4.4B$6.6B$6.2B$9.6B$10.3B$9.0B$11.4B$7.3B$4.9BFunding$3.0B30335732827733073378387337368296Deals2330500300350400450500$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Early-,mid-,and

130、 late-stage deal shares decline in 2022 YTD101State of Digital Health|Geographic Trends|US Trends56%58%53%55%Early-stage,53%15%17%19%20%Mid-stage,16%12%9%11%12%Late-stage,9%18%16%17%14%Other,22%200212022YTDUS:Top equity deals in Q322102State of Digital Health|Geographic Trends|US TrendsCo

131、mpanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1ArsenalBio$220MSeries B2022-09-06$606MKleiner Perkins Caufield&Byers,Bristol-Myers Squibb,Euclidean Capital,Parker Institute for Cancer Immunotherapy,UCSF Foundation Investment CompanyUnited States7.4%2Cleerly$192MSer

132、ies C2022-07-25$572MFidelity Investments,T.Rowe Price,Cigna Ventures,DigiTxPartners,LRVHealthUnited States6.5%3Alma$130MSeries D2022-08-25$733MThoma Bravo,Insight Partners,Optum Ventures,Primary Venture Partners,Sound VenturesUnited States4.4%4Senda Biosciences$123MSeries C2022-08-16N/AAlexandria Ve

133、nture Investments,Flagship Pioneering,Longevity Vision Fund,Partners Investment,State of Michigan Retirement SystemUnited States4.2%5Fortanix$90MSeries C2022-08-11N/AGoldman Sachs Growth Equity,Foundation Capital,Intel Capital,Neotribe Ventures,Giantleap CapitalUnited States3.0%6Incredible Health$80

134、MSeries B2022-08-17$1.7BBase10 Partners,Andreessen Horowitz,Obvious Ventures,444 Capital,Kaiser PermanenteUnited States2.7%7Neurolens$67MVenture Capital2022-09-12N/AMVM Partners,Bluestem Capital Partners,Versant Ventures,Falcon VisionUnited States2.3%8Redesign Health$65MVenture Capital2022-09-13$1.7

135、BGeneral Catalyst,CVS Health Ventures,Samsung NEXT,UPMC Enterprises,TriplePoint CapitalUnited States2.2%9Upfront Healthcare$62MUndisclosed2022-08-30N/A Undisclosed InvestorsUnited States2.1%10Happy Health$60MSeries A2022-08-24$307M ARCH Venture PartnersUnited States2.0%M&A exits at a 5-year low103St

136、ate of Digital Health|Geographic Trends|US Trends1181IPO,091848050M&A,2845SPAC,1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022US:Top investors by company count in Q322104State of Digital Health|Geographic Trends|US TrendsInvestorCompany Count Investor GroupCountry1General Catalyst7VCUnit

137、ed States2Lightspeed Venture Partners5VCUnited States3ARCH Venture Partners4VCUnited States3Transformation Capital4VCUnited States5B Capital Group3VCUnited States5First Trust Capital Partners3VCUnited States5GSR Ventures3VCUnited States5Gaingels3AngelUnited States5LRVHealth3VCUnited States5Morningsi

138、de Ventures3VCUnited States5Plug and Play Ventures3VCUnited States5SOSV3VCUnited StatesSilicon Valley105Deals at a 5-year low,funding at lowest level since 2019106State of Digital Health|Geographic Trends|Silicon Valley$1.6B$1.7B$1.4B$2.0B$0.8B$1.9B$0.8B$1.2B$2.0B$1.4B$2.2B$1.8B$3.3B$2.8B$2.9B$4.2B$

139、3.0B$1.2BFunding$0.8B7695706752862868181687263Deals39020406080100120$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Mid-stage deal share ticks up 2 percentage points107State of Digital Health|Geographic Trends|Silicon Valley62%63

140、%50%51%Early-stage,47%24%25%30%27%Mid-stage,29%7%8%11%16%Late-stage,13%6%8%6%Other,11%200212022YTDSilicon Valley:Top equity deals in Q322108State of Digital Health|Geographic Trends|Silicon ValleyCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1ArsenalBio$220M

