Digital Health Report Q3 2022

State of
Digital Health
Global | Q3 2022
Global data and analysis on dealmaking, funding, and
exits by private market digital health companies
State of Digital Health
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TLDR Your rundown on

digital health in Q3'22
$4.6B -37% 3 -44% 7

Digital health Decline in mega- New unicorns, an QoQ drop in M&A IPOs, a rise from
funding — down rounds. 82% fall from the exits. last quarter’s 5-year
36%. The number of $100M+ Q1’21 peak. M&A exits fell for the 2nd low.
Global digital health mega-rounds dropped to The unicorn birthrate was quarter in a row to just 48 After Q2’22 saw the lowest
funding continued to slide its lowest total since the lowest since Q2’20. For — the lowest quarterly total number of IPOs (1) in the
in Q3’22, falling 36% Q1’19, and funding fell only the 2nd time in the in the last 5 years. The US last 5 years, IPOs
quarter-over-quarter 37%. Both deals and last 7 quarters, unicorn saw its lowest number of rebounded in Q3’22 to 7 —
(QoQ) and 72% from its funding have fallen by births didn’t reach double exits in years, while Asia the highest quarterly total
all-time high in Q2'21. more than 80% from their digits. The US and Europe reached an all-time high. for 2022. This brings the
Notably, Q3’22’s funding all-time highs in Q2’21. The were the only regions to The top M&A exit was the number of IPOs to a level
total was the sector’s top funding rounds went to gain unicorns in Q3’22. $875M acquisition of RX comparable to 2019. Most
lowest since Q1’19. QoQ ArsenalBio, Cleerly, and Savings Solutions by of the IPOs in Q3’22 were
The 3 births were Redesign
funding decreases of 50% Allm. McKesson. for companies based in
Health ($1.7B), Incredible
or more were seen in See the data → Health ($1.7B), and See the data → Asia.
clinical trials tech, Spectrum Health ($1.2B). See the data →
telehealth, and health IT. See the data →
See the data →
8
TLDR Your rundown on

digital health in Q3'22
233 -18% $0.6B $0.1B -50%

Deals to US-based Fall in funding to Funding in Europe, Rise in mental Fall in telehealth
companies, a recent Asia-based its lowest level health tech funding. funding.
low. companies. since Q3’20. Mental health tech funding Telehealth funding
The number of US deals Funding in Asia totaled For the first time since saw a small gain in Q3’22 dropped for the 3rd
dropped for the 2nd $0.9B for Q3’22, retreating Q1’21, digital health after 2 straight quarters of straight quarter to its 2nd
straight quarter, down 21% under $1B for the first time funding in Europe dropped decline. Deals also saw a lowest total in the last 5
QoQ. Quarterly funding since Q2’20. This below $1B, a 40% modest increase. Funding years. After seeing
reached $3B, the lowest represents the 4th decrease QoQ. Deals also activity was led by Alma substantial growth in 2020
total since Q3’19. Early- consecutive quarter of dropped by more than 40%, ($130M) and Happy Health and 2021, this year’s total
stage deal share in the US decline. Deals dropped to and the total for Q3’22 was ($60M) in the US and telehealth funding is
is currently down in 2022 their lowest quarterly total the lowest number of CureApp ($52M) in Japan. projected to be less than
compared to last year. in more than 5 years. IPOs quarterly deals for the last See the data → half of that seen in 2021.
See the data → (6) rebounded from none 5 years. The UK saw a 50% See the data →
in Q2’22, and M&A exits QoQ increase in funding,
saw gains as well. driven by a $160M mega-
See the data → round to Cera.
See the data →
9
Contents
Global Trends 11 Asia 117

Investment Trends 12 China 123
India 127
Unicorns 36
Japan 131
Exit Trends 42
Europe 135
Investors 48 United Kingdom 141
Collection Spotlights 52
Digital Therapeutics 53
Mental Health Tech 62
Clinical Trials Tech 71
Telehealth 80
Health IT 89
Geographic Trends 98
US 99
Silicon Valley 105
New York 109
Boston 113
10
Global Trends
11
Investment Trends
12
State of Digital Health | Global Trends | Investment Trends
Projected funding at 50% and projected deals at 74% of 2021’s totals
3,142
70000
3,000
2,592 2,594 Projected Deals

2,483
60000
2,500
2,311
50000
Deals
2,000
1,729
40000
Projected Funding
1,500
$30B
$30.3B
30000
1,000
20000 Funding
Funding
$22.8B
$22.4B
500
10000
$25.6B $21.4B $32.6B $59.6B

$59.7B
00
2018 2019 2020 2021 2022
YTD
13
Deals hit lowest point in years, funding at its lowest level since Q1’19
$18.0B 1,000
$16.0B 847 900

821
739 800
$14.0B 735 724
718
684 677
663 700
638 642
$12.0B 624 618 614 610 624
578
557 600
$10.0B
500
$8.0 B Deals
427400
$6.0 B
Funding
$4.6B 300
$4.0 B
200
$2.0 B 100
$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 $7.2B
$0.0 B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2018 2019 2020 2021 2022
14
The US leads in funding and deals
Canada
$90M
10 Deals
Asia
Europe
$900M
$600M 99 Deals
US 63 Deals
$3.0B
233 Deals
Africa
$14M
5 Deals
LatAm &
Caribbean
$58M
12 Deals
Australia
$38M
5 Deals
15
US deal share ticks up QoQ
8% 7% 5% 8% 8% 7% 7% 7% 9% 6% 7% 7% 6% 9% 6% 7% 7% All Other Regions, 7%

15%
17%
14% 18%
18%
13%
18%
18%
20% 19% 22% 15% 21% 19% 18% Europe, 15%
20% 21% 18%
26% 28% 25% Asia, 23%

27% 23% 22% 27% 23% 23% 23%
26% 23% 27% 22% 24% 30%
26% 28%
52% 53% 50% 51% 54%

50% 52% 50% 51% 51% US, 55%
49% 50% 47% 49% 49% 46% 46% 46%
2018 2019 2020 2021 2022
16
VCs retain deal share lead
7% 6% 5% 6% 5% 7% 8% 6% 7% 6% 8% 8% 9% 9% 9% 8% 8% Asset/Investment Management, 6%
6% 7% 6% 5% 5% 6% Private Equity, 7%
5% 7% 6% 6%
9% 8% 6% 7% 6%
6% 5% 8%
8% 8% 10% 7% 14%
6%
8% 6% 8% 7% 5% 8%
Incubator/Accelerator, 7%
8% 7% 6% 9% 5%
10% 8% 8%
8%
8% 10%
8%
9%
8% Corp, 8%
8% 10% 7% 9% 10% 8%
9% 9% 7%
8% 8% 8% 10%
9% 10% 8% CVC, 8%
8% 9% 8% 8% 7% 8% 9% 8%
9% 9% 9%
8% 9% 8% 9% 8% 8% 9% 13% Angel, 10%
10% 10% 9% 10% 12%
11% 11% 12%
21% 24% 22% 21% 22% 22% 19%

25% 22% 20% 19% 19% 19% 17% 18% 21% Other, 24%
17% 19%
37% 34% 33% 34% 34%

30% 32% 33% 31% 32% 33% 33% 33% 32% 31% 30% 32% 32% VC, 30%
2018 2019 2020 2021 2022
17
Telehealth and health IT see the highest funding amounts
89 deals
Health IT
$1.1B
91 deals
Telehealth
$1.1B
17 deals
Clinical Trials Tech
$0.1B
72 deals
Mental Health Tech
$0.7B
27 deals
Digital Therapeutics
$0.3B
Deals Funding
18
Average deal size is at 64% of 2021’s total
Average Deal Size Median Deal Size
$25M
$16M
$15M
$4M $4M
$3M
2018 2020 2022 2018 2020 2022

YTD YTD
19
Median deal size ticks down in the US
US Asia Europe
$6M
$5M $5M
$5M
$4M
$3M $3M
$3M
$1M
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD
20
All investor categories see a decrease in median deal size except Angel
Angel Asset/Investment CVC Corp Private Equity VC

Management
$53M
$35M
$24M
$20M $20M $18M
$16M $15M $15M
$13M $12M
$12M
$10M
$11M
$9M
$4M $3M $4M
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD YTD YTD
21
Mega-round funding decreases by 37%, deals fall by 46% QoQ
$10.0B
$9.0 B 50
44
43
$8.0 B
39
40
$7.0 B
34
$6.0 B 30
27
30
$5.0 B 25
$4.0 B
17 20
16
15
$3.0 B 13
10 10
Funding
$2.0 B 9 9 8 9 $1.2B 10
5 Deals
$1.0 B 7
$0.0 B 0
2018 2019 2020 2021 2022
22
US leads in quarterly mega-round funding
Asia
Europe
$300M
$200M 2 Deals
US 1 Deal
$700M
4 Deals
23
US mega-rounds see a 3-quarter slide, down 60% QoQ
34
24
21
10
6
5 US, 4
3
3
2 Asia, 2
2 2
1 2 1 1 Europe, 1
All Other Regions, 0
2018 2019 2020 2021 2022
24
Mega-round's share of total funding down 2 percentage points
38%
45% 43%
47% 49% 50%
54% 55% 55% 55%
58%
64% 63% 66%
71%
78% 78%
73% Non-mega-rounds, 75%
62%
55% 57%
53% 51% 50%
46% 45% 45% 45% 42%
36% 37% 34%
29%
22% 22%
27% Mega-rounds, 25%
2018 2019 2020 2021 2022
25
Global: Top equity deals in Q3'22

