2. 5
Contents
1 0 Q1’20 Global Healthcare Investment
Trends
7 3 Appendix:
Most Active VC Investors Q1'20
Methodology
3 6 Q1'20 Healthcare Industry Highlights
Q1’20 Spotlight: Covid-19
AI
Telehealth
Medical Devices
Digital Health In China
Women’s Health
Mental Health
Regenerative Medicine2 0 Q1’20 Global Digital Health
Investment Trends
3 0
3. 1
Summary of findings
Funding to North American companies reached an all-time high: North
American healthcare companies raised $10.3B in Q1’20, the highest quarterly
level on record and a 35% increase from Q4’19. This was driven by a record-high
number of mega-rounds (25).
Globally, there are 42 healthcare unicorns worth a combined $101.5B: The
cohort’s total valuation continued to grow with the addition of Insightec ($1.3B
valuation) and Alto Pharmacy ($1B).
G L O B A L D I G I T A L H E A L T H I N V E S T M E N T
Digital health deals and dollars slid in Q1’20: Global digital health funding
came in at $4.5B for Q1’20, down 8% from Q4’19. Deals also declined quarter-
over-quarter, coming in at 408, down 4% from Q4’19. Declines in deal activity
were led by China.
In the US, New York regained the #2 spot for digital health deals: After falling
behind Massachusetts in Q4’19, New York state regained the #2 spot with 32
digital health deals in Q1’20. New York metro deals surpassed Silicon Valley
deals by 48% in the quarter, though at the state level California continues to
lead with 74 deals.
(Summary continued on the next page)
C O V I D - 1 9
Covid-19 had a material impact on China’s deal activity: Between Q4’19 and
Q1’20, China’s healthcare deals dropped by nearly 40% to 100, the lowest level
seen since Q2’17. The decline was particularly steep in the digital health space,
where deals and dollars both dropped by more than 50% since Q4’19.
Covid-19 prompted swift responses from government, industry, and academia:
Healthcare stakeholders have responded to the crisis by providing new and
expanded product offerings, adjusting regulatory policy, and forging
collaborative partnerships. Going forward, tech giants will likely play a larger
role in strategy and implementation of future public health responses.
Covid-19 put on a spotlight on telehealth: Amid the Covid-19 pandemic, both
telehealth deals and news mentions doubled from Q4’19. Several payers and
providers expanded access to virtual care, and telehealth companies from
around the globe reported significant upticks in visit volume.
G L O B A L H E A L T H C A R E I N V E S T M E N T
Global healthcare investment: Healthcare startups closed 1,156 funding rounds
in Q1’20, the lowest level since Q4’18. Despite the slide, equity funding
continued to rise, surpassing $14.6B. March was the strongest month in the
quarter with $5.7B raised.
Note: This report focuses on equity rounds to private healthcare companies. All data is sourced from CB Insights.
4. 7
Summary of findings
Telehealth and diagnostics remained popular segments in the women’s health
space. After 3 consecutive quarterly declines, women’s health funding
increased, rising 150% from Q4’19 levels. Q1'20 deals demonstrated a
continued interest in women’s telehealth providers and improved prenatal
diagnostic solutions.
Mental health funding reached a record-high. Mental health startups raised a
record $576M – surpassing the prior quarterly record by over 60% — across 44
deals in Q1’20. Employer-focused startups took center stage, closing several
$20M+ rounds.
Cell therapies drove mega-rounds and exits in regenerative medicine in Q1’20.
Deals to 3 cell therapy startups ranked among the top 10 healthcare deals
globally for the quarter. Within the regenerative medicine space, cell-based
immuno-oncology startups closed some of the largest rounds and were a focal
point of M&A and IPO activity.
H E A L T H C A R E I N D U S T R Y T R E N D S
Healthcare AI deals and dollars rose but remained below Q3’19 peak.
Healthcare AI startups raised $984M in equity funding across 80 deals in Q1’20.
Funding rose by 37% from Q4’19 but stood well below Q3’19’s peak of $1.6B.
Deals rose by 3% from Q4’19 but were still down 34% compared to Q3’19’s peak
of 122 deals.
Telehealth deals reached a record high in Q1'20. During the quarter, telehealth
startups closed 103 deals, double the amount seen in Q4’19 and the highest
level on record.
Infectious disease and life-support devices dominated the medical devices
space. Infectious disease diagnostics startups were a focal point of Q1’20
funding. Karius’ $165M Series B round ranked among the top 10 healthcare
deals globally. Mega-rounds were common in the life-support segment as well:
Element Science and Outset Medical raised $145.6M and $125M, respectively.
Deals and dollars to China-based digital health companies declined. Deals
declined by 51% quarter-over-quarter to 27 in Q1’20, the lowest level since
Q2’17. At $318M, Q1’20 funding was at its lowest since Q3’17.
Note: This report focuses on equity rounds to private healthcare companies. All data is sourced from CB Insights.