141、Series B2022-09-06$606MKleiner Perkins Caufield&Byers,Bristol-Myers Squibb,Euclidean Capital,Parker Institute for Cancer Immunotherapy,UCSF Foundation Investment Company27.3%2Fortanix$90MSeries C2022-08-11N/AGoldman Sachs Growth Equity,Foundation Capital,Intel Capital,NeotribeVentures,Giantleap Capi

142、tal11.2%3Incredible Health$80MSeries B2022-08-17$1.7BBase10 Partners,Andreessen Horowitz,Obvious Ventures,444 Capital,Kaiser Permanente9.9%4Ceribell$50MSeries C2022-09-21N/A Ally Bridge Group6.2%4Homeward$50MSeries B2022-08-03$321MARCH Venture Partners,Human Capital,General Catalyst,Glen Tullman,Lee

143、 Shapiro6.2%4Elation Health$50MSeries D2022-07-26$358MAscension Ventures,Generation Investment Management,Threshold Ventures,Ascend Partners,Fay Rotenbergand6.2%New York109Funding flattens while deals fall QoQ110State of Digital Health|Geographic Trends|New York$0.6B$0.3B$1.2B$0.4B$0.9B$1.1B$0.6B$0.

144、3B$0.5B$0.8B$1.2B$1.4B$3.6B$2.7B$1.8B$1.6B$1.0B$0.7BFunding$0.7B335640275749443252595850627565506645Deals4000708090$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Early-stage deal share continues to lead in 2022 YTD111State of Digital

145、 Health|Geographic Trends|New York71%64%59%55%Early-stage,61%14%17%23%25%Mid-stage,15%7%8%7%10%Late-stage,6%8%10%11%9%Other,19%200212022YTDNew York:Top equity deals in Q322112State of Digital Health|Geographic Trends|New YorkCompanyRound AmountRoundDateRound Valuation Select Investors%of

146、Total Funding1Cleerly$192MSeries C2022-07-25$572MFidelity Investments,T.Rowe Price,Cigna Ventures,DigiTx Partners,LRVHealth27.3%2Alma$130MSeries D2022-08-25$733MThoma Bravo,Insight Partners,Optum Ventures,Primary Venture Partners,Sound Ventures18.5%3Redesign Health$65MVenture Capital2022-09-13$1.7BG

147、eneral Catalyst,CVS Health Ventures,Samsung NEXT,UPMC Enterprises,TriplePoint Capital9.2%4Grow Therapy$45MSeries B2022-09-29N/ATechnology Crossover Ventures,Transformation Capital,SignalFire,Silicon Valley Bank6.4%5Kindbody$27MUndisclosed2022-09-06N/A Undisclosed Investors3.8%Boston113Funding plumme

148、ts QoQ,deals hit a 5-year low114State of Digital Health|Geographic Trends|Boston$0.3B$0.5B$0.4B$0.4B$0.2B$0.5B$0.4B$0.4B$0.6B$0.4B$0.7B$0.6B$0.5B$1.3B$1.3B$1.2B$0.8B$1.3BFunding$0.3B2930232322273230372534031Deals20055404550$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6BQ1Q2Q3Q4Q1

149、Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Early-and mid-stage deal shares down from 2021s totals115State of Digital Health|Geographic Trends|Boston46%58%55%46%Early-stage,43%23%23%18%28%Mid-stage,24%11%8%15%11%Late-stage,11%20%11%13%15%Other,22%200212022YTDBoston:Top equity deals in

150、 Q322116State of Digital Health|Geographic Trends|BostonCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Senda Biosciences$123MSeries C2022-08-16N/AAlexandria Venture Investments,Flagship Pioneering,Longevity Vision Fund,Partners Investment,State of Michigan Retirement S

151、ystem45.4%2Kyruus$35MSeries E2022-09-30$449M Providence Ventures13.0%3Empatica$26MSeries B2022-08-02$109M CDP Venture Capital SGR9.6%4Biofourmis$20MSeries D2022-08-10N/A Intel Capital7.4%5Elucidata$16MSeries A2022-09-21N/AEight Roads Ventures,Hyperplane Venture Capital,IvyCapVentures,F-Prime Capital

152、5.9%Asia Trends117Funding declines for 4th straight quarter,deals are at lowest point in years118State of Digital Health|Geographic Trends|Asia Trends$0.6B$3.1B$2.5B$0.8B$0.9B$0.9B$0.8B$1.3B$1.0B$0.9B$1.6B$3.1B$2.2B$2.3B$3.2B$2.9B$1.4B$1.1BFunding$0.9B0523

