State Of Healthcare Q2’21 Report: Investment & Sector Trends

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State Of Healthcare Q2’21 Report:
Investment & Sector Trends To Watch

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Contents
8
Summary
11
Market Drivers
18
Investment Trends
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Sector Highlights
76
Appendix

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Icon
here
Icon
here
AI
Companies selling AI SaaS
to healthcare clients or using
AI to develop products for
the healthcare market
TELEHEALTH
Companies developing or
using information
communication technology
to aid the delivery of health &
wellness services from a
distance
DIGITAL THERAPEUTICS
Companies developing
evidence-based, software-
driven therapeutic
interventions to prevent,
manage, or treat medical
conditions
OMICS
Companies involved in the
capture, sequencing, and/or
analysis of genomic,
transcriptomic, proteomic,
and/or metabolomic data
MEDICAL DEVICES
medical devices that aid in
the diagnosis, cure,
mitigation, treatment,
monitoring, or prevention of
disease
MENTAL HEALTH TECH
Companies applying
technology to problems of
emotional, psychological,
and social well-being
HEALTH IT
Companies that market
software solutions to
healthcare provider
organizations
WHAT THE STATE OF HEALTHCARE COVERS

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Summary of findings
Overall healthcare trends
Note: This report focuses on equity rounds to private healthcare companies. All data is sourced from CB Insights. (Summary continued on the next
page.)
M&A activity persisted. Within digital health, acquisition
hotspots included primary care, women’s health, and
mental health.
The top healthcare deals in the quarter (by deal size)
went to companies working in life sciences (Caris Life
Sciences, Adagio Therapeutics, Exscientia), medtech
(CMR Surgical), and digital health (Noom).
The SPAC frenzy continued within digital health. During
the quarter, 3 companies made their public market debuts
through SPAC deals, while 7 others announced plans to do
so soon.
Eleven healthcare startups joined the unicorn club during
Q2’21 (valued in aggregate at $27B). Globally there are
currently 78 healthcare unicorns valued in aggregate at
$214B.
Global healthcare investment rose for the seventh
consecutive quarter, albeit at a slower pace. Funding
surpassed $34.7B across nearly 1.6K deals. The
acceleration of digital transformation initiatives was a
major contributor, with digital health startups accounting
for 40% of both the deals and funding raised in the quarter
($14.1B across 628 deals).
European investment nearly doubled quarter-over-quarter
(QoQ) to reach $6.9B. Q2’21 was the fifth quarter in a row
to see QoQ European investment growth. Asian
investment fell for the second quarter in a row, though at
$7.4B, it remained elevated vs. pre-Q3’20 levels.
A flood of new entrants pushed early-stage deal share
above 50%. Coming in at 54% of global healthcare deals,
early-stage deal share was the highest it’s been since
Q3’19.

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(Summary continued on the next page.)
Summary of findings
Segment-specific trends
Quanta’s $245M Series D), it also saw an influx of new
entrants that pushed early-stage deal share higher for the
first time in 9 quarters.
Mental health tech: Buoyed by 5 late-stage mega-rounds
raised by DTx and teletherapy companies, funding
increased by more than 50% QoQ to reach nearly $1.3B.
The employee benefits space saw a flurry of business
development activity, the convergence of digital health tech
and psychedelic-assisted therapy gained steam, and early-
stage digital biomarker companies attracted VC backing.
Digital therapeutics: Funding decreased slightly from
Q1’21’s high, but at $580M, it remained well above prior
quarterly levels. Established players raised capital to
expand into new therapeutic areas, and hospital systems
showed growing interest in digital therapeutics for areas of
unmet need.
AI in healthcare: Despite a deal decline, funding rose for the
sixth quarter in a row to reach a record high of $2.7B. A
string of mega-rounds ($100M+ deals) signaled how AI is
being applied more broadly across healthcare, and several
AI-based drug discovery & development companies saw
high-profile exits.
Telehealth: Funding broke records for the fourth quarter in a
row, reaching nearly $5B, up 165% year-over-year (YoY),
across 158 deals. The teletherapy, virtual health coaching,
and care management segment saw a notable uptick in
activity, representing a nearly 40% share of global telehealth
deals for the first time.
Medical devices: Funding rebounded from Q1’21’s dip to
surpass $8.2B across 396 deals, a more than 70% QoQ
increase. Though the space saw a number of late-stage
mega-rounds (including CMR Surgical’s $600M raise and