5. The image part with relationship ID rId2 was not found in the file.
#AhaCBI
Q1’20 Global
Healthcare
Investment
Trends
6. 10
Funding grew 4% in Q1’20 while deals fell 6% since Q4’19
Quarterly global healthcare funding and deal count, Q2'17 – Q1'20
G L O B A L H E A L T H C A R E I N V E S T M E N T T R E N D S
Amount ($M) Deal Count
$9,534 $9,547 $10,470 $13,385 $15,513 $16,562 $12,120 $13,521 $13,944 $13,095 $14,090 $14,624
1,059
1,010
1,107
1,150
1,318
1,268
1,125
1,252
1,304
1,266
1,228
1,156
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
7. 11
Mid-stage deal share reached a new high in Q1’20
Percent share of global healthcare deals, Q2’17 – Q1’20
Note: “Early-stage” includes convertible note, angel, seed, and Series A rounds. “Mid-stage” includes Series B and Series C rounds. “Late-stage” includes Series D,
Series E+, growth equity, and private equity rounds. “Other” includes unattributed and corporate minority rounds.
G L O B A L H E A L T H C A R E I N V E S T M E N T T R E N D S
Other
Late-stage
Early-stage
Mid-stage
52% 51% 50% 52% 52% 50% 46% 51% 48%
53% 51%
46%
14% 14% 13% 13% 16%
14%
15%
14% 15%
15% 16%
18%
6% 7% 7%
7% 7%
7%
7%
7% 8%
6% 7%
6%
27% 28% 30% 27% 25% 29% 31% 29% 28% 27% 26% 30%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
8. 12
North American funding grew 35% quarter-over-quarter
Global healthcare funding ($M) by continent, Q2’17 – Q1'20
Other category includes Africa, South America, and Australia.
G L O B A L H E A L T H C A R E I N V E S T M E N T T R E N D S
Other
Europe
North America
Asia
$6,567
$7,246 $6,932
$8,508
$9,335
$10,303
$8,939 $8,746 $8,623 $7,990 $7,658
$10,306
$932
$2,386 $2,472
$3,468
$4,229
$4,733
$1,893
$2,985
$3,872
$2,152
$4,171
$2,404
$1,924
$791 $1,509
$1,363
$1,879
$1,484
$1,244
$1,728
$1,289
$2,899
$2,089
$1,463
$125
$48
$20
$45
$70
$42
$45
$62
$160
$53
$172
$450
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
9. 13
The US saw a record number of mega-rounds in Q1’20
Quarterly healthcare mega-round deal count by country, Q2'17 – Q1'20
Includes countries with 5+ healthcare mega-rounds since Q2’17.
G L O B A L H E A L T H C A R E I N V E S T M E N T T R E N D S
10
8
10
13
17
20
15 14 14 14
7
25
2
4
4
6
12
4 6
8
3
8
3
1
1
3
2
3
1
2
1
2
1
1
2
1
2
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
United States China United Kingdom India Switzerland
10. 14
China saw a dramatic drop in deals in Q1’20
Quarterly healthcare deals by country, Q2'17 – Q1'20
Includes countries with 100+ healthcare deals since Q2’17.
G L O B A L H E A L T H C A R E I N V E S T M E N T T R E N D S
5 Deals 725 Deals
11. 15
Company Deal Date //
Amount Raised
Total Disclosed
Funding
Select Investors Description
Mar ’20 //
$493M
$851M Undisclosed Investors Lyell Immunopharma is a cellular therapy
company dedicated to mastering immune cell
functionality.
Mar’20 //
$350M
$350M Webster Equity Partners RCA is a management service organization
(MSO) focused on retina specialist practices.
Jan’20 //
$250M
$351.6M Greenoaks Capital Management, Jackson Square
Ventures, Olive Tree Capital, SoftBank Group, Zola
Global Investors
Alto Pharmacy offers free, same-day
prescription delivery. It aims to find patients
low prices and provides 24/7 pharmacist
support.
Jan’20 //
$200M
$200M Andreessen Horowitz, Arboretum Ventures, ARCH
Venture Partners, Casdin Capital, Google Ventures,
Nextech Invest, Section 32
EQRx is a biotechnology company focused on
re-engineering the process from drug discovery
to patient delivery with the goal of offering a
market-based solution for the rising cost of
medicines.
Mar’20 //
$170M
$320M EcoR1 Capital, EDBI, F2 Ventures, Invus Group, MPM
Capital, Redmile Group, Samsara BioCapital, Surveyor
Capital, Vertex Ventures
ElevateBio creates and operates a portfolio of
cell and gene therapy companies to develop,
manufacture, and commercialize medicines.
Top 10 global healthcare deals in Q1'20
12. 1
Company Deal Date //
Amount Raised
Total Disclosed
Funding
Select Investors Description
Feb’20 //
$165M
$240M General Catalyst, HBM Healthcare Investments, Khosla
Ventures, Lightspeed Venture Partners, SoftBank
Group
Karius is a life sciences company focused on
treating infectious diseases by sequencing
microbial cell-free DNA directly from blood.
Feb’20 //
$157M
$157M Inner Mongolia Junzheng Energy Hebei Daan Pharmaceutical Co. Ltd.
manufactures immunoglobulin products for use
in medicine.
Jan’20 //
$155M
$250.6M Accel, Creandum, Index Ventures, Ontario Teachers'
Pension Plan
KRY is a CE-certified, app-based service for
meeting doctors through video meetings in
Sweden.