153、165135Deals990500300350$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022In 2022 YTD,early-and late-stage deal shares lag behind 2021s levels119State of Digital Health|Geographic Trends|Asia Trends68%68%59%63%Early-stage,62%19%19%23%22%Mid-s

154、tage,23%10%10%13%12%Late-stage,11%Other,4%200212022YTDAsia:Top equity deals in Q322120State of Digital Health|Geographic Trends|Asia TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Allm$182MCorporate Minority2022-07-05N/A DeNA,Seibu Properties So

155、lutionsJapan20.2%2We Doctor$150MSeries G2022-07-05N/A Shandong GuotouChina16.6%3ForSight Robotics$55MSeries A2022-07-18N/AAdani Group,Eclipse Ventures,Mithril Capital Management,Ljungstrom Family Office,Precision CapitalIsrael6.1%4CureApp$52MSeries G2022-08-16N/A The Carlyle GroupJapan5.8%5Diagnosti

156、c Robotics$45MSeries B2022-07-25N/AStageOne Ventures,Clal Insurance,Mayo Clinic Ventures,Bank Hapoalim,Migdal InsuranceIsrael5.0%5Theranica$45MSeries C2022-08-29N/ANew Rhein Healthcare,Lightspeed Venture Partners,Corundum Open Innovation,LionBird Venture Capital,Takoa InvestIsrael5.0%7Docquity$44MSe

157、ries C2022-08-18N/AITOCHU Corporation,KDV Capital,Alkemi Venture Partners,Global Brain,InfocomSingapore4.9%8Dami&Xiaomi$42MSeries D2022-07-29N/AABC Impact,OrbiMed Advisors,Grand Flight InvestmentChina4.7%9Insilico Medicine$35MSeries D2022-08-10N/AProsperity7 Ventures,B Capital Group,BOLD Capital Par

158、tners,Bohai Huamei,Deerfield ManagementHong Kong3.9%10ADEN$30MSeries B2022-07-08N/AHaier Capital,Eastern Bell Capital,Sinovation Ventures,Xingtuo CapitalChina3.3%M&A exits and IPOs increase QoQ121State of Digital Health|Geographic Trends|Asia Trends471IPO,617983M&A,51SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

159、Q2Q3Q4Q1Q2Q3200212022Asia:Top investors by company count in Q322122State of Digital Health|Geographic Trends|Asia TrendsInvestorCompany Count Investor GroupCountry1Long Hill Capital3VCChina29Unicorns2VCIndia2ANRI2VCJapan2Ally Bridge Group2VCHong Kong2Cenova Ventures2VCChina2DEEPCORE2VCJap

160、an2Insignia Ventures Partners2VCSingapore2Qiming Venture Partners2VCChina2Tejal Merchantile2Asset/investment managementIndia2aMoon Fund2VCIsraelChina123Funding rebounds slightly after 3 quarters of decline124State of Digital Health|Geographic Trends|China$0.4B$2.8B$2.0B$0.5B$0.6B$0.5B$0.4B$0.7B$0.4B

161、$0.5B$1.1B$2.8B$1.6B$1.0B$2.2B$1.5B$0.4B$0.1BFunding$0.3B85979280707764794260794434Deals350204060800$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Mid-stage deal share up 6 percentage points in 2022 YTD125State of Digital Health|Geo

162、graphic Trends|China62%62%46%52%Early-stage,47%25%23%34%32%Mid-stage,38%10%11%14%15%Late-stage,15%7%Other,0%200212022YTDChina:Top equity deals in Q322126State of Digital Health|Geographic Trends|ChinaCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1We Doctor$1

163、50MSeries G2022-07-05N/A Shandong Guotou55.7%2Dami&Xiaomi$42MSeries D2022-07-29N/A ABC Impact,OrbiMed Advisors,Grand Flight Investment15.6%3ADEN$30MSeries B2022-07-08N/AHaier Capital,Eastern Bell Capital,Sinovation Ventures,Xingtuo Capital11.1%4Fastmeeting$15MSeries A2022-08-31N/AGree Electric Appli

164、ances,Green Pine Capital Partners,China Unicom5.4%5Digital Precision Medicine$14MSeries B2022-09-09N/A Gree Financial Investment,Haoshuo Investment5.4%6Insgeek$13MSeries D2022-09-23N/AGuozhong Venture Capital Management,Huasheng Capital,SIG Asia Investments,HR Tech Investments4.7%7Agilis Robotics$6M