Round % of Total
Company Round Amount Round Valuation Select Investors Country
Date Funding
Kleiner Perkins Caufield & Byers, Bristol-Myers Squibb,

Series B
1 ArsenalBio $220M 2022-09-06
$606M Euclidean Capital, Parker Institute for Cancer United States 4.7%
Immunotherapy
Series C Fidelity Investments, T. Rowe Price, Cigna Ventures,

2 Cleerly $192M 2022-07-25
$572M
DigiTx Partners, LRVHealth
United States 4.1%
Corporate Minority
3 Allm $182M 2022-07-05
N/A DeNA, Seibu Properties Solutions Japan 3.9%
Series C Kairos HQ, Evolve Healthcare Partners, Guinness Asset

4 Cera $160M 2022-08-03
N/A
Management, Yabeo Capital
United Kingdom 3.4%
Series G
5 We Doctor $150M 2022-07-05
N/A Shandong Guotou China 3.2%
Series D Thoma Bravo, Insight Partners, Optum Ventures,

6 Alma $130M 2022-08-25
$733M
Primary Venture Partners, Sound Ventures
United States 2.8%
Alexandria Venture Investments, Flagship Pioneering,

Series C
7 Senda Biosciences $123M 2022-08-16
N/A Longevity Vision Fund, Partners Investment, State of United States 2.6%
Michigan Retirement System
Series C Goldman Sachs Growth Equity, Foundation Capital,

8 Fortanix $90M 2022-08-11
N/A
Intel Capital, Neotribe Ventures, Giantleap Capital
United States 1.9%
Series B Base10 Partners, Andreessen Horowitz, Obvious

9 Incredible Health $80M 2022-08-17
$1.7B
Ventures, 444 Capital, Kaiser Permanente
United States 1.7%
Series B Deerfield Management, Andera Partners, Fountain

10 Medical Micro Instruments $75M 2022-07-20
N/A
Healthcare Partners, Panakes Partners, Samba Tech
Italy 1.6%
26
Early-stage deal share continues to lead in 2022 YTD
11% 9%
12% 12% Other, 14%
9% 11%
10% 10% Late-stage, 10%
15%
14% 18%
18% Mid-stage, 16%
63% 65%
59% 62% Early-stage, 60%
2018 2019 2020 2021 2022

YTD
27
The US leads in early- and mid-stage deal share
US Asia Europe All Other Regions
Early-stag e 51% 23% 18% 8%
Mid-stage 49% 32% 13% 6%
Late-stage 36% 43% 14% 7%
Other 84% 5% 7%
28
Mid- and late-stage average deal sizes decrease from 2021’s levels
Early-stage Mid-stage Late-stage
$73M
$35M
$31M
$28M
$17M
$10M
$2M $2M $3M
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD
29
Global: Top seed/angel deals in Q3'22

Round
Company Round Amount Select Investors Country
Date
Seed VC ARCH Venture Partners, General Catalyst, F-Prime Capital, Google

1 Rippl Care $32M 2022-09-28 Ventures, Mass General Brigham Ventures
United States
Seed VC Frist Cressey Ventures, HC9 Ventures, Bailey & Company,

2 Psych Hub $16M 2022-08-25 HealthStream, Emerson Collective
United States
Seed VC
3 Elite HRV $11M 2022-07-18
DraftKings, Boston Seed Capital, Karlani Capital, Permit Ventures United States
Seed VC
3 Salvo Health $11M 2022-08-08
Threshold Ventures, Felicis, Torch Capital United States
Seed VC
3 Freedom Biosciences $11M 2022-08-23
MBX Capital, PsyMed Ventures, Village Global, The Y Startup Index United States
Seed VC
3 Caraway Health $11M 2022-07-26
7wire Ventures, OMERS Ventures, Hopelab, Lux Capital, Aike Ho United States
Seed VC
7 Tembo Health $9M 2022-08-15
Undisclosed Investors United States
Seed VC Greycroft, Inspired Capital, Cold Start Ventures, New York Ventures,
8 Hopscotch $8M 2022-09-13 Remarkable Ventures
United States
Seed VC
8 Dr. B $8M 2022-08-16
Founders Fund, Lerer Hippeau United States
Seed VC Lux Capital, Sequoia Capital, BoxGroup, Coalition Operators,

8 Summer Health $8M 2022-07-27 Metrodora Ventures
United States
30
Global: Top Series A deals in Q3'22

Round
Date
Series A
1 Happy Health $60M 2022-08-24
ARCH Venture Partners United States
Series A Adani Group, Eclipse Ventures, Mithril Capital Management,

2 ForSight Robotics $55M 2022-07-18 Ljungstrom Family Office, Precision Capital
Israel
Series A
3 3T Biosciences $40M 2022-08-25
Westlake Village BioPartners, Lightspeed Venture Partners United States
Series A
4 Oui Therapeutics $26M 2022-08-03
CVS Health Ventures, First Round Capital, Otsuka Health Solutions United States
Series A AXA IM Alts, KOFA Healthcare, Kendall Capital, A&C Folsgaard

4 Eyenuk $26M 2022-08-23 Alternative
United States
Series A
6 Nutrisense $25M 2022-07-13
1315 Capital United States
Series A
6 Soda Health $25M 2022-09-13
Lightspeed Venture Partners, Define Ventures, Qiming Venture Partners United States
Series A HealthX Ventures, 8VC, Bold Capital, LRVHealth, Spectrum Health

8 KeyCare $24M 2022-08-17 Ventures
United States
Series A
9 Mojocare $21M 2022-08-23
B Capital Group, Chiratae Ventures, Surge, Better Capital, Adrian Auon India
Series A
10 Moving Analytics $20M 2022-07-11
Seae Ventures, Wellington Management, Philips Ventures United States
Series A
10 Otolith Labs $20M 2022-09-07
Morningside Ventures United States
31
Global: Top Series B deals in Q3'22

Round
Date
Kleiner Perkins Caufield & Byers, Bristol-Myers Squibb, Euclidean

Series B
1 ArsenalBio $220M 2022-09-06
Capital, Parker Institute for Cancer Immunotherapy, UCSF Foundation United States
Investment Company
Series B Base10 Partners, Andreessen Horowitz, Obvious Ventures, 444 Capital,

2 Incredible Health $80M 2022-08-17 Kaiser Permanente
United States
Series B Deerfield Management, Andera Partners, Fountain Healthcare Partners,

3 Medical Micro Instruments $75M 2022-07-20 Panakes Partners, Samba Tech
Italy
Series B ARCH Venture Partners, Human Capital, General Catalyst, Glen Tullman,
4 Homeward $50M 2022-08-03 Lee Shapiro
United States
Series B Technology Crossover Ventures, Transformation Capital, SignalFire,

5 Grow Therapy $45M 2022-09-29 Silicon Valley Bank
United States
Series B StageOne Ventures, Clal Insurance, Mayo Clinic Ventures, Bank

5 Diagnostic Robotics $45M 2022-07-25 Hapoalim, Migdal Insurance
Israel
Series B ARCH Venture Partners, Moore Strategic Ventures, Northpond

7 Elephas $42M 2022-09-07 Ventures, Sands Capital, Tao Capital Partners
United States
Series B
8 PurpleLab $40M 2022-07-27
Primus Capital, Edison Partners United States
Series B
9 Annexus Health $33M 2022-08-02
Transformation Capital United States
Series B
10 Centivo $30M 2022-07-19
Morgan Health United States
Series B
10 ADEN $30M 2022-07-08
Haier Capital, Eastern Bell Capital, Sinovation Ventures, Xingtuo Capital China
32
Global: Top Series C deals in Q3'22

Round
Date
Series C Fidelity Investments, T. Rowe Price, Cigna Ventures, DigiTx Partners,

1 Cleerly $192M 2022-07-25 LRVHealth
United States
Series C Kairos HQ, Evolve Healthcare Partners, Guinness Asset Management,

2 Cera $160M 2022-08-03 Yabeo Capital
United Kingdom
Series C Alexandria Venture Investments, Flagship Pioneering, Longevity Vision