Mar’20 //
$150M
$150M Hudson Bay Capital Management, Johnson & Johnson
Innovation, Lilly Asia Ventures, RA Capital
Management, Vivo Capital
Legend Biotech is a multinational
biopharmaceutical company that focuses on
discovering and developing cutting-edge cell-
based therapies.
Jan’20 //
$150M
$170M AllianceBernstein, Declaration Partners, Maverick
Ventures, SymphonyAI Group
Concerto HealthAI specializes in integrated clinical
RWD and AI solutions.
Top 10 global healthcare deals in Q1’20
13. 3
SWITZERLAND
EUROPE
$2.0B
$1.0B
42 healthcare unicorns valued at $101.5B
Global healthcare companies with a private market valuation of $1B+ (4/8/2020)
UNITED KINGDOM
MIDDLE EAST
$1.0B
ISRAEL
$1.7B
$2.1B
GERMANY
$1.7B
CHINA
ASIA
$5.5B
$5.0B
$2.4B
FRANCE
$1.1B $3.5B
$1.6B
$1.0B
$1.0B
$1.0B
$1.0B
$2.0B
$1.0B
NORTH AMERICA
UNITED STATES
$12B Valuation
$3.2B
$1.0B
$1.1B
$2.5B
$1.8B
$1.3B
$5.5B
$4.2B
$1.2B
$9.0B
$5.0B
$2.8B
$3.2B
$1.8B
$1.5B
$1.3B
$1.2B
$1.0B
$1.0B
S. KOREA
$1.0B
$1.3B
$1.0B
$1.0B
14. The image part with relationship ID rId2 was not found in the file.
#AhaCBI
Q1’20 Global
Digital Health
Investment
Trends
15. 20
Deals and dollars dropped 8% and 4% quarter-over-quarter
Global digital health funding and deal count, Q2'17 – Q1'20
G L O B A L D I G I T A L H E A L T H I N V E S T M E N T T R E N D S
Amount ($M) Deal Count
$3,154 $3,398 $2,462 $3,845 $4,455 $5,773 $3,601 $3,472 $5,529 $3,619 $4,736 $4,542
389 384
417
405
514
440
363
421
434
416
445
408
-
50
100
150
200
250
300
350
400
450
500
550
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
$2,800
$3,000
$3,200
$3,400
$3,600
$3,800
$4,000
$4,200
$4,400
$4,600
$4,800
$5,000
$5,200
$5,400
$5,600
$5,800
$6,000
$6,200
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
16. 21
Mid-stage deal share reached a new high at 23%
Percent share of global digital health deals, Q2’17 – Q1’20
Note: “Early-stage” includes convertible note, angel, seed, and Series A rounds. “Mid-stage” includes Series B and Series C rounds. “Late-stage” includes Series D,
Series E+, growth equity, and private equity rounds. “Other” includes unattributed and corporate minority rounds.
G L O B A L D I G I T A L H E A L T H I N V E S T M E N T T R E N D S
Other
Late-stage
Early-stage
Mid-stage
64% 66%
61% 60%
65%
59% 61% 63% 60%
66%
59%
53%
14% 11%
16% 15%
15%
15%
16% 15% 19%
17%
19%
23%
4% 3% 4% 6%
5%
6%
4%
5% 7% 2%
7%
5%
18% 20% 19% 19% 15%
20% 19% 16% 14% 15% 15% 19%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
17. 22
‘Other’ funding surpassed $100M for the first time
Global digital health funding ($M) by continent, quarterly, Q2’17 – Q1’20
Other category includes Africa, South America, and Australia.
G L O B A L D I G I T A L H E A L T H I N V E S T M E N T T R E N D S
Other
Europe
North America
Asia
$2,851
$1,775 $1,945
$2,502 $2,496
$3,789
$2,875
$1,842
$3,028
$2,001
$3,047 $3,234
$211
$396
$695
$946
$1,396
$1,377
$386
$987
$2,080
$719
$1,167 $706
$284
$249
$398
$395
$516
$591
$313
$629
$401
$876
$487
$487
$53
$42
$17
$1
$46
$16
$27
$14
$20
$23
$35
$115
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
18. 23
Q1’20 saw 10 digital health mega-rounds, led by US
Digital health mega-round deal count by country, Q2'17 – Q1'20
Includes countries with 1+ digital health mega-rounds since Q2’17
G L O B A L D I G I T A L H E A L T H I N V E S T M E N T T R E N D S
5
3 3 3
4
7
6
1
3
4
2
71 1 1
2
4
1
2
4
1
3
1
1
1
1
1
1
1
1
1
1
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
United States China United Kingdom India Sweden France
19. 24
Deals to China fell to lowest level since Q2’17
Digital health deals by country, Q2'17 – Q1'20
Includes countries with 20+ digital health deals since Q2’17.
G L O B A L D I G I T A L H E A L T H I N V E S T M E N T T R E N D S
5 Deals 267 Deals
20. 25
NY regained the #2 spot for deals among US states
Digital health deals by US state, quarterly, Q2'17 – Q1'20
Includes US states with 200+ digital health deals since Q2’17.