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Summary of findings
Segment-specific trends
Omics: Deals increased for the first time in 9 quarters, rising
by nearly 30% QoQ. Meanwhile, funding jumped by roughly
50% QoQ to reach a record high of $2.8B. Mega-rounds
highlighted the increasing breadth of omics use cases while
a handful of public market debuts centered on genetic
engineering players.
Health IT: Funding fell by more than $600M (-30%) from the
prior quarter, ending 6 consecutive quarters of growth. Late-
stage deal share collapsed, going from 26% in Q1’21 to just
9% in Q2’21, while mid-stage deal share increased for the
third quarter in a row to reach 47%. Digital care enablement
and digital surgery solutions were notable areas of mid-
stage deal activity.

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Q2’21
Healthcare
Market
Drivers

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Digital transformation initiatives continue to
accelerate post-pandemic
Sources: CB Insights | BDO’s 2021 Healthcare Digital Transformation Survey
HEALTHCARE MARKET DRIVERS
News articles mentioning healthcare’s digital transformation,
July 2016 – June 2021
As a result of the events of 2020:
60% of healthcare organizations are
adding new digital projects 42% are accelerating some or all their
existing digital transformation plans
38%
78%
66%
59% 60%
21%
46%
20% 23% 23%
61%
20%
30%
35% 31%
64%
37%
57% 51%
17%
0%
20%
40%
60%
80%
100%
AI/ML Cloud
computing
Data
analytics
IoT ERP
software
RPA Blockchain 5G VR/AR 3D printing
Planning to deploy
Currently deploying

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Improving the patient experience is becoming
a higher priority for healthcare executives
Sources: CB Insights | BDO’s 2021 Healthcare Digital Transformation Survey
Earnings call mentions of “patient experience,” Q3’16 – Q2’21 Top 3 areas where healthcare organizations are currently
investing to improve the patient experience:
42% 43%
50%
75%
64%
56%
Telemedicine EHR interoperability Patient portals or another digital
messaging system
2019 responses
2021 responses

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Pressure continues to mount for long-term
telehealth regulatory reform
Source: US Senate Lobbying Disclosure Act (LDA) Reports database; excludes registrations, terminations, and termination amendments.
*Clients cited in 10+ LDA reports between Q1’20 and Q1’21.
Most active telehealth lobbyists, Q1’20 – Q1’21*
Telehealth lobbying reports by filing date, Q1’16 – Q1’21
0
80
160
240
320
400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2016 2017 2018 2019 2020 2021

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Health equity is coming into focus
Note: SDOH = social determinants of health
The pandemic exacerbated and exposed the magnitude of social and health inequities faced by different racial groups
in the US. In April, the CDC declared structural racism — rooted in unequal SDOH burden — a public health crisis.
Earnings call mentions of “health equity” or ”health inequity,”
Q3’16 – Q2’21
News articles mentioning “health equity” or ”health inequity,”
July 2016 – June 2021

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Medical innovation activity retains its momentum
Sources: CB Insights | clinicaltrials.gov *2021 data is projected based on annualized YTD (7/6/21) values.
Aging populations, the rising prevalence of chronic disease, and technological developments continue to drive
innovation of safer, more effective, or — in some cases — life-changing medical products like drugs and devices.
Number of interventional clinical trials registered in
clinicaltrials.gov by initial posting date, 2010 – 2021*
News articles mentioning “breakthrough device designation” or
“breakthrough therapy designation,” July 2016 – June 2021
-
5,000
10,000
15,000
20,000
25,000
30,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*