3 Senda Biosciences $123M 2022-08-16 Fund, Partners Investment, State of Michigan Retirement System
United States
Series C Goldman Sachs Growth Equity, Foundation Capital, Intel Capital, Neotribe
4 Fortanix $90M 2022-08-11 Ventures, Giantleap Capital
United States
Series C
5 EchoNous $57M 2022-09-26
Undisclosed Investors United States
Series C
6 Ceribell $50M 2022-09-21
Ally Bridge Group United States
Series C New Rhein Healthcare, Lightspeed Venture Partners, Corundum Open

7 Theranica $45M 2022-08-29 Innovation, LionBird Venture Capital, Takoa Invest
Israel
Series C ITOCHU Corporation, KDV Capital, Alkemi Venture Partners, Global Brain,
8 Docquity $44M 2022-08-18 Infocom
Singapore
Series C Suzuken, Chubu Electric Power, Dai-ichi Life Insurance, EggFORWARD,

9 Ubie $26M 2022-07-27 NVenture Capital
Japan
Series C
10 Quit Genius $11M 2022-08-11
Octopus Ventures United States
Series C Baird Capital Partners, Echo Health Ventures, First Trust Capital Partners,
10 Upfront Healthcare $11M 2022-09-07 Hyde Park Venture Partners, LRVHealth
United States
33
Global: Top Series D deals in Q3'22

Round
Date
Series D Thoma Bravo, Insight Partners, Optum Ventures, Primary Venture

1 Alma $130M 2022-08-25
$733M
Partners, Sound Ventures
United States
Series D
2 MedGenome Labs $50M 2022-08-30
$490M Novo Holdings, LeapFrog Investments, Sofina United States
Series D Ascension Ventures, Generation Investment Management,

2 Elation Health $50M 2022-07-26
$358M
Threshold Ventures, Ascend Partners, Fay Rotenbergand
United States
Series D
4 Dami & Xiaomi $42M 2022-07-29
N/A ABC Impact, OrbiMed Advisors, Grand Flight Investment China
Series D Prosperity7 Ventures, B Capital Group, BOLD Capital Partners, Bohai

5 Insilico Medicine $35M 2022-08-10
N/A
Huamei, Deerfield Management
Hong Kong
Series D
6 Dr. Consulta $34M 2022-08-01
N/A Kamaroopin, Lightrock, Madrone Capital Partners Brazil
Series D
7 LetsGetChecked $20M 2022-09-08
N/A Casdin Capital, Transformation Capital, Morgan Health Ireland
Series D
7 Biofourmis $20M 2022-08-10
N/A Intel Capital United States
Series D Guozhong Venture Capital Management, Huasheng Capital, SIG

9 Insgeek $13M 2022-09-23
N/A
Asia Investments, HR Tech Investments
China
34
Global: Top Series E+ deals in Q3'22
Round
Date
Series G
1 We Doctor $150M 2022-07-05
N/A Shandong Guotou China
Series G
2 CureApp $52M 2022-08-16
N/A The Carlyle Group Japan
Series E
3 Kyruus $35M 2022-09-30
$449M Providence Ventures United States
Series E
3 Monteris Medical $35M 2022-09-15
N/A Undisclosed Investors United States
Series E
3 uLab Systems $35M 2022-09-13
N/A Undisclosed Investors United States
Series F
6 ottonova $34M 2022-09-05
N/A Cadence Growth Capital Germany
Series E
7 Momentis Surgical $4M 2022-09-14
N/A Undisclosed Investors Israel
35
Unicorns
36
State of Digital Health | Global Trends | Unicorns
Just 3 new unicorns born in Q3’22
103
Total Unicorns, 105
94
86
76
13
10 8 10
New Unicorns, 3
2018 2019 2020 2021 2022
37
The US continues to lead in total digital health unicorn count
Canada
1
0 New
Asia
17
Europe 0 New
9
US 1 New
77
2 New
LatAm &
Caribbean
1
0 New
38
Unicorn births plummet in Q3’22
10
8 8
7
2 2 US, 2
1 Europe, 1
1 1
1 Asia, 0
All Other Regions, 0
2018 2019 2020 2021 2022
39
Global: Unicorn births in Q3'22
Company Latest Valuation Country
1 Redesign Health $1.7B United States
1 Incredible Health $1.7B United States
3 Spectrum Medical $1.2B United Kingdom
40
Global: Top unicorns by valuation in Q3'22

Company Latest Valuation Country
1 Devoted Health $12.6B United States
2 Talkdesk $10.0B United States
3 Tempus $8.1B United States
4 Caris Life Sciences $7.8B United States
5 Ro $7.0B United States
5 We Doctor $7.0B China
7 Doctolib $6.4B France
8 Hinge Health $6.2B United States
9 Benchling $6.1B United States
10 Lyra Health $5.9B United States
41
Exit Trends
42
State of Digital Health | Global Trends | Exit Trends
M&A exits on a 2-quarter slide, IPOs surge QoQ
147 147
141
86
M&A, 48
25
19
2
5 6 2 2 IPO, 7
SPAC, 2
2018 2019 2020 2021 2022
43
Asia’s exit share increases to 19%
6% 8% 6% 6% 9%
11% 11% 10% 9% 10%
14% 13% 14% 15% 13% 13% 15% All Other Regions, 14%
17% 18%
21% 18% 21% 16%
19% 20%
26% 18% 21% 21% 24% 30% Europe, 16%
23% 19%
28% 25%
5% 11% 8% 12%
10% 11% 8%
8% 6%
8% 6% 11% 9% Asia, 19%
6%
74% 77%
68% 66%
64% 62%
60% 59% 58% 60% 58% 59% 57%
54% 55% 56% 56% 54% US, 51%
2018 2019 2020 2021 2022
44
Global: Top M&A exits in Q3'22
Company Round Valuation Acquirer Country
1 Rx Savings Solutions $875M McKesson United States
2 Midnight Health $33M nib Australia
3 Linewalks $10M Kakao Healthcare South Korea
4 KetaMD $6M Braxia Scientific United States
5 Pilloxa $3M iZafe Sweden
45
Global: IPOs in Q3'22
Company Round Valuation Country
1 Dingdang Medicine Express $2.1B China
2 Medlander $597M China
3 Lunit N/A South Korea
3 Optimind Pharma N/A Canada
3 United Imaging Healthcare N/A China
3 Yuantu Hulian N/A China
3 Zhiyun Health N/A China
46
Global: SPACs in Q3'22
Company Round Valuation Select Investors Country
1 D-Wave Systems $1.6B DPCM Capital Canada
2 Akili Interactive Labs $1.0B Social Capital Suvretta Holdings United States
47
Investors
48
State of Digital Health | Global Trends | Investors
Global: Top investors by company count in Q3'22
Investor Company Count Investor Group Country
1 General Catalyst 7 VC United States
2 Lightspeed Venture Partners 5 VC United States
3 ARCH Venture Partners 4 VC United States
3 Transformation Capital 4 VC United States
49
Global: Top VCs by company count in Q3'22

Investor Company Count Country
1 General Catalyst 7 United States
2 Lightspeed Venture Partners 5 United States
3 ARCH Venture Partners 4 United States
3 Transformation Capital 4 United States
5 B Capital Group 3 United States
5 First Trust Capital Partners 3 United States
5 GSR Ventures 3 United States
5 LRVHealth 3 United States
5 Long Hill Capital 3 China
5 Morningside Ventures 3 United States
5 Plug and Play Ventures 3 United States
5 SOSV 3 United States
50
Global: Top CVCs by company count in Q3'22

Investor Company Count Country
1 Ascension Ventures 2 United States
1 Boehringer Ingelheim Venture Fund 2 Germany
1 CVS Health Ventures 2 United States
1 Cigna Ventures 2 United States
1 DSM Venturing 2 Netherlands
1 Intel Capital 2 United States
1 MassMutual Ventures 2 United States
1 Northwell Holdings & Ventures 2 United States
1 Orkla Ventures 2 Norway
1 UPMC Enterprises 2 United States
51
Collection Spotlights
52
Digital Therapeutics
53
State of Digital Health | Collection Spotlights | Digital Therapeutics
Funding falls 50% from Q2'22
$1.2 B 45
40
$1.0 B 36
35
35
32 32 32
29
$0.8 B 28 28 30
27 27
25
Deals
24 27 25
23
22
$0.6 B 21
20
20
17 17
Funding
$0.4 B 15
$0.3B
10
$0.2 B
5
$0.0 B 0
2018 2019 2020 2021 2022
54
Asia leads in quarterly funding, the US leads in deals
Canada
$0.1M
1 Deal
Asia
Europe
$15M
7 Deals
$200M
6 Deals
US
$100M
11 Deals
LatAm &
Caribbean
$1M
2 Deals
55
Europe’s deal share decreases by 22 percentage points
5% 6%
9% 12% All Other Regions, 11%
19%
15% 25% 13% 24% 19%
13% 31% 19% 29% 23%
34%
18% 36% 32%
36% 37%
15%
48% Europe, 26%
15% 16%
13% 16%
13%
6% 19%
24% 20%
29% 14% 8%
18%
15% Asia, 22%
36%
20%
71%
65% 65% 66% 67%
63% 63% 63%
57% 54%
53% 52% 53%
44% 43%
41% US, 41%
32%
29%
2018 2019 2020 2021 2022
56
Average and median deal sizes are down in 2022 YTD
$31M
$22M
$11M
$9M
$7M
$5M
2018 2020 2022 2018 2020 2022