165、Series A2022-08-16N/A K2VC,Korea Investment Partners2.2%India127Funding down 67%QoQ,deals continue to slide128State of Digital Health|Geographic Trends|India$67M$44M$268M$14M$24M$243M$44M$281M$138M$41M$64M$31M$477M$492M$299M$661M$358M$260MFunding$85M20252450353423Deals180102030

166、40506070$0M$100M$200M$300M$400M$500M$600M$700MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Mid-stage deal share increases to 19%129State of Digital Health|Geographic Trends|India76%77%79%83%Early-stage,73%14%8%9%Mid-stage,19%6%11%8%8%Late-stage,4%Other,4%200212022YTDIndia:Top

167、 equity deals in Q322130State of Digital Health|Geographic Trends|IndiaCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Mojocare$21MSeries A2022-08-23N/AB Capital Group,Chiratae Ventures,Surge,Better Capital,Adrian Auon24.2%2Wysa$20MSeries B2022-07-14N/AHealthquad,Google

168、 Assistant Investments,Kae Capital,W Health Ventures,pi Ventures23.5%3Fitterfly$12MSeries A2022-07-20N/AAmazon,Fireside Ventures,9Unicorns,Venture Catalysts,Nihar Parikh14.1%4Good Health Company$10MSeries A2022-08-04N/ALeft Lane Capital,Khosla Ventures,Quiet Capital,Weekend Fund11.8%5Health Assure$6

169、MSeries A2022-08-25N/A Rajiv Dadlani Group,Blume Ventures,Leo Capital7.4%Japan131Funding more than doubles QoQ132State of Digital Health|Geographic Trends|Japan$37M$41M$78M$33M$22M$35M$87M$83M$70M$75M$32M$68M$14M$126M$27M$113M$38M$120MFunding$273M021Deals5

170、3035$0M$50M$100M$150M$200M$250M$300MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Early-stage deal share falls 13 percentage points133State of Digital Health|Geographic Trends|Japan72%68%53%64%Early-stage,51%9%18%17%17%Mid-stage,18%17%14%28%11%Late-stage,20%8%Other,11%20021202

171、2YTDJapan:Top equity deals in Q322134State of Digital Health|Geographic Trends|JapanCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Allm$182MCorporate Minority2022-07-05N/A DeNA,Seibu Properties Solutions66.7%2CureApp$52MSeries G2022-08-16N/A The Carlyle Group19.1%3Ubie

172、$26MSeries C2022-07-27N/ASuzuken,Chubu Electric Power,Dai-ichi Life Insurance,EggFORWARD,NVenture Capital9.3%4Buzzreach$5MSeries A2022-07-21N/A ANOBAKA,Mobile Internet Capital,Globis Capital Partners1.7%5Cardio Intelligence$3MSeries A2022-08-14N/AANRI,Daiwa Corporate Investment,SMBC Venture Capital,

173、Gemseki,Shizuoka Capital1.2%Europe Trends135Funding hits its lowest level since Q320,deals fall to a 5-year low136State of Digital Health|Geographic Trends|Europe Trends$0.5B$0.6B$0.6B$0.4B$0.7B$0.5B$1.2B$0.5B$0.6B$0.9B$0.4B$1.1B$0.7B$3.8B$1.0B$1.2B$1.0B$1.0BFunding$0.6B3011513

174、31153137106Deals63050100150200$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022Early-and late-stage deal shares grow in 2022 YTD137State of Digital Health|Geographic Trends|Europe Trends75%77%72%73%Early-stage,74%5%7%11%12%Mid-sta

175、ge,10%9%8%8%9%Late-stage,10%11%8%9%6%Other,6%200212022YTDEurope:Top equity deals in Q322138State of Digital Health|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Cera$160MSeries C2022-08-03N/AKairos HQ,Evolve Healthcare

176、Partners,Guinness Asset Management,Yabeo CapitalUnited Kingdom27.3%2Medical Micro Instruments$75MSeries B2022-07-20N/ADeerfield Management,Andera Partners,Fountain Healthcare Partners,Panakes Partners,Samba TechItaly12.8%3ottonova$34MSeries F2022-09-05N/A Cadence Growth CapitalGermany5.8%4Incepto Me