T H E U N I T E D S T A T E S O F D I G I T A L H E A L T H
69
73
64 64
92
72
48 50
69
73
67
74
24
19
16
26
43
23
19
29 30
33
18
32
18 18
12
21 20
17
21 20 21 21 19
28
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
California New York Massachusetts
21. 26
NY Metro deals surpassed Silicon Valley deals by 48%
Top 4 metro areas for digital health deals, Q2'17 – Q1'20
T H E U N I T E D S T A T E S O F D I G I T A L H E A L T H
-
5
10
15
20
25
30
35
40
45
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
Numberofdigitalhealthdeals
Silicon Valley New York Metro Boston Metro Los Angeles Metro
22. 27
Company Deal Date //
Amount Raised
Total Disclosed
Funding
Select Investors Description
Feb’20 //
$165M
$240M General Catalyst, HBM Healthcare Investments, Khosla
Ventures, Lightspeed Venture Partners, SoftBank
Group
Karius is a life sciences company focused on
treating infectious diseases by sequencing
microbial cell-free DNA directly from blood.
Jan’20 //
$155M
$250.6M Accel, Creandum, Index Ventures, Ontario Teachers'
Pension Plan
KRY is a CE-certified, app-based service for
meeting doctors through video meetings in
Sweden.
Jan’20 //
$150M
$170M AllianceBernstein, Declaration Partners, Maverick
Ventures, SymphonyAI Group
Concerto HealthAI specializes in integrated clinical
RWD and AI solutions.
Jan’20 //
$144M
$318.7M Bojiang Capital, CEC Data Capital, CMB International
Capital, LB Investment, Oriental Patron Financial
Group, Samsung Electronics, SIG Asia Investments,
Tasly Capital
Zhangshang Tangyi is a mobile diabetes
management app that allows patients to record
their own health data and receive medical
advice.
Mar’20 //
$135M
$375M Durable Capital Partners, Fidelity Investments, T. Rowe
Price
Alignment Healthcare partners with providers,
health plans, and hospitals to create continuous
care programs.
Top 10 global digital health deals in Q1'20
23. 28
Company Deal Date //
Amount Raised
Total Disclosed
Funding
Select Investors Description
Feb’20 //
$126.4M
$349.7M .406 Ventures, Cox Enterprises, F-Prime Capital, Flare
Capital Partners, Khosla Ventures, Polaris Partners,
Premji Invest, Temasek
Iora Health is a value-based, tech-enabled primary
care group that takes on financial and quality risks
for patients in Medicare Advantage and other
insurance programs (e.g. employers).
Mar’20 //
$112.0M
$243.0M Bill Gates, Euclidean Capital, Greenspring Associates,
Illumina Ventures, Lux Capital, Polaris Partners, Two
Sigma Ventures
Kallyope integrates technologies in sequencing,
computational biology, neural imaging, and
genetics to develop therapeutics targeting the
gut-brain axis.
Mar’20 //
$110.0M
$409.4M Accel, Ascent Capital, Chiratae Ventures, GableHorn
Investments, Temasek
CureFit offers products for preventive and
curative healthcare, combining engagement,
coaching, and delivery through a mix of online
and offline channels.
Mar’20 //
$100.0M
$620.0M Baillie Gifford & Co., Franklin Templeton, New
Enterprise Associates, Novo Holdings, T. Rowe Price
Tempus’s genomic sequencing services and its
analytical machine learning platform aim to
improve personalized cancer care.
Feb’20 //
$100.0M
$137.8M Bain Capital Ventures, Casdin Capital, Define Ventures,
Google Ventures
Verana Health assembles clinical databases in
medicine to empower physicians and accelerate
research for patients.
Top 10 global digital health deals in Q1'20
24. The image part with relationship ID rId2 was not found in the file.
#AhaCBI
Q1’20
Spotlight:
Covid-19
25. 33
Tech giants join forces on surveillance & supercomputing
The New York Times
C O V I D - 1 9
Apple and Google are partnering to develop and deploy an automatic,
anonymous Bluetooth-based contact tracing technology for Covid-19.
1 2
Amazon, Google, and Microsoft joined a consortium spearheaded by the White House Office of Science and
Technology Policy, the US Department of Energy, and IBM called The Covid-19 High Performance Computing
(HPC) Consortium.
Together, members will provide bioinformatics, epidemiology, and molecular biology researchers with
computing power to execute computational research programs on Covid-19.
T A K E A W A Y : It’s clear from these partnerships that key healthcare stakeholders benefit from tech giants’ data and computing capabilities. Big tech
players also have an advantage by offering solutions that can be widely disseminated and scaled up in times of crisis. In the future, this could impact how
local, state, and federal public health responses are orchestrated, with tech incumbents playing a large role in strategy and implementation.