YTD YTD
57
Early-stage deal share is up 11 percentage points in 2022 YTD
5%
9% Other, 11%
6% 7%
15% 14% Late-stage, 11%

21%
25%
Mid-stage, 15%
25%
75%
69%
63% Early-stage, 63%
52%
2018 2019 2020 2021 2022

YTD
58
Digital Therapeutics: Top equity deals in Q3'22

Round % of Total
Date Funding
Series G
1 CureApp $52M 2022-08-16
N/A The Carlyle Group Japan 16.5%
Series B Technology Crossover Ventures, Transformation Capital,

2 Grow Therapy $45M 2022-09-29
N/A
SignalFire, Silicon Valley Bank
United States 14.3%
New Rhein Healthcare, Lightspeed Venture Partners,

Series C
2 Theranica $45M 2022-08-29
N/A Corundum Open Innovation, LionBird Venture Capital, Takoa Israel 14.3%
Invest
Series D
4 Dami & Xiaomi $42M 2022-07-29
N/A ABC Impact, OrbiMed Advisors, Grand Flight Investment China 13.3%
Series A CVS Health Ventures, First Round Capital, Otsuka Health

N/A
Solutions
United States 8.3%
Series A
6 Otolith Labs $20M 2022-09-07
N/A Morningside Ventures United States 6.3%
Series A
6 Moving Analytics $20M 2022-07-11
N/A Seae Ventures, Wellington Management, Philips Ventures United States 6.3%
Series D
6 Biofourmis $20M 2022-08-10
N/A Intel Capital United States 6.3%
Series A Amazon, Fireside Ventures, 9Unicorns, Venture Catalysts,

9 Fitterfly $12M 2022-07-20
N/A
Nihar Parikh
India 3.8%
Series C
10 Quit Genius $11M 2022-08-11
N/A Octopus Ventures United States 3.6%
59
No unicorn births for first time since Q3’21
6
Total Unicorns, 6
1 1 1
New Unicorns, 0
2018 2019 2020 2021 2022
60
M&A exits flatten at 1, IPOs flatten at 0, 1st SPAC in 2022
4 4
2
2
1 1 1
M&A, 1
SPAC, 1
IPO, 0
2018 2019 2020 2021 2022
61
Mental Health Tech
62
State of Digital Health | Collection Spotlights | Mental Health Tech
Mental health tech funding rebounds slightly
$2.0 B 120
$1.8 B
100
$1.6 B 92 90
89
83
$1.4 B 78
73 80
68 70 69 70 Deals
$1.2 B
72
$1.0 B 56 60
53
48 49 50 Funding
45
$0.8 B $0.7B
38
35 40
$0.6 B
$0.4 B
20
$0.2 B
$0.0 B 0
2018 2019 2020 2021 2022
63
US leads funding and deals
Canada
$16M
3 Deals
Asia
Europe
$200M
$47M 13 Deals
US 12 Deals
$500M
36 Deals
LatAm &
Caribbean
$10M
7 Deals
Australia
$24M
1 Deal
64
Deal share ticks down in the US, Asia, and Europe
7% 6% 7% 5% 6% 7%
12% 9% 10%
13% 13% 14% 14% All Other Regions, 15%
13% 18% 11%
18% 22% 21%
22% 18%
13% 23% 28% 19% 28% 19%
18% 14%
17% 20% Europe, 17%
21% 13% 27%
16% 10% 14% 20%

22% 9% 12% 15% 16% 23% 19%
16% 20% 18%
Asia, 18%
13%
66% 66%
62% 61% 61% 60%
59% 58% 56% 56%
53% 56% 53%
48% 50% 48% 48%
52% US, 50%
2018 2019 2020 2021 2022
65
Average deal size falls in 2022 so far
$19M
$11M
$7M
$3M
$3M
$2M
2018 2020 2022 2018 2020 2022

YTD YTD
66
Early-, mid-, and late-stage deal shares tick down in 2022 YTD
8% 6% 8% 7%
Other, 12%
9%
10% Late-stage, 6%
9%
14%
13%
12% Mid-stage, 12%
81%
75%
2018 2019 2020 2021 2022

YTD
67
Mental Health Tech: Top equity deals in Q3'22

Round % of Total
Date Funding
Series D Thoma Bravo, Insight Partners, Optum Ventures, Primary

1 Alma $130M 2022-08-25
$733M
Venture Partners, Sound Ventures
United States 18.4%
Series A
2 Happy Health $60M 2022-08-24
$307M ARCH Venture Partners United States 8.5%
Series G
3 CureApp $52M 2022-08-16

N/A
United States 6.4%
Series D
5 Dami & Xiaomi $42M 2022-07-29
N/A ABC Impact, OrbiMed Advisors, Grand Flight Investment China 5.9%
Seed VC ARCH Venture Partners, General Catalyst, F-Prime Capital,

6 Rippl Care $32M 2022-09-28
N/A
Google Ventures, Mass General Brigham Ventures
United States 4.5%
Undisclosed
7 Kindbody $27M 2022-09-06
N/A Undisclosed Investors United States 3.8%
Series A CVS Health Ventures, First Round Capital, Otsuka Health

N/A
Solutions
United States 3.7%
Series B Blackbird Ventures, MA Financial Group, SecondQuarter

9 Sonder $24M 2022-09-15
N/A
Ventures, Seek Ventures
Australia 3.3%
Series A B Capital Group, Chiratae Ventures, Surge, Better Capital,

10 Mojocare $21M 2022-08-23
N/A
Adrian Auon
India 2.9%
68
No new unicorns for the 3rd straight quarter
10 10 10
Total Unicorns, 10
9
New Unicorns, 0
2018 2019 2020 2021 2022
69
M&A exits flatten, SPACs and IPOs both tick up QoQ
11
8 8
6
M&A, 6
1 1 1 SPAC, 1
IPO, 1
2018 2019 2020 2021 2022
70
Clinical Trials Tech
71
State of Digital Health | Collection Spotlights | Clinical Trials Tech
Clinical trials tech funding plummets QoQ
$1.2 B 35
30
$1.0 B 27
25
25
$0.8 B 22 22 22
21 21
19 19
18 18 18 18 18 20
$0.6 B Deals
14 17
15
12
12 12
$0.4 B
10
$0.2 B Funding 5
$0.1B
$0.0 B 0
2018 2019 2020 2021 2022
72
The US dominates in funding and deals
Asia
$5M
Europe 3 Deals
$7M
US 3 Deals
$49M
9 Deals
Australia
$10M
2 Deals
73
US deal share falls 19 percentage points QoQ
8% 6% 8% 8% 6% 6% 6%
6% 16% 14%
23% 14% 21%
8% 17% 25%
23% 30% 19%
17% 20% 22%
19% 17% 5% 17%
33% Europe, 18%
9% 10%
21%
20% 15% 25% Asia, 18%
6%
83% 86%
77% 79% 78%
72% 75% 72% 72%
68% 71% 68% 67%
56% 58% 56%
52% 50% US, 53%
2018 2019 2020 2021 2022
74
Average and median deal sizes fall in 2022 so far
$51M
$33M
$20M
$14M
$10M
$4M
2018 2020 2022 2018 2020 2022

YTD YTD
75
Early-, mid-, and late-stage deal shares are down in 2022 YTD
10% 9% 12%
21%
Other, 16%
12%
19%
20%
Late-stage, 20%
17%
23% 40%
22%
Mid-stage, 29%
61%
48% 46%
39%
Early-stage, 35%
2018 2019 2020 2021 2022

YTD
76
Clinical Trials Tech: Top equity deals in Q3'22

Round % of Total
Date Funding
Innovatus Capital Partners, Ally Bridge Group,

Venture Capital
1 Syapse $35M 2022-07-27
N/A Merck Global Health Innovation Fund, United States 49.4%
Northpond Ventures, Revelation Partners
Seed VC CRV, Footwork, AirAngels, South Park

2 Power $7M 2022-08-22
N/A
Commons
United States 9.9%
Series C
2 HealthMatch $7M 2022-09-12
N/A Folklore Ventures, Square Peg Capital Australia 9.6%
Seed VC Innospark Ventures, Big Pi Ventures, Outsiders

4 Dyania Health $5M 2022-09-08
N/A
Fund, Wild Basin Investments
United States 7.1%
Series A ANOBAKA, Mobile Internet Capital, Globis