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Tech giants’ health initiatives during Q2’21
• Product: More details emerged about Facebook’s potential smartwatch that suggested it could include a heart rate monitor. Facebook also added a range of new
emotional health resources to its platform’s Mental Health Resource Center.
• Partnerships: Partnered with several technology, healthcare, and academic institutions to establish the Alliance for Advancing Health Online, which aims to improve
public understanding of how social media and behavioral science can be used to help community healthcare. Facebook also partnered with the government of India to roll
out a Vaccine Finder tool through its app.
• Product: Announced several updates to its Health app (as part of its upcoming iOS 15 software update) that will allow patients to analyze trends for a wider range of
personal health data and share their self-generated health data with doctors, family, and friends. Apple also launched new Fitness+ programs for pregnant women and
seniors, groups often overlooked in fitness. Details about the company’s ambitions to launch a digital primary care service were also leaked to the WSJ in mid-June.
• Partnerships: Solidified health records data-sharing partnerships with companies including Cerner, Allscripts, athenahealth, and CPSI. A recently formed partnership with
biosensor company Rockley Photonics reignited rumors that Apple is exploring noninvasive blood glucose and blood pressure monitoring for a future Apple Watch.
• Acquisitions: Acquired conversational AI firm Nuance Communications for $19.7B.
• Partnerships: Partnered with robotic surgery startup CMR Surgical on a health data storage proof-of-concept trial; collaborated with AXA to launch a digital health
platform accessible to AXA’s customers across Europe.
• Investments: Participated (via M12) in the $21.5M Series A round for lab automation startup Artificial.
• Product: Launched its first medical device, Derm Assist, an AI-powered smartphone app that helps dermatologists diagnose skin conditions. Details also emerged about
Google’s progress on a consumer-facing health records initiative.
• Partnerships: Struck a deal with HCA Healthcare to use patients’ records to develop algorithms that could help improve operating efficiency, monitor patients, and guide
doctors’ decisions.
• Investments: GV (Google Ventures) invested in Kindbody, Brightline, Pill Club, Overture Life, Dyno Therapeutics, Headway, Affinia Therapeutics, Treeline Biosciences,
Adagio Therapeutics, Tend, and Ventus Therapeutics.
• Product: Signed deals with several enterprises for its on-demand health service Amazon Care and launched AmazonDx.com to the public.
• Partnerships: Inked a 5-year partnership with National Safety Council to establish new research, technology, and processes to combat musculoskeletal disorders, a
leading cause of workplace injuries
• Investments: Invested in Pixieray’s $4.4M seed round (via the Alexa Fund) and launched the AWS Healthcare Accelerator, which will focus on virtual care and health
analytics startups.

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Q2’21
Healthcare
Investment
Trends

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Funding amount ($M) Deal count
HEALTHCARE INVESTMENT TRENDS
Funding rose for the 7th quarter in a row
Quarterly global healthcare funding and deal count, Q3’18 – Q2’21
$18,130 $12,620 $15,105 $14,636 $13,893 $15,565 $15,676 $19,170 $22,948 $25,981 $32,102 $34,712
1,420
1,290
1,426 1,449
1,400 1,356 1,313
1,371
1,628
1,465
1,593 1,595
0
400
800
1,200
1,600
2,000
$0
$10,000
$20,000
$30,000
$40,000
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

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Other
Note: “Other” includes Africa, South America, and Australia.
Europe
Asia
North America
$10,225 $9,101 $9,506 $9,166 $8,746 $9,319
$11,391 $11,381
$13,520 $14,516
$20,133 $20,176
$6,320
$2,170
$3,593 $3,964
$2,210
$4,182
$2,749
$5,458
$7,050
$8,836
$7,952 $7,406
$1,555
$1,300
$1,938 $1,346
$2,879
$1,996 $1,472
$2,234
$2,329
$2,543
$3,615
$6,933
$30
$48
$67 $160 $59
$68 $64
$97
$49
$85
$401
$197
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21
European investment nearly doubled QoQ
Quarterly global healthcare funding ($M) by continent, Q3’18 – Q2’21

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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.
Other
Late-stage
Mid-stage
Early-stage
A flood of new entrants pushed early-stage
deal share back above 50%
Percentage share of global healthcare deals by stage, Q3’18 – Q2’21
52% 50% 54% 52% 56% 53% 50% 50% 49% 47% 49% 54%
14% 15%
14% 15%
14% 16% 18% 18% 17% 19% 19%
19%
9% 9% 8% 8% 7% 8% 7% 6% 9% 11% 10%
8%
25% 26% 25% 24% 23% 23% 25% 26% 25% 23% 22% 19%
0%
20%
40%
60%
80%
100%
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21
Other
Late-stage
Mid-stage
Early-stage