26. The image part with relationship ID rId2 was not found in the file.
#AhaCBI
Q1’20
Healthcare
Industry
Highlights
27. 36
REGENERATIVE
MEDICINE
WOMEN’S
HEALTH
AI
MEDICAL
DEVICES
MENTAL
HEALTH
Companies selling AI SaaS to
healthcare clients or using AI to
develop products for the
healthcare market
Companies developing medical
devices that aid in the diagnosis, cure,
mitigation, treatment, monitoring, or
prevention of disease
Startups focused specifically on
providing healthcare products and
services to women
China-based healthcare startups
using digital technology as a key
differentiator over their
competition
Startups using technology to remotely
deliver clinical health services to
patients
Companies applying technology to
problems of emotional, psychological,
and social well-being
Companies involved in the R&D
or commercialization of gene
therapies, cell therapies, and
bio-engineered tissues
GLOBAL HEALTHCARE REPORT Q1'20
TELEHEALTH
DIGITAL
HEALTH
IN CHINA
28. 37
GLOBAL HEALTHCARE REPORT Q1'20
WOMEN’S
HEALTH
AI
MEDICAL
DEVICES
MENTAL
HEALTH
TELEHEALTH
DIGITAL
HEALTH
IN CHINA
REGENERATIVE
MEDICINE
HEALTHCARE Q1 2020
29. 38
$306 $598 $517 $745 $859 $762 $573 $619 $1,058 $1,640 $719 $984
45
81
59
64
92
67
58
91
85
122
78 80
-
20
40
60
80
100
120
140
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
Funding rose QoQ but remains below Q3’19 peak
H E A L T H C A R E A I D E A L S A N D D O L L A R S
Healthcare AI funding and deal count, Q2’17 – Q1’20
Amount ($M) Deal Count
30. 39
Company Deal Date //
Amount Raised
Total Disclosed
Funding
Select Investors Description
Top rounds to healthcare AI startups in Q1’20
H I G H L I G H T # 1 : I N F E C T I O U S D I S E A S E S T A R T U P S L E A D T O P D E A L S O F 2 0 2 0
Jan’20 //
$150.0M
Feb’20 //
$165.0M
Jan’20 //
$60.0M
Mar’20 //
$100.0M
Mar’20 //
$51.0M
$170.0M
$240.0M
$80.6M
$620.0M
$127.3M
AllianceBernstein, Declaration Partners, Maverick
Ventures, Symphony Technology Group
General Catalyst, Khosla Ventures, Lightspeed
Venture Partners, SoftBank Group, Tencent
Holdings
Matrix Capital Management, Matrix Partners,
Mayo Clinic Ventures, NTT Venture Capital
Lightbank, New Enterprise Associates, Novo
Holdings, Revolution Growth, T. Rowe Price
14W, Anthem, Bessemer Venture Partners,
BoxGroup, Comcast Ventures, Mangrove
Capital Partners, Max Ventures
Concerto is an oncology startup using AI to
support clinical development and match patients
to treatments.
Karius is an infectious disease testing company
using machine learning to analyze pathogen DNA
and identify the cause of disease.
Medical research company using neural networks
to gather patient notes, scientific literature, and
medical images for a biomedical database.
Tempus focuses on cancer treatment, using AI to
identify therapeutic options based on patient
clinical and molecular data.
Workflow automation startup using RPAs,
computer vision, and machine learning to
automate administrative workflows.
31. 40
H I G H L I G H T # 2 : K A R I U S C L O S E D T H E L A R G E S T A I H E A L T H C A R E D E A L O F Q 1 ’ 2 0
Total Funding
$240M
Valuation
$700M
Similar Companies:
$239.1M $29M $9.6M
Karius develops liquid biopsy tests for infectious
disease diagnosis. Its approach combines
machine learning algorithms with microbial cell-
free DNA sequencing.
Series BLatest Round:
$165MAmount:
General Catalyst, Khosla
Ventures, Lightspeed Venture
Partners, SoftBank Group
Select Round
Investors:
32. 42
GLOBAL HEALTHCARE REPORT Q1'20
WOMEN’S
HEALTH
AI
MEDICAL
DEVICES
MENTAL
HEALTH
TELEHEALTH
DIGITAL
HEALTH
IN CHINA
REGENERATIVE
MEDICINE
HEALTHCARE Q1 2020
33. 43
Deals doubled from Q4’19, reaching record high
T E L E H E A L T H D E A L S A N D D O L L A R S
Telehealth funding and deal count, Q2’17 – Q1’20
$470 $329 $293 $1,017 $1,340 $1,900 $731 $945 $1,014 $1,210 $418 $1,584
65
51
57
65
83
64
45
63
70
76
51
103
-
20
40
60
80
100
120
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
Amount ($M) Deal Count
34. 44
Q1’20 telehealth mentions doubled from Q4’19 levels
H I G H L I G H T # 1 : C O V I D - 1 9 P A N D E M I C P U T S A S P O T L I G H T O N T E L E H E A L T H
Monthly news mentions, April ’15 – March ’20
News mentions
600
500
400
300
200
100
0
2016 2017 2018 2019 2020
35. 45
H I G H L I G H T # 2 : T E L E P H A R M A C Y S T A R T U P A L T O C L O S E D A $ 2 5 0 M M E G A - R O U N D
Total Funding
$351.6M
Valuation
$1.0B
Similar Companies
$270.0M $170.7M
Acquired by
Amazon in 2018
Alto Pharmacy provides free same-day
delivery 7 days a week for prescriptions. It
also offers in-app and phone support, as well
as coordination with doctors and insurance
companies.