4 Buzzreach $5M 2022-07-21
N/A
Capital Partners
Japan 6.7%
Seed VC Faber Ventures, M12, Alter Venture Partners,

6 iLoF $4M 2022-07-28
N/A
Berggruen Holdings, FLUXUNIT
United Kingdom 5.7%
Series A Artesian Capital Management, BridgeLane,

7 Evrima $3M 2022-09-05
N/A
Wavemaker Partners
Australia 4.2%
Seed VC Connect Ventures, Boost Capital, Form

7 Stitch $3M 2022-09-09
N/A
Ventures
United Kingdom 4.1%
Undisclosed
9 High Enroll $1M 2022-08-11
Undisclosed
10 Innovative Supply Solutions $0.5M 2022-09-13
Seed VC
10 Delve Health $0.5M 2022-07-07
$4M Traction Capital United States 0.7%
77
For the first time since Q2’21, no unicorns are born
8
Total Unicorns, 8
7
2 2
1 1
New Unicorns, 0
2018 2019 2020 2021 2022
78
For only the 3rd time in the last 5 years, there are no M&A exits
6 6
2018 2019 2020 2021 2022
79
Telehealth
80
State of Digital Health | Collection Spotlights | Telehealth
Funding sees its 2nd lowest quarter in the last 5 years
$6.0 B
$5.0 B 191 200

178 180
171 169
164
160
151 155
$4.0 B
142 139 150
137
126 128
124
110
$3.0 B 110
91
Deals100
$2.0 B 91
Funding
$1.1B 50
$1.0 B
$0.0 B 0
2018 2019 2020 2021 2022
81
The US leads in funding and deals
Asia
Europe
$200M
US $200M 18 Deals
13 Deals
$500M
54 Deals
Africa
$0.0M
1 Deal
LatAm &
Caribbean
$35M
3 Deals
Australia
$5M
2 Deals
82
Quarterly deal share increases in the US and Asia, declines in Europe
10% 7% 7% 8% 6% 6% 6%
11% 11% 8% 9% 9% 8% 5%
16% 11%
17% 18% 17% 14% 15% 19% Europe, 14%
19% 19% 15%
21% 23% 18% 21%
22% 21% 20%
15% 7% 20% 17%
17%
15%
16%
20% Asia, 20%
14% 14%
14% 26%
13% 15% 16% 19% 16%
19%
69%
65% 63% 63% 63%
59% 58% 59% 59%
56%
60% US, 59%
54% 54% 54% 51% 53% 54%
48%
2018 2019 2020 2021 2022
83
Average telehealth deal size is down in 2022 so far
$32M
$20M
$16M
$7M $7M
$3M
2018 2020 2022 2018 2020 2022

YTD YTD
84
Early-stage deal share dominates in 2022 YTD
10% 10% 9%
11% Other, 13%
8% 10% 13%
9%
Late-stage, 11%
17% 21%
21% 21% Mid-stage, 18%
63% 61% 59% 57% Early-stage, 58%
2018 2019 2020 2021 2022

YTD
85
Telehealth: Top equity deals in Q3'22

Round % of Total
Date Funding

1 Cera $160M 2022-08-03
N/A
Management,Yabeo Capital
United Kingdom 15.1%
Series G
2 We Doctor $150M 2022-07-05
Undisclosed
3 Upfront Healthcare $62M 2022-08-30

$358M
United States 4.7%
Series B StageOne Ventures, Clal Insurance, Mayo Clinic Ventures,

5 Diagnostic Robotics $45M 2022-07-25
N/A
Bank Hapoalim, Migdal Insurance
Israel 4.2%
Series D
6 Dr. Consulta $34M 2022-08-01
N/A Kamaroopin, Lightrock, Madrone Capital Partners Brazil 3.2%
Series B
7 Recuro Health $27M 2022-08-26
$183M Oklahoma Life Sciences Fund United States 2.6%
Undisclosed
7 Kindbody $27M 2022-09-06
Series B
9 Empatica $26M 2022-08-02
$109M CDP Venture Capital SGR United States 2.4%
Series C Suzuken, Chubu Electric Power, Dai-ichi Life Insurance,

9 Ubie $26M 2022-07-27
N/A
EggFORWARD, NVenture Capital
Japan 2.4%
86
No new unicorns for the first time since Q2’20
43
40 Total Unicorns, 43
36
31
7
4 4
3
New Unicorns, 0
2018 2019 2020 2021 2022
87
M&A exits decline for third consecutive quarter
33
32
22
14
M&A, 8
4
2
2
1 1 1 IPO, 1
SPAC, 0
2018 2019 2020 2021 2022
88
Health IT
89
State of Digital Health | Collection Spotlights | Health IT
Funding drops to lowest point since 2019
$4.0 B 200
180
$3.5 B
157
160
$3.0 B
140
124
$2.5 B 118 118
112 111 114 112
109 108 107 120
107
99 102 100
97 96
$2.0 B 93 100
Deals
89 80
$1.5 B Funding
$1.1B 60
$1.0 B
40
$0.5 B
20
$0.0 B 0
2018 2019 2020 2021 2022
90
The US dominates in funding and deals
Canada
$4M
1 Deal
Asia
$84M
Europe 17 Deals
$57M
US 11 Deals
$900M
58 Deals
Africa
$10M
1 Deal
Australia
$3M
1 Deal
91
Asia’s deal share increases 8 percentage points QoQ
5% 6% 5% 5% 8% 6% 7% 6% 6% All Other Regions, 3%

6%
5% 9%
11% 8% 10% 14% 10%
13% 8% 8% 13% 8% 16% 14%
Europe, 12%
13%
14% 13% 12% 13%
10% 8%
11% 11%
15% 12% 8% 10%
19% 21% 13% 11% Asia, 19%
19% 9%
18%
78% 77% 77% 78% 77%

72% 74% 74% 75% 72%
71% 70% 68% 71%
65% 66% 65% 62% US, 65%
2018 2019 2020 2021 2022
92
Average and median deal sizes are down in 2022 so far
$32M
$21M
$12M
$11M
$7M
$3M
2018 2020 2022 2018 2020 2022

YTD YTD
93
11% 12% 11%

16% Other, 18%
15% 10%
16%
13%
Late-stage, 13%
16% 21%
23% 26% Mid-stage, 20%
58% 57%
2018 2019 2020 2021 2022

YTD
94
Health IT: Top equity deals in Q3'22

Round % of Total
Date Funding
Series C Fidelity Investments, T. Rowe Price, Cigna Ventures, DigiTx

1 Cleerly $192M 2022-07-25
$572M
Partners, LRVHealth
United States 18.0%
Series B Base10 Partners, Andreessen Horowitz, Obvious Ventures,

$1.7B
444 Capital, Kaiser Permanente
United States 7.5%
Venture Capital General Catalyst, CVS Health Ventures, Samsung NEXT,

3 Redesign Health $65M 2022-09-13
$1.7B
UPMC Enterprises, TriplePoint Capital
United States 6.1%
Undisclosed

$358M
United States 4.7%
Series B StageOne Ventures, Clal Insurance, Mayo Clinic Ventures,

N/A
Bank Hapoalim, Migdal Insurance
Israel 4.2%
Series B ARCH Venture Partners, Moore Strategic Ventures,

7 Elephas $42M 2022-09-07
$154M
Northpond Ventures, Sands Capital, Tao Capital Partners
United States 3.9%
Series E
8 Kyruus $35M 2022-09-30
$449M Providence Ventures United States 3.3%
Series E
8 Monteris Medical $35M 2022-09-15

10 Ubie $26M 2022-07-27
N/A
Japan 2.4%
95
Total unicorn count stands at 33
Total Unicorns, 33
30
24
23
19
6
4
3
1 New Unicorns, 3
2018 2019 2020 2021 2022
96
Q3’22 sees this year’s 1st IPOs
32
28
23
12
M&A, 11
3
1
1 1 IPO, 2
SPAC, 0
2018 2019 2020 2021 2022
97
Geographic Trends
98
US Trends
99
State of Digital Health | Geographic Trends | US Trends
Deals hit a 5-year low, funding sees its lowest quarter since 2019
$12.0B 500
450
$10.0B 387
378 400
369 368
357 353
346 344
331 331 337
328 350
$8.0 B 303 307 304
291 296
277 300
$6.0 B Deals
250
233
200
$4.0 B Funding
$3.0B 150
100
$2.0 B
50
$0.0 B 0
2018 2019 2020 2021 2022
100
Early-, mid-, and late-stage deal shares decline in 2022 YTD
16% 14%
18% 17%
Other, 22%
9% 12%
12% 11%
Late-stage, 9%
17%
15% 20%
19%
Mid-stage, 16%
56% 58%
2018 2019 2020 2021 2022

YTD
101
US: Top equity deals in Q3'22

Round % of Total
Date Funding
Kleiner Perkins Caufield & Byers, Bristol-Myers Squibb,