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Company
Deal date //
Amount raised ($M)
Total disclosed funding
($M) Select investors Description
May ‘21 //
$830M
Jun ‘21 //
$600M
May ‘21 //
$540M
Apr ‘21 //
$525M*
Apr ‘21 //
$336M
$1,314M
$986M
$628M
$672M
$466M
Sixth Street Partners, OrbiMed Advisors,
T. Rowe Price, Highland Capital
Management
SoftBank Group, Ally Bridge Group,
Tencent Holdings, GE Healthcare,
Lightrock
Silver Lake, Sequoia Capital, RRE
Ventures, Novo Holdings, Temasek,
Samsung Ventures, Oak HC/FT Partners
SoftBank Group, Novo Holdings, Farallon
Capital Management, BlackRock
RA Capital Management, Google
Ventures, OrbiMed Advisors, Redmile
Group, Fidelity Investments, Polaris
Partners
Caris Life Sciences uses machine learning to help doctors make more
personalized and effective treatment decisions for their cancer patients.
CMR Surgical aims to expand the range of procedures that can be
performed robotically.
Noom develops behavioral change programs that combine human
coaches with personalized content to help people achieve their wellness
goals.
Exscientia uses AI and natural language processing to parse through
genetic and biological literature to identify potential drug targets.
Adagio Therapeutics develops antibodies that can broadly neutralize
SARS-CoV-2, SARS-CoV-1, and additional coronaviruses.
The top 5 healthcare deals spanned life
sciences, medtech, and digital health
Note: This list excludes the $850M investment made by FUJIFILM Holdings into its FUJIFILM Diosynth Biotechnologies subsidiary. *Includes both
$300M in convertible note financing and $225M in Series D financing.

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Company
Deal date //
Amount raised ($M)
Total disclosed
funding ($M) Select investors Description
The digital health SPAC frenzy continued
Note: Top 5 digital health SPAC deals ranked by exit valuation. *Pending transactions; dates provided correspond to deal announcement dates.
Apr ‘21 //
$5,000M*
Jun ‘21 //
$4,200M*
Jun ‘21 //
$3,500M
Jun ‘21 //
$2,800M*
Jun ‘21 //
$1,600M*
$780M
$735M
$628M
$400M
$285M
CA Healthcare Acquisition (SPAC)
Alkuri Global Acquisition (SPAC)
VG Acquisition (SPAC)
Khosla Ventures Acquisition (SPAC)
Thimble Point Acquisition (SPAC)
LumiraDx aims to transform community-based healthcare with
its digitally enabled point-of-care diagnostic testing system. The
company says that its portable device can perform a variety of
lab-grade tests more economically than typical approaches.
Babylon Health offers Babylon, a digital healthcare application
that enables users to talk to a doctor or GP and get medical
advice via video consultations, phone calls, or text messages.
23andMe is a consumer genetics company offering DNA
analysis technologies and web-based interactive tools.
Valo aims to transform the traditional, linear drug discovery and
development process into a more integrated approach.
Pear Therapeutics offers digital therapeutics with the goal of
providing better outcomes for patients alongside additional
engagement and tracking tools for clinicians.
Exit date //
valuation ($M)
Total pre-exit
funding ($M)

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Select digital health acquisitions from Q2’21
PRIMARY CARE WOMEN’S HEALTH MENTAL HEALTH
One Medical Group
acquired integrated
primary care company
Iora Health
June 6, 2021
Halma acquired fetal
surveillance system
developer PeriGen
April 27, 2021
DarioHealth acquired
mental health benefits
company wayForward
May 18, 2021
Accolade acquired virtual
primary care company
PlushCare
April 23, 2021
Ro acquired Modern
Fertility to expand into
reproductive health
services
May 19, 2021
ATAI Life Sciences
acquired digital
therapeutics company
Psyber
April 7, 2021