Series D (1/30/2020)Latest Round:
$250MAmount:
SoftBank GroupLead Investor:
36. 46
Teletherapy services continue to broaden
H I G H L I G H T # 3 : T E L E H E A L T H C A T E R S T O F U L L M I N D A N D B O D Y C A R E
M E N T A L H E A L T H
Series C (3/11/2020)
$75M
Latest Round:
Amount:
Lyra’s platform connects
employees to therapists,
mental health coaches, and
personalized digital therapy
programs.
About:
B E H A V I O R A L H E A L T H
Unattributed (2/19/2020)
$2.5M
Latest Round:
Amount:
Halcyon Health is a substance
use disorder treatment
program focused on long-term
care.
About:
P H Y S I C A L H E A L T H
Series C (2/4/2020)
$75M
Latest Round:
Amount:
Hinge Health’s digital care
program combines sensor-
guided exercise therapy with
health coaching to enable at-
home physical therapy or
rehabilitation.
About:
37. 47
GLOBAL HEALTHCARE REPORT Q1'20
WOMEN’S
HEALTH
AI
MEDICAL
DEVICES
MENTAL
HEALTH
TELEHEALTH
DIGITAL
HEALTH
IN CHINA
REGENERATIVE
MEDICINE
HEALTHCARE Q1 2020
38. 48
Deals dropped 15% from Q4’19, reaching recent low
M E D I C A L D E V I C E D E A L S A N D D O L L A R S
Medical device funding and deal count, Q2’17 – Q1’20
$3,136 $3,332 $2,676 $2,946 $3,129 $3,423 $2,513 $3,357 $3,100 $2,707 $2,694 $2,932
350
369
346 345
380
362
307
334
349 357
330
282
-
50
100
150
200
250
300
350
400
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
Amount ($M) Deal Count
39. 49
H I G H L I G H T # 1 : W E A R A B L E D E F I B R I L L A T O R M A K E R R A I S E S M E G A - R O U N D
Element Science uses machine learning to
design wearable medical devices.
Its main product is a wearable defibrillator to
defend against Sudden Cardiac Death (SCD),
which claims 325,000 lives a year in the US.
Element plans to use the $145.6M from its
Series C financing round to fund additional
clinical trials and initial commercialization
efforts for its SCD device.
Total Funding
$192.6M
Valuation
Not disclosed
Select
Series C
Investors
Series C (3/3/2020)Latest Round:
$145.6MAmount:
40. 50
Covid-19 highlighted the need for improved ID diagnostics
H I G H L I G H T # 2 : I M P R O V I N G I N F E C T I O U S D I S E A S E ( I D ) D I A G N O S T I C S
K A R I U S
Series B (2/24/2020)
$165M
Latest Round:
Amount:
Karius is a life sciences
company focused on treating
infectious diseases by
combining AI with sequencing of
microbial cell-free DNA.
About:
L U C I R A H E A L T H
Series B (1/16/2020)
$17.5M
Latest Round:
Amount:
Lucira Health develops
disposable point-of-care
molecular tests for diagnosing
infectious diseases.
About:
M A M M O T H B I O S C I E N C E S
Series B (1/30/2020)
$45M
Latest Round:
Amount:
Mammoth has developed a
CRISPR data platform for
diagnostics, which it claims
returns results within one hour
and does not require expensive
equipment or electricity.
About:
41. 51
H I G H L I G H T # 3 : D I A L Y S I S A N Y W H E R E
Outset Medical raised $125M and got FDA clearance
Series E (2/4/2020)
$125M
T. Rowe Price, Fidelity Investments, Perceptive
Advisors, Partner Fund Management, and D1
Capital Partners
Outset Medical has developed a dialysis machine that
purifies its own water and generates dialysate. It aims to
help patients manage their own treatments from any
location. Outset's Tablo Hemodialysis System is intended to
lower costs for dialysis providers and improve the care
experience for patients.
Latest Round:
Amount:
Select Round
Investors:
About:
42. 52
GLOBAL HEALTHCARE REPORT Q1'20
WOMEN’S
HEALTH
AI
MEDICAL
DEVICES
MENTAL
HEALTH
TELEHEALTH
DIGITAL
HEALTH
IN CHINA
REGENERATIVE
MEDICINE
HEALTHCARE Q1 2020
43. 53
Q1’20 deal volume reached the lowest level since Q2’17
D I G I T A L H E A L T H I N C H I N A D E A L S A N D D O L L A R S
Digital health in China funding and deal count, Q2’17 – Q1’20
$167 $288 $610 $845 $1,224 $857 $338 $713 $1,768 $498 $659 $318
25
41
53
49
69
60
56
38
44 44
55
27
-
10
20
30
40
50
60
70
80
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
Amount ($M) Deal Count
44. 55
H I G H L I G H T # 2 : V I R T U A L C A R E D E L I V E R Y C O R A I S E D T H E L A R G E S T R O U N D
Zhangshang Tangyi raised the largest deal in Q1’20
Series D (1/8/2020)
$143.9M
Samsung Electronics, SIG Asia
Investments, CMB International
Capital, Talsy Capital, Bojiang Capital,
CEC Data Capital
About: Zhangshang Tangyi (Literal translation:
Mobile Sugar Doctor) is a mobile diabetes
management app that allows patients to record their
own health data by connecting to glucose monitors,
communicating with providers, and accessing
educational content. The company also operates an
e-commerce platform where patients can buy
diabetes devices and supplies.