Series B
1 ArsenalBio $220M 2022-09-06
$606M Euclidean Capital, Parker Institute for Cancer Immunotherapy, United States 7.4%
UCSF Foundation Investment Company

2 Cleerly $192M 2022-07-25
$572M
Partners, LRVHealth
United States 6.5%
Series D Thoma Bravo, Insight Partners, Optum Ventures, Primary

3 Alma $130M 2022-08-25
$733M
Venture Partners, Sound Ventures
United States 4.4%

Series C
N/A Longevity Vision Fund, Partners Investment, State of Michigan United States 4.2%
Retirement System
Series C Goldman Sachs Growth Equity, Foundation Capital, Intel

5 Fortanix $90M 2022-08-11
N/A
Capital, Neotribe Ventures, Giantleap Capital
United States 3.0%
Series B Base10 Partners, Andreessen Horowitz, Obvious Ventures,

$1.7B
444 Capital, Kaiser Permanente
United States 2.7%
Venture Capital MVM Partners, Bluestem Capital Partners, Versant Ventures,

7 Neurolens $67M 2022-09-12
N/A
Falcon Vision
United States 2.3%
Venture Capital General Catalyst, CVS Health Ventures, Samsung NEXT, UPMC
$1.7B
Enterprises, TriplePoint Capital
United States 2.2%
Undisclosed
Series A
10 Happy Health $60M 2022-08-24
$307M ARCH Venture Partners United States 2.0%
102
M&A exits at a 5-year low
91
84
80
50
M&A, 28
11 8
5
4 1 SPAC, 1
IPO, 0
2018 2019 2020 2021 2022
103
US: Top investors by company count in Q3'22

1 General Catalyst 7 VC United States
2 Lightspeed Venture Partners 5 VC United States
3 ARCH Venture Partners 4 VC United States
3 Transformation Capital 4 VC United States
5 B Capital Group 3 VC United States
5 First Trust Capital Partners 3 VC United States
5 GSR Ventures 3 VC United States
5 Gaingels 3 Angel United States
5 LRVHealth 3 VC United States
5 Morningside Ventures 3 VC United States
5 Plug and Play Ventures 3 VC United States
5 SOSV 3 VC United States
104
Silicon Valley
105
State of Digital Health | Geographic Trends | Silicon Valley
Deals at a 5-year low, funding at lowest level since 2019
$4.5 B 120
$4.0 B
95 100
$3.5 B 86
84
81 81 81
$3.0 B 76 75 80
72
70 68 72
67 65
62 63
$2.5 B
60
52 51
$2.0 B
Deals
$1.5 B 39 40
Funding
$1.0 B $0.8B
20
$0.5 B
$0.0 B 0
2018 2019 2020 2021 2022
106
Mid-stage deal share ticks up 2 percentage points
6% 8% 6%
Other, 11%
7% 8%
11% 16%
Late-stage, 13%
24% 25%
30% 27%
Mid-stage, 29%
62% 63%
50% 51%
Early-stage, 47%
2018 2019 2020 2021 2022

YTD
107
Silicon Valley: Top equity deals in Q3'22
Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding
Kleiner Perkins Caufield & Byers, Bristol-Myers Squibb, Euclidean Capital,

Series B
1 ArsenalBio $220M 2022-09-06
$606M Parker Institute for Cancer Immunotherapy, UCSF Foundation Investment 27.3%
Company
Series C Goldman Sachs Growth Equity, Foundation Capital, Intel Capital, Neotribe
2 Fortanix $90M 2022-08-11
N/A
Ventures, Giantleap Capital
11.2%
Series B Base10 Partners, Andreessen Horowitz, Obvious Ventures, 444 Capital,

$1.7B
Kaiser Permanente
9.9%
Series C
4 Ceribell $50M 2022-09-21
N/A Ally Bridge Group 6.2%
Series B ARCH Venture Partners, Human Capital, General Catalyst, Glen Tullman,
4 Homeward $50M 2022-08-03
$321M
Lee Shapiro
6.2%
Series D Ascension Ventures, Generation Investment Management, Threshold

$358M
Ventures, Ascend Partners, Fay Rotenbergand
6.2%
108
New York
109
State of Digital Health | Geographic Trends | New York
Funding flattens while deals fall QoQ
$4.0 B 90
$3.5 B 75 80
65 66 70
$3.0 B 62
59 58
56 57 60
$2.5 B 52
49 50 50
45 50
44
$2.0 B 40
Deals40
33 32 40
$1.5 B
27 30
$1.0 B
Funding
$0.7B 20
$0.5 B 10
$0.0 B 0
2018 2019 2020 2021 2022
110
8% 10% 11% 9%
Other, 19%
7%
8% 7% 10%
14% Late-stage, 6%
17%
23%
25% Mid-stage, 15%
71%
64%
55%
2018 2019 2020 2021 2022

YTD
111
New York: Top equity deals in Q3'22
Round % of Total
Date Funding

1 Cleerly $192M 2022-07-25
$572M
Partners, LRVHealth
27.3%
Series D Thoma Bravo, Insight Partners, Optum Ventures, Primary Venture

2 Alma $130M 2022-08-25
$733M
Partners, Sound Ventures
18.5%
Venture Capital General Catalyst, CVS Health Ventures, Samsung NEXT, UPMC
$1.7B
Enterprises, TriplePoint Capital
9.2%

N/A
6.4%
Undisclosed
5 Kindbody $27M 2022-09-06
N/A Undisclosed Investors 3.8%
112
Boston
113
State of Digital Health | Geographic Trends | Boston
Funding plummets QoQ, deals hit a 5-year low
$1.6 B 50
42 45
$1.4 B
40
37 40
$1.2 B
32 32 35
31 31
30 30
$1.0 B 29
28 30
27
25
24
$0.8 B 23 23 25
22 21
Deals
20
$0.6 B 20
15
$0.4 B Funding
$0.3B 10
$0.2 B
5
$0.0 B 0
2018 2019 2020 2021 2022
114
Early- and mid-stage deal shares down from 2021’s totals
11% 13% 15%

20% Other, 22%
8%
15% 11%
11%
Late-stage, 11%
23%
18%
28%
23%
Mid-stage, 24%
58% 55%
46% 46%
Early-stage, 43%
2018 2019 2020 2021 2022

YTD
115
Boston: Top equity deals in Q3'22
Round
Company Round Amount Round Valuation Select Investors % of Total Funding
Date

Series C
N/A Longevity Vision Fund, Partners Investment, State of 45.4%
Michigan Retirement System
Series E
2 Kyruus $35M 2022-09-30
$449M Providence Ventures 13.0%
Series B
3 Empatica $26M 2022-08-02
$109M CDP Venture Capital SGR 9.6%
Series D
4 Biofourmis $20M 2022-08-10
N/A Intel Capital 7.4%
Series A Eight Roads Ventures, Hyperplane Venture Capital, IvyCap

5 Elucidata $16M 2022-09-21
N/A
Ventures, F-Prime Capital
5.9%
116
Asia Trends
117
State of Digital Health | Geographic Trends | Asia Trends
Funding declines for 4th straight quarter, deals are at lowest point in years
$3.5 B 350
$3.0 B 300
257
$2.5 B 250
215
203
194
$2.0 B 181 200
173 173
160 161 165 165
158
150 152 152
141
$1.5 B 132 135 150
Funding
$0.9B
$1.0 B
Deals
100
99
$0.5 B 50
$0.0 B 0
2018 2019 2020 2021 2022
118
In 2022 YTD, early- and late-stage deal shares lag behind 2021’s levels
Other, 4%
10% 10% 12% Late-stage, 11%
13%
19% 19%
22% Mid-stage, 23%
23%
68% 68%
59%
2018 2019 2020 2021 2022

YTD
119
Asia: Top equity deals in Q3'22

Round % of Total
Date Funding
Corporate Minority
1 Allm $182M 2022-07-05
N/A DeNA, Seibu Properties Solutions Japan 20.2%
Series G
2 We Doctor $150M 2022-07-05
Adani Group, Eclipse Ventures, Mithril Capital

Series A
3 ForSight Robotics $55M 2022-07-18
N/A Management, Ljungstrom Family Office, Precision Israel 6.1%
Capital
Series G
4 CureApp $52M 2022-08-16
Series B StageOne Ventures, Clal Insurance, Mayo Clinic

N/A
Ventures, Bank Hapoalim, Migdal Insurance
Israel 5.0%
New Rhein Healthcare, Lightspeed Venture Partners,

Series C
5 Theranica $45M 2022-08-29
N/A Corundum Open Innovation, LionBird Venture Israel 5.0%
Capital, Takoa Invest
Series C ITOCHU Corporation, KDV Capital, Alkemi Venture

7 Docquity $44M 2022-08-18
N/A
Partners, Global Brain, Infocom
Singapore 4.9%
Series D ABC Impact, OrbiMed Advisors, Grand Flight