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Company
Deal date //
Amount raised ($M)
Total disclosed
Top 5 new unicorns in Q2’21 by valuation
May ‘21 //
$830M
Apr ‘21 //
$200M
May ‘21 //
$540M
Apr ‘21 //
$312M
Apr ‘21 //
$200M
$1,314M
$312M
$628M
$571M
$449M
Sixth Street Partners, OrbiMed
Advisors, T. Rowe Price, Highland
Capital Management
Sequoia Capital, Menlo Ventures,
Spark Capital, Benchmark, Lux
Capital, Thrive Capital
Silver Lake, Sequoia Capital, RRE
Ventures, Novo Holdings, Temasek,
Samsung Ventures, Oak HC/FT
Fidelity Investments, CPP
Investments, Accel, Index Ventures,
Creandum, Project A Ventures
Temasek Holdings, OrbiMed
Advisors, Ward Ferry Management
Caris Life Sciences leverages machine learning and molecular
science to help doctors make more personalized and effective
treatment decisions for their cancer patients.
Valuation: $7.8B
Benchling is an informatics platform to accelerate, measure, and
forecast R&D from discovery through bioprocessing.
Valuation: $4B
Noom develops behavioral change programs that combine
human coaches with personalized content to help people
achieve their wellness goals.
Valuation: $3.7B
KRY is a CE-certified, app-based service for meeting doctors
through video meetings in Sweden, Norway, and Germany; its
sister brand, Livi, is certified in France and the UK.
Valuation: $2B
Arrail Dental provides dental care services in China.
Valuation: $2B

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78 HEALTHCARE UNICORNS
Valued in aggregate at
$214 BILLION
Globally there are

27
Q2’21
Healthcare
Sector
Highlights

28
Icon
here
Icon
here
AI
TELEHEALTH
using information
distance
driven therapeutic
conditions
OMICS
MEDICAL DEVICES
disease
MENTAL HEALTH TECH
Companies applying
HEALTH IT
healthcare provider
organizations

29
Icon
here
Icon
here
AI
TELEHEALTH
using information
distance
driven therapeutic
conditions
OMICS
MEDICAL DEVICES
disease
MENTAL HEALTH TECH
Companies applying
HEALTH IT
healthcare provider
organizations

30
CB Insights clients can access the underlying data in our Artificial Intelligence Expert Collection here.
ARTIFICIAL INTELLIGENCE
Funding hit a new record despite a dip in deals
Quarterly global healthcare AI funding and deal count, Q3’18 – Q2’21
$1,040 $587 $659 $1,103 $1,800 $856 $1,048 $1,323 $2,135 $2,342 $2,548 $2,723
76
71
104 102
136
97 96
102
133
110
117
95
0
50
100
150
$0
$750
$1,500
$2,250
$3,000
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

31
Healthcare AI is getting more attention than ever
Number of news articles mentioning healthcare AI, July 2016 – June 2021

32
Company
Deal date //
Amount raised ($M)
Total disclosed funding
($M) Select investors Description
Apr ‘21 //
$525M*
Jun ‘21 //
$255M
May ‘21 //
$165M
Jun ‘21 //
$160M
May ‘21 //
$110M
$672M
$306M
$255M
$180M
$188M
SoftBank Group, Novo Holdings, Farallon
Capital Management, BlackRock
Warburg Pincus, OrbiMed Advisors,
Qiming Venture Partners, Sequoia Capital
China
Kaiser Permanente Ventures, D1 Capital
Partners, Tiger Global Management
Frist Cressey Ventures, Norwest Venture
Partners, TPG Capital, Humana Ventures
General Atlantic, NGP Capital, Centene,
AME Cloud Ventures, Ally Bridge Group
Exscientia uses AI and natural language processing to parse through
genetic and biological literature to identify potential drug targets. It also
uses machine learning to analyze drug experiment data to predict
optimal drug designs.
Insilico Medicine is developing a suite of AI products, including
platforms for target discovery, design, and clinical trial solutions.
PathAI is a startup using deep learning and computer vision to analyze
pathology slides and diagnose diseases.
Monogram Health is applying AI to kidney care. Its technology can
monitor patients with kidney disease to predict disease progression and
surface personalized treatments.
Vida Health’s digital health platform uses machine learning to analyze
wearable device data and self-reported health information, such as
meals or exercise, to power personalized health coaching.
Mega-rounds reflect AI’s broad healthcare
applications
*Includes both $300M in convertible note financing and $225M in Series D financing.