Latest Round:
Amount:
Select Round
Investors:
45. 56
Startups now focus on a broad range of use cases
H I G H L I G H T # 3 : H E A L T H C A R E P A Y M E N T S R E M A I N I N V O G U E
Series A (2/28/2020)
Undisclosed
Latest Round:
Amount:
Incubated by the public insurer
ZhongAn, Nuanwa offers services
to health insurers across benefit
design, underwriting, and care
management.
About:
G R O U P H E A L T H
I N S U R A N C E P L A T F O R M
Series C (3/18/2020)
$25.0M
Latest Round:
Amount:
Insgeek partners with Chinese
SMEs to select and design group
health insurance products. The
company also offers a SaaS
product for SMEs to manage
healthcare benefits.
About:
D R U G & D I A G N O S T I C S
A C C E S S S O L U T I O N S
Unattributed (3/10/2020)
Undisclosed
Latest Round:
Amount:
MediTrust serves specialty drug
manufacturers and diagnostics
companies. It provides patient
affordability services and also
offers a PBM solution to health
insurers.
About:
H E A L T H I N S U R E R
I N F R A S T R U C T U R E
Insgeek Cloud
Insurance Platform
(Nuanwa Technology)
(Insgeek)
• Buying and managing employee
insurance online
• Flexible premium payment options,
support payments in installment
• Flexible covered lives, premium
calculated by days
Pharmacies in 200+
Cities
100,000+ Patients
20+ Payment programs
46. 57
GLOBAL HEALTHCARE REPORT Q1'20
WOMEN’S
HEALTH
AI
MEDICAL
DEVICES
MENTAL
HEALTH
TELEHEALTH
DIGITAL
HEALTH
IN CHINA
REGENERATIVE
MEDICINE
47. 58
$66 $225 $249 $44 $128 $451 $97 $477 $304 $261 $144 $361
23
34
31
23
38
45
29
48
40
47
32 31
-
5
10
15
20
25
30
35
40
45
50
55
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
Q1’20 funding increased by 150% quarter-over-quarter
W O M E N ’ S H E A L T H D E A L S A N D D O L L A R S
Women’s health funding and deal count, Q2’17 – Q1’20
Amount ($M) Deal Count
48. 59
Top deals in women’s health emphasize telemedicine
H I G H L I G H T # 1 : I N C R E A S I N G A C C E S S T H R O U G H V I R T U A L C A R E
M A V E N C L I N I C A D V A N T I A H E A L T H
Series C (2/19/2020) $45MLatest Round: Amount:
Maven Clinic offers a digital health clinic for
women and families. It offers its virtual
healthcare services for individuals, employers,
and health plans. Its Series C round was led by
Icon Ventures, with other participating investors
including Sequoia Capital and Oak HC/FT.
About:
Series C (1/8/2020) $45MLatest Round: Amount:
Advantia Health offers both in-person and virtual
care for women through its network of OB-GYN
and specialist providers. In April 2019, it
acquired the post-partum telemedicine platform
Pacify. Its Series C funding came from
BlueMountain Capital Management.
About:
49. 60
Diagnostics options for pregnant women grow
H I G H L I G H T # 2 : A N E M P H A S I S O N E A R L Y S C R E E N I N G
P R E - T E R M R I S K
Series E (2/27/2020)
$15.8M
Latest Round:
Amount:
Sera Prognostics offers a test
for risk management, which
aims to predict a woman’s
risk of preterm birth and other
pregnancy complications.
About:
C A R R I E R S C R E E N I N G
Series A (3/10/2020)
$15M
Latest Round:
Amount:
BillionToOne has developed a
prenatal test that screens
fetal cell-free DNA for 5
commonly inherited
conditions.
About:
E A R L Y T E S T I N G
Loan (2/19/2020)
$6M
Latest Round:
Amount:
Cradle Genomics is
developing a comprehensive
prenatal test that aims to
provide insights during the
first trimester.
About:
50. 62
GLOBAL HEALTHCARE REPORT Q1'20
WOMEN’S
HEALTH
AI
MEDICAL
DEVICES
MENTAL
HEALTH
TELEHEALTH
DIGITAL
HEALTH
IN CHINA
REGENERATIVE
MEDICINE
HEALTHCARE Q1 2020
51. 63
$137 $160 $76 $177 $247 $129 $125 $210 $357 $225 $115 $576
23
28
22
33 33
30
22
42 41
52
37
44
-
5
10
15
20
25
30
35
40
45
50
55
$-
$100
$200
$300
$400
$500
$600
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
Funding to the space reached a record high in Q1’20
M E N T A L H E A L T H D E A L S A N D D O L L A R S
Mental health funding and deal count, Q2’17 – Q1’20
Amount ($M) Deal Count
52. 64
Mental health product offerings for employers grow
H I G H L I G H T # 1 : M O R E E M P L O Y E R S O L U T I O N S
L Y R A H E A L T H
Series C (3/11/2020)
$75M
Latest Round:
Amount:
Lyra Health offers a mental
health platform based on
evidence-based treatments.
About:
M O D E R N H E A L T H
Series B (1/15/2020)
$31M
Latest Round:
Amount:
Modern Health offers a suite of
mental health solutions
comprised of digital programs,
virtual coaching, and clinical
therapy.