8 Dami & Xiaomi $42M 2022-07-29
N/A
Investment
China 4.7%
Series D Prosperity7 Ventures, B Capital Group, BOLD Capital

9 Insilico Medicine $35M 2022-08-10
N/A
Partners, Bohai Huamei, Deerfield Management
Hong Kong 3.9%
Series B Haier Capital, Eastern Bell Capital, Sinovation

10 ADEN $30M 2022-07-08
N/A
Ventures, Xingtuo Capital
China 3.3%
120
M&A exits and IPOs increase QoQ
17
9
8
7
IPO, 6
4 M&A, 5
3
1 1
SPAC, 0
2018 2019 2020 2021 2022
121
Asia: Top investors by company count in Q3'22

1 Long Hill Capital 3 VC China
2 9Unicorns 2 VC India
2 ANRI 2 VC Japan
2 Ally Bridge Group 2 VC Hong Kong
2 Cenova Ventures 2 VC China
2 DEEPCORE 2 VC Japan
2 Insignia Ventures Partners 2 VC Singapore
2 Qiming Venture Partners 2 VC China
2 Tejal Merchantile 2 Asset/investment management India
2 aMoon Fund 2 VC Israel
122
China
123
State of Digital Health | Geographic Trends | China
Funding rebounds slightly after 3 quarters of decline
$3.0 B 160
140
$2.5 B
120
120
$2.0 B 97
92 100
85 87 85
80 79 81 81 79
77
$1.5 B 70 80
64
61
60
$1.0 B 44
42
Deals
34
35 40
$0.5 B
Funding
$0.3B 20
$0.4B $2.8B $2.0B $0.5B $0.6B $0.5B $0.4B $0.7B $0.4B $0.5B $1.1B $2.8B $1.6B $1.0B $2.2B $1.5B $0.4B
$0.0 B $0.1B 0
2018 2019 2020 2021 2022
124
Mid-stage deal share up 6 percentage points in 2022 YTD
Other, 0%
7%
10%
11% 15% Late-stage, 15%
14%
25% 23%
32% Mid-stage, 38%
34%
62% 62%
52%
2018 2019 2020 2021 2022

YTD
125
China: Top equity deals in Q3'22
Round % of Total
Date Funding
Series G
1 We Doctor $150M 2022-07-05
N/A Shandong Guotou 55.7%
Series D
2 Dami & Xiaomi $42M 2022-07-29
N/A ABC Impact, OrbiMed Advisors, Grand Flight Investment 15.6%
Series B Haier Capital, Eastern Bell Capital, Sinovation Ventures,

3 ADEN $30M 2022-07-08
N/A
Xingtuo Capital
11.1%
Series A Gree Electric Appliances, Green Pine Capital Partners,

4 Fastmeeting $15M 2022-08-31
N/A
China Unicom
5.4%
Series B
5 Digital Precision Medicine $14M 2022-09-09
N/A Gree Financial Investment, Haoshuo Investment 5.4%
Series D Guozhong Venture Capital Management, Huasheng

6 Insgeek $13M 2022-09-23
N/A
Capital, SIG Asia Investments, HR Tech Investments
4.7%
Series A
7 Agilis Robotics $6M 2022-08-16
N/A K2VC, Korea Investment Partners 2.2%
126
India
127
State of Digital Health | Geographic Trends | India
Funding down 67% QoQ, deals continue to slide
$700M 70
$600M 60
50
$500M 50
$400M 40
35 34
31
$300M 27 27 30
25 24 25
23
22 21 21
20 Deals
$200M
14 18 20
12 12 Funding
10
$100M
$85M 10
$67M $44M $268M $14M $243M $44M $281M $138M $41M $64M $31M $477M $492M $299M $661M $358M $260M
$0M $24M 0
2018 2019 2020 2021 2022
128
Mid-stage deal share increases to 19%
Other, 4%
6%
11% 8% 8% Late-stage, 4%
14%
8%
9% Mid-stage, 19%
83%
76% 77% 79%
Early-stage, 73%
2018 2019 2020 2021 2022

YTD
129
India: Top equity deals in Q3'22
Round % of Total
Date Funding
Series A B Capital Group, Chiratae Ventures, Surge, Better Capital,

1 Mojocare $21M 2022-08-23
N/A
Adrian Auon
24.2%
Series B Healthquad, Google Assistant Investments, Kae Capital,

2 Wysa $20M 2022-07-14
N/A
W Health Ventures, pi Ventures
23.5%
Series A Amazon, Fireside Ventures, 9Unicorns, Venture

3 Fitterfly $12M 2022-07-20
N/A
Catalysts, Nihar Parikh
14.1%
Series A Left Lane Capital, Khosla Ventures, Quiet Capital,

4 Good Health Company $10M 2022-08-04
N/A
Weekend Fund
11.8%
Series A
5 Health Assure $6M 2022-08-25
N/A Rajiv Dadlani Group, Blume Ventures, Leo Capital 7.4%
130
Japan
131
State of Digital Health | Geographic Trends | Japan
Funding more than doubles QoQ
$300M Funding 35
$273M
30
$250M
24
25
$200M 22
21 21 21
20
19
18 18 18 20
17 17 17 17 17 17
$150M
15 Deals
16
15
12
$100M
10
$50M
5
$37M $41M $78M $33M $22M $35M $87M $83M $70M $75M $32M $68M $126M $27M $113M $38M $120M
$0M $14M 0
2018 2019 2020 2021 2022
132
Early-stage deal share falls 13 percentage points
8% Other, 11%
14%
17%
11%
28%
9% 18%
Late-stage, 20%
17%
17%
Mid-stage, 18%
72%
68%
64%
2018 2019 2020 2021 2022

YTD
133
Japan: Top equity deals in Q3'22
Round % of Total
Date Funding
Corporate Minority
1 Allm $182M 2022-07-05
N/A DeNA, Seibu Properties Solutions 66.7%
Series G
2 CureApp $52M 2022-08-16
N/A The Carlyle Group 19.1%

3 Ubie $26M 2022-07-27
N/A
9.3%
Series A
4 Buzzreach $5M 2022-07-21
N/A ANOBAKA, Mobile Internet Capital, Globis Capital Partners 1.7%
Series A ANRI, Daiwa Corporate Investment, SMBC Venture Capital,

5 Cardio Intelligence $3M 2022-08-14
N/A
Gemseki, Shizuoka Capital
1.2%
134
Europe Trends
135
State of Digital Health | Geographic Trends | Europe Trends
Funding hits its lowest level since Q3’20, deals fall to a 5-year low
$4.5 B
200
$4.0 B 182
$3.5 B
153
143 150
$3.0 B 137
130 129 131 131
120 122
$2.5 B 112 115
109 106
99 101
95
$2.0 B 86 100
$1.5 B Deals
63
$1.0 B Funding 50
$0.6B
$0.5 B
$0.0 B 0
2018 2019 2020 2021 2022
136
Early- and late-stage deal shares grow in 2022 YTD
8% 9% 6% Other, 6%
11%
8% 9% Late-stage, 10%
8%
9%
7%
5% 11%
12% Mid-stage, 10%
77%
75%
2018 2019 2020 2021 2022

YTD
137
Europe: Top equity deals in Q3'22

Round % of Total
Date Funding

1 Cera $160M 2022-08-03
N/A
Management, Yabeo Capital
United Kingdom 27.3%
Series B Deerfield Management, Andera Partners, Fountain

2 Medical Micro Instruments $75M 2022-07-20
N/A
Healthcare Partners, Panakes Partners, Samba Tech
Italy 12.8%
Series F
3 ottonova $34M 2022-09-05
N/A Cadence Growth Capital Germany 5.8%
Series B Venture Digital Health, AXA Venture Partners,

4 Incepto Medical $27M 2022-09-19
N/A
Bpifrance, Karista, Wille Finance
France 4.6%
Series B Perwyn, Praetura Ventures, KHP MedTech Innovations,

5 Patchwork $24M 2022-08-10
N/A
Dominic McGregor, Tom Blomfield
United Kingdom 4.2%
Series B Orkla Ventures, Reckitt Benckiser, Smedvig Capital,

6 Healthily $20M 2022-09-07
N/A
Canica
United Kingdom 3.4%
Series D
6 LetsGetChecked $20M 2022-09-08
N/A Casdin Capital, Transformation Capital, Morgan Health Ireland 3.4%
Series A Insight Partners, Olivier Bonnet, Rika Christanto,

8 Unobravo $17M 2022-07-21
N/A
Thomas Plantenga
Italy 3.0%
Series B
8 Apricity Therapeutics $17M 2022-09-05
N/A MTIP, Iris Ventures United Kingdom 2.9%
Series A General Catalyst, Giant Ventures, Speedinvest, KHP