177、dical$27MSeries B2022-09-19N/AVenture Digital Health,AXA Venture Partners,Bpifrance,Karista,Wille FinanceFrance4.6%5Patchwork$24MSeries B2022-08-10N/APerwyn,Praetura Ventures,KHP MedTech Innovations,Dominic McGregor,Tom BlomfieldUnited Kingdom4.2%6Healthily$20MSeries B2022-09-07N/AOrkla Ventures,Rec

178、kitt Benckiser,Smedvig Capital,CanicaUnited Kingdom3.4%6LetsGetChecked$20MSeries D2022-09-08N/A Casdin Capital,Transformation Capital,Morgan HealthIreland3.4%8Unobravo$17MSeries A2022-07-21N/AInsight Partners,Olivier Bonnet,Rika Christanto,Thomas PlantengaItaly3.0%8Apricity Therapeutics$17MSeries B2

179、022-09-05N/A MTIP,Iris VenturesUnited Kingdom2.9%10Doccla$16MSeries A2022-09-29N/AGeneral Catalyst,Giant Ventures,Speedinvest,KHP VenturesUnited Kingdom2.8%M&A exits fall by 64%QoQ139State of Digital Health|Geographic Trends|Europe Trends3711IPO,024333625M&A,9111SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q

180、4Q1Q2Q3200212022Europe:Top investors by company count in Q322140State of Digital Health|Geographic Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1Boehringer Ingelheim Venture Fund2CVCGermany1DSM Venturing2CVCNetherlands1Health Technologies Holding2VCItaly1High-Tech Grunde

181、rfonds2VCGermany1Nina Capital2VCSpain1Octopus Ventures2VCUnited Kingdom1Orkla Ventures2CVCNorwayUnited Kingdom141Deals at lowest level since 2019,funding ticks up QoQ142State of Digital Health|Geographic Trends|United Kingdom$0.2B$0.3B$0.4B$0.2B$0.1B$0.1B$1.0B$0.1B$0.1B$0.3B$0.1B$0.6B$0.2B$2.2B$0.5B

182、$0.2B$0.2B$0.2BFunding$0.3B26374740363528Deals2201020304050$0.0B$0.5B$1.0B$1.5B$2.0B$2.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200212022In 2022 YTD,early-stage deal share ticks up143State of Digital Health|Geographic Trends|United Kingdom74%71%74%69%Early-stage,72%7%

183、9%10%16%Mid-stage,13%10%12%6%10%Late-stage,12%10%8%10%5%Other,4%200212022YTDUnited Kingdom:Top equity deals in Q322144State of Digital Health|Geographic Trends|United KingdomCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Cera$160MSeries C2022-08-03N/AKairos

184、HQ,Evolve Healthcare Partners,Guinness Asset Management,Yabeo Capital53.6%2Patchwork$24MSeries B2022-08-10N/APerwyn,Praetura Ventures,KHP MedTech Innovations,Dominic McGregor,Tom Blomfield8.2%3Healthily$20MSeries B2022-09-07N/A Orkla Ventures,Reckitt Benckiser,Smedvig Capital,Canica6.7%4Apricity The

185、rapeutics$17MSeries B2022-09-05N/A MTIP,Iris Ventures5.6%5Doccla$16MSeries A2022-09-29N/AGeneral Catalyst,Giant Ventures,Speedinvest,KHP Ventures5.4%Report MethodologyYou can download the underlying data found in this report here:https:/ you have questions about the definitions or methodological pri

186、nciples 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 our numbers,even if they received inv

187、estment 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 what has closed,not what is intended.If

188、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 firm or investor;(3)press release;or(4)c

189、redible 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 include valuations disclosed in credible

190、media sources.The list is maintained publicly and updated in real time at https:/ notes:Israel funding figures are classified in Asia;Caribbean region figures included in Latin America,or“LatAm”;funding to Australia and Africa is included in global figures but not spotlighted in this report.Rounds t

191、o 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 four sources.The estimating meth

192、od 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 events;only first exits are count

193、ed.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 refers to the San Jose-San Francisc

194、o-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,later,or never.If a company signs

195、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 firms and are tracked by CB In

196、sights.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

197、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 funding.Grants or loans by the fede

198、ral 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,

199、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.145State of Digital Health