33
*Pending transaction; date provided corresponds to deal announcement date.
Acquired (4/16/21)
Exit round:
ZebiAI uses machine learning to
map genomic data to the biology
of small molecules. The startup
had raised $10M in 2020 before it
was acquired by Relay
Therapeutics for $270M.
About:
$270M
Valuation:
IPO (4/16/21)
Exit round:
Recursion uses machine learning
to parse through in vitro
experiments to develop an internal
pipeline of rare diseases. As of
July 2021, Recursion’s market cap
has surpassed $6B.
About:
$2.9B
Valuation:
Reverse merger via SPAC (6/9/21)*
Exit round:
Valo Health uses AI to analyze
health datasets, such as clinical
trials data, phenotype/genotype
data, and more, to identify novel
disease targets. In Q2’21, the
startup announced plans to list via
a SPAC deal with Khosla Ventures
Acquisition.
About:
$2.8B
Valuation:
AI-based drug discovery companies saw high-
profile exits

34
AI-based motion detection startups attracted
major mid-stage funding
Series B (6/30/2021)
Latest round:
SWORD Health is a tech-enabled musculoskeletal care
provider. Patients wear motion trackers that capture
workout data, such as range of motion or number of
repetitions, which is analyzed using AI to recommend
personalized treatments. According to SWORD, its
revenue has grown over 600% in the past year.
About:
$85M
Amount:
Series C (4/28/2021)
Latest round:
Kaia Health offers a smartphone-based solution that can
assess patients’ range of motion, balance, and stability.
The startup’s computer vision system integrates with
smartphone cameras to deliver real-time feedback on
how patients perform exercises.
About:
$75M
Amount:

35
Icon
here
Icon
here
AI
TELEHEALTH
using information
distance
driven therapeutic
conditions
OMICS
MEDICAL DEVICES
disease
MENTAL HEALTH TECH
Companies applying
HEALTH IT
healthcare provider
organizations

36
CB Insights clients can access the underlying data in our Telehealth Expert Collection here.
TELEHEALTH
Funding broke records for the 4th quarter in a row
Quarterly global telehealth funding and deal count, Q3’18 – Q2’21
$2,313 $1,169 $2,262 $1,741 $1,509 $1,472 $2,143 $1,871 $3,402 $3,543 $4,312 $4,955
104
81
124 126
120
98
151
169
176
133
150
158
0
50
100
150
200
$0
$1,500
$3,000
$4,500
$6,000
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

37
Walmart to acquire telehealth company
MeMD as Amazon Care signs first
customer
May 7, 2021
Walmart Health files plans to expand
virtual care into 16 more states
May 20, 2021
Amazon has signed up multiple
companies to its telehealth service,
executive says
June 9, 2021
Amazon launches digital health
accelerator with a focus on virtual care,
analytics startups
June 21, 2021
New telehealth entrants Walmart and Amazon
continued to make their intentions clear
TELEHEALTH

38
Teletherapy deal share neared 40%
TELEHEALTH
Percentage share of global telehealth deals by segment, Q3’18 – Q2’21
34%
27%
35% 35%
29% 33%
20%
29% 26% 23% 25%
21%
23%
26%
24% 24%
25% 21%
30%
29%
23% 25%
27% 38%
23%
19%
16%
22%
19% 21%
25%
20%
24%
31% 27%
18%
15%
19%
19%
14%
20% 15% 19%
18%
23%
15% 11% 16%
5%
7%
5% 5% 6% 7%
7% 4% 5% 5% 9% 5%
0%
20%
40%
60%
80%
100%
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21
Virtual/digital care
enablement
Telemedicine
providers, platforms,
& marketplaces
Teletherapy,
coaching, & care
management
Remote monitoring
& diagnostics
Telepharmacy
N/A

39
Bicycle Health raises $27M for virtual,
evidence-based opioid use disorder
treatment
June 22, 2021
Virtual OUD treatment provider Ophelia
scores $15M
April 22, 2021
Eleanor Health secures $20M for value-
based addiction and mental health
treatment
May 17, 2021
Virtual addiction provider PursueCare
raises $11 million in Series A2 round
April 26, 2021
Virtual substance use disorder treatment
providers raised new capital
TELEHEALTH