About:
S P R I N G H E A L T H
Series A (1/24/2020)
$22M
Latest Round:
Amount:
Spring Health provides a platform
which emphasizes a data-driven
approach to delivering
individualized care.
About:
53. 66
Applying virtual reality to treat mental health conditions
H I G H L I G H T # 3 : V R S T A R T U P S P I C K U P E A R L Y S T A G E I N V E S T M E N T S
O X F O R D V R C 2 C A R E
Series A (2/12/2020) $13MLatest Round: Amount:
UK-based Oxford VR offers a clinically validated
virtual reality platform to treat mental health
patients. In July 2019, it partnered with the
National Mental Health Innovation Center
(NMHIC) to conduct pilots. Its Series A financing
was led by Optum Ventures and will be used to
expand in the US.
About:
Seed (1/13/2020) $1.1MLatest Round: Amount:
France-based C2Care offers a virtual reality
platform for healthcare professionals, including
those practicing in mental health. Current
applications include treating anxieties,
addictions, and eating disorders. The company
plans to continue its development and expand
internationally.
About:
54. 67
GLOBAL HEALTHCARE REPORT Q1'20
WOMEN’S
HEALTH
AI
MEDICAL
DEVICES
MENTAL
HEALTH
TELEHEALTH
DIGITAL
HEALTH
IN CHINA
REGENERATIVE
MEDICINE
55. 68
$638 $644 $811 $1,912 $1,962 $1,813 $1,087 $1,010 $1,545 $1,335 $1,090 $1,876
46
51 53 55
85
62
52
43
71
60 61
66
-
10
20
30
40
50
60
70
80
90
$-
$500
$1,000
$1,500
$2,000
$2,500
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
Funding rose by more than 70% since Q4’19
R E G E N E R A T I V E M E D I C I N E D E A L S A N D D O L L A R S
Regenerative medicine funding and deal count, Q2’17 – Q1’20
Amount ($M) Deal Count
56. 69
Company Deal Date //
Amount Raised
Total Disclosed
Funding
Select Investors Description
IO deals among the largest in regenerative med space
H I G H L I G H T # 1 : M E G A - R O U N D S A B O U N D I N I M M U N O - O N C O L O G Y ( I O )
Mar’20 //
$170M
Mar’20 //
$493M
Mar’20 //
$100.5M
Feb’20 //
$105M
Feb’20 //
$98M
$320.0M
$851.0M
$130.5M
$123.0M
$170.0M
MPM Capital, Vertex Ventures, F2 Ventures, EcoR1
Capital
N/A
Takeda Ventures, SV Health Investors, F-Prime
Capital, MRL Ventures Fund
Vivo Capital, HBM Healthcare Investments,
Lightstone Ventures, Foresite Capital
General Atlantic, WuXi AppTec, Hudson Bay
Capital Management, YuanMing Capital
Elevate Bio has a portfolio of cell and gene
therapy companies.
Lyell Immunopharma develops cell-based
immunotherapies for cancer, with a focus on solid
tumors.
Xilio Therapeutics develops tumor-selective
immunotherapies designed to act at the site of
the tumor.
ALX Oncology develops immuno-oncology
therapies.
China-based CANbridge Life Sciences offers
specialty products in China and North Asia,
including cancer immunotherapy products.
57. 71
Different applications of stem cells emerge
H I G H L I G H T # 3 : S T E M C E L L A P P L I C A T I O N S
C O N D I T I O N I N G A G E N T S
Series A (1/9/2020)
$14.1M
Latest Round:
Amount:
Jasper Therapeutics develops
conditioning agents for safer,
more effective stem cell
transplants.
About:
N O N - A G I N G S T E M C E L L S
Series A (3/17/2020)
$8M
Latest Round:
Amount:
South Korea-based ENCell
develops stem cells where
aging is suppressed to
preserve functions.
About:
T H E R A P E U T I C S
Unattributed (1/10/2020)
$5M
Latest Round:
Amount:
Tactitus Therapeutics
develops stem cell therapies
for blood cancers.
About:
58. The image part with relationship ID rId2 was not found in the file.
#AhaCBI
Most Active
Healthcare VCs
In Q1’20
59. 73
The most active healthcare VCs in Q1'20
By unique healthcare company investments (new or follow-on)
Rank Investor HQ Country Q1'20 Healthcare Investments
1
2
2
4
4
6
6
Excludes incubators/accelerators Y Combinator (34 deals), Techstars (10 deals), and SOSV (8 deals).
60. 74
The most active healthcare VCs in Q1'20
By unique healthcare company investments (new or follow-on)
Rank Investor HQ Country Q1'20 Healthcare Investments
6
6
6
6
(NewMed Medical)
*
Excludes incubators/accelerators like Y Combinator (34 deals), Techstars (10 deals), and SOSV (8 deals). *A logo for Affinia Therapeutics could not be found.
61. The image part with relationship ID rId2 was not found in the file.
#AhaCBI
Most Active
Digital Health
VCs In Q1’20
62. 76
The most active digital health VCs in Q1'20
By unique digital health company investments (new or follow-on)
Rank Investor HQ Country Q1'20 Healthcare Investments
1
2
2
4
4