10 Doccla $16M 2022-09-29
N/A
Ventures
United Kingdom 2.8%
138
M&A exits fall by 64% QoQ
36
33
24 25
7 M&A, 9
3
1
1 1 1 SPAC, 0
1
IPO, 0
2018 2019 2020 2021 2022
139
Europe: Top investors by company count in Q3'22
1 Boehringer Ingelheim Venture Fund 2 CVC Germany
1 DSM Venturing 2 CVC Netherlands
1 Health Technologies Holding 2 VC Italy
1 High-Tech Grunderfonds 2 VC Germany
1 Nina Capital 2 VC Spain
1 Octopus Ventures 2 VC United Kingdom
1 Orkla Ventures 2 CVC Norway
140
United Kingdom
141
State of Digital Health | Geographic Trends | United Kingdom
Deals at lowest level since 2019, funding ticks up QoQ
$2.5 B
47 47 50
$2.0 B
40
38 38 40
36
35
33
32
$1.5 B 31
30
28 30
26 26
23
22
Deals
$1.0 B 19
18 22 20
$0.5 B Funding
10
$0.3B
$0.0 B 0
2018 2019 2020 2021 2022
142
In 2022 YTD, early-stage deal share ticks up
8% 5% Other, 4%
10% 10%
10% Late-stage, 12%
12% 6%
10%
10% Mid-stage, 13%
7% 9% 16%
74% 71% 74% Early-stage, 72%

69%
2018 2019 2020 2021 2022

YTD
143
United Kingdom: Top equity deals in Q3'22
Round % of Total
Date Funding

1 Cera $160M 2022-08-03
N/A
Management,Yabeo Capital
53.6%
Series B Perwyn, Praetura Ventures, KHP MedTech Innovations,

2 Patchwork $24M 2022-08-10
N/A
Dominic McGregor, Tom Blomfield
8.2%
Series B
3 Healthily $20M 2022-09-07
N/A Orkla Ventures, Reckitt Benckiser, Smedvig Capital, Canica 6.7%
Series B
4 Apricity Therapeutics $17M 2022-09-05
N/A MTIP, Iris Ventures 5.6%
Series A General Catalyst, Giant Ventures, Speedinvest, KHP

5 Doccla $16M 2022-09-29
N/A
Ventures
5.4%
144
Report Methodology Geography notes: Israel funding figures are classified in Asia;
Caribbean region figures included in Latin America, or “LatAm”;
No buyouts, consolidations, or recapitalizations. All three of
these transaction types are commonly employed by private
You can download the underlying data found in this report here: funding to Australia and Africa is included in global figures but equity firms and are tracked by CB Insights. However, they are
https://www.cbinsights.com/reports/CB-Insights_Digital-Health- not spotlighted in this report. excluded for the purposes of this report.
Report-Q3-2022.xlsx. Rounds to private companies that may be majority- or minority- No private placements. These investments, also known as PIPEs
If you have questions about the definitions or methodological owned subsidiaries of other private companies. (Private Investment in Public Equities), are not included even if
principles used, or if you feel that your firm has been Valuation data includes estimates to calibrate median and made by a venture capital firm.
underrepresented, please reach out to info@cbinsights.com. average valuations based on current and previous quarter No debt/loans of any kind (except convertible notes). Venture
disclosed valuations gathered from the aforementioned four debt or any kind of debt/loan issued to emerging, startup
sources. The estimating method will control for the over- companies, even if included as an additional part of an equity
What is included: sampling of large rounds that are reported quickly versus a financing, is not included. If a company receives $3M with $2M
Equity financings into private companies only. Funding rounds comparative lag in valuations obtained from other sources. from venture investors and $1M in debt, only the $2M is included
raised by public companies of any kind on any exchange Valuation data reflects post-money valuations. in these statistics.
(including Pink Sheets) are excluded from our numbers, even if Exits include IPOs, SPACs, publicly announced M&A deals, and No non-equity government funding. Grants or loans by the
they received investment from a venture firm. other liquidity events; only first exits are counted. federal government, state agencies, or public-private
Only includes the investment made in the quarter for tranched Headquarters are determined by publicly available sources partnerships to emerging, startup companies are not included.
investments. If a company does a second closing of its Series B including company-owned websites and profiles, legal filings, No fundings to subsidiaries of a larger parent corporation unless
round for $5M and previously had closed $2M in a prior quarter, and press releases. that subsidiary is a private entity and meets other criteria for
only the $5M is reflected. All figures in the report are in USD. inclusion.
Round numbers reflect what has closed, not what is intended. If US financing trends follow the combined statistical area (CSA) Accelerators, incubators, business-plan competitions, economic-
a company indicates the closing of $5M out of a desired raise of methodology. Silicon Valley refers to the San Jose-San development entities are excluded from rankings of most active
$15M, our numbers reflect only the amount which has closed. Francisco-Oakland CSA. investors, even if making equity financings.
Only verifiable fundings are included. Fundings are verified via Rankings for top investors are calculated according to “company
(1) various federal and state regulatory filings; (2) direct count,” or the number of unique companies an investor funds in
confirmation with firm or investor; (3) press release; or (4) What is excluded: a quarter, and so excludes follow-on deals.
credible media sources.
No contingent funding. If a company receives a commitment for
Equity fundings to joint ventures and spinoffs/spinouts are $20M subject to hitting certain milestones but first gets $8M,
included. only the $8M is included in our data.
Unicorn data includes private companies valued at $1B or more No business development/R&D arrangements, whether
in the private markets globally, per the same 4 sources listed transferable into equity now, later, or never. If a company signs a
above and relied on for funding events, which include valuations $300M R&D partnership with a larger corporation, this is not
disclosed in credible media sources. The list is maintained equity financing nor is it from venture capital firms. As a result, it
publicly and updated in real time at is not included.
https://www.cbinsights.com/research-unicorn-companies.
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State of

Our Technology Insights Platform provides

Make your brand more Business Intelligence & Analytics

Digital Therapeutics Telehealth

Mental Health Tech Health IT

Clinical Trials Tech Digital Health

Analyzing Optum’s Growth 112 Companies Helping

Our Most Popular Services Giant Is Expanding Its

TLDR Your rundown on

$4.6B -37% 3 -44% 7

TLDR Your rundown on

233 -18% $0.6B $0.1B -50%

Global Trends 11 Asia 117

Projected funding at 50% and projected deals at 74% of 2021’s totals

2,592 2,594 Projected Deals

$25.6B $21.4B $32.6B $59.6B

$16.0B 847 900

The US leads in funding and deals

US deal share ticks up QoQ

8% 7% 5% 8% 8% 7% 7% 7% 9% 6% 7% 7% 6% 9% 6% 7% 7% All Other Regions, 7%

26% 28% 25% Asia, 23%

52% 53% 50% 51% 54%

VCs retain deal share lead

21% 24% 22% 21% 22% 22% 19%

37% 34% 33% 34% 34%

Telehealth and health IT see the highest funding amounts

Average deal size is at 64% of 2021’s total

Average Deal Size Median Deal Size

2018 2020 2022 2018 2020 2022

Median deal size ticks down in the US

2018 2020 2022 2018 2020 2022 2018 2020 2022

Angel Asset/Investment CVC Corp Private Equity VC

Mega-round funding decreases by 37%, deals fall by 46% QoQ

US leads in quarterly mega-round funding

US mega-rounds see a 3-quarter slide, down 60% QoQ

Mega-round's share of total funding down 2 percentage points

Global: Top equity deals in Q3'22

Kleiner Perkins Caufield & Byers, Bristol-Myers Squibb,

Series C Fidelity Investments, T. Rowe Price, Cigna Ventures,

Series C Kairos HQ, Evolve Healthcare Partners, Guinness Asset

Series D Thoma Bravo, Insight Partners, Optum Ventures,

Alexandria Venture Investments, Flagship Pioneering,

Series C Goldman Sachs Growth Equity, Foundation Capital,

Series B Base10 Partners, Andreessen Horowitz, Obvious

Series B Deerfield Management, Andera Partners, Fountain

Early-stage deal share continues to lead in 2022 YTD

2018 2019 2020 2021 2022

The US leads in early- and mid-stage deal share

US Asia Europe All Other Regions

Early-stag e 51% 23% 18% 8%

Mid-stage 49% 32% 13% 6%

Late-stage 36% 43% 14% 7%

Early-stage Mid-stage Late-stage

$2M $2M $3M

2018 2020 2022 2018 2020 2022 2018 2020 2022

Global: Top seed/angel deals in Q3'22

Seed VC ARCH Venture Partners, General Catalyst, F-Prime Capital, Google

Seed VC Frist Cressey Ventures, HC9 Ventures, Bailey & Company,

Seed VC Lux Capital, Sequoia Capital, BoxGroup, Coalition Operators,

Global: Top Series A deals in Q3'22

Series A Adani Group, Eclipse Ventures, Mithril Capital Management,

Series A AXA IM Alts, KOFA Healthcare, Kendall Capital, A&C Folsgaard

Series A HealthX Ventures, 8VC, Bold Capital, LRVHealth, Spectrum Health