40
Note: During Q2’21, Optum Ventures also invested in Medallion, a startup offering telemedicine licensing & credentialing solutions.
TELEHEALTH
Series D (6/7/21)
Latest round:
At-home testing startup
LetsGetChecked is using
its latest financing to
expand its remote care
services with new tests
and adding online chat
and video visit
capabilities.
About:
Series B (5/10/21)
Latest round:
Heartbeat operates a
virtual-first, value-based
cardiology service that
combines telemedicine,
remote diagnostics,
medication
management, and
personalized lifestyle
coaching.
About:
Series C (4/28/21)
Latest round:
Kaia Health develops
individualized, virtual
therapeutic programs
that allow patients to
self-manage chronic
conditions such as back
pain, COPD, and
osteoarthritis from the
comfort of their own
homes.
About:
Series B (6/16/21)
Latest round:
Brightline partners with
employers and health
plans to expand access
to family-oriented, virtual
behavioral health
services for children and
adolescents.
About:
$150M
Amount: $20M
Amount: $75M
Amount: $72M
Amount:
Optum Ventures was the most active
corporate investor during Q2’21

41
TELEHEALTH
$160M Series B (6/8/21)
TPG Capital, Norwest
Venture Partners,
Humana Ventures
Latest round:
Select
investors:
Monogram Health is a
benefit management
and care delivery
company specializing in
renal disease services. It
launched a Virtual
Kidney Clinic offering in
February 2021.
About:
$14M Series B (6/22/21)
NEA, FCA Venture
Partners, Altitude
Ventures
Latest round:
Select
investors:
Spiras Health provides
multimodal care
management to patients
with complex, chronic
illnesses that are
complicated by social
determinants of health
or other barriers to care.
About:
$12M Series A (6/17/21)
M13, NextView
Ventures, SignalFire
Latest round:
Select
investors:
Form Health offers
virtual medical weight-
loss programs for
individuals with obesity.
Its programs combine
personalized nutrition,
exercise, and
medication counseling.
About:
$2.5M seed (6/16/2021)
Global Founders Capital,
Great Oaks, Humbition
Latest round:
Select
investors:
Founded by a former Ro
executive, Allara Health
emerged from stealth in
early June. Allara claims
to be the first and only
virtual care platform
focused on women with
PCOS.
About:
CHRONIC KIDNEY
DISEASE (CKD)
COMPLEX CHRONIC
ILLNESSES
OBESITY
POLYCYSTIC OVARY
SYNDROME (PCOS)
Virtual chronic care was an active area of
business development in Q2’21

42
Direct-to-consumer health company Nurx
looks to tackle rosacea
June 3, 2021
The Pill Club takes on primary care with
$41.9M in fresh funding
June 14, 2021
Thirty Madison raises $140M to make
the treatment of chronic conditions
accessible
June 2, 2021
Hims & Hers dives deeper into acne care
with Apostrophe acquisition
June 24, 2021
Telepharmacy companies expanded into new
markets
TELEHEALTH

43
Icon
here
Icon
here
AI
TELEHEALTH
using information
distance
driven therapeutic
conditions
OMICS
MEDICAL DEVICES
disease
MENTAL HEALTH TECH
Companies applying
HEALTH IT
healthcare provider
organizations

44
CB Insights clients can access the underlying data in our Medical Devices Expert Collection here.
MEDICAL DEVICES
Funding rebounded sharply to surpass $8.2B
Quarterly global medical device funding and deal count, Q3’18 – Q2’21
$4,940 $2,816 $3,583 $3,378 $3,131 $3,493 $3,414 $4,652 $5,065 $6,251 $4,827 $8,244
434
407 417
438 442
418
393
437
510
418
382 396
0
150
300
450
600
$0
$1,750
$3,500
$5,250
$7,000
$8,750
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

45
Other
Late-stage
Mid-stage
Early-stage
Early-stage deal share increased QoQ for the
first time in 9 quarters
MEDICAL DEVICES
Percentage share of global medical device deals by stage, Q3’18 – Q2’21
Other
Late-stage
Mid-stage
Early-stage
55% 51%
57% 55% 55% 52% 51% 49% 49% 47% 46% 51%
15%
17%
15% 16% 18%
19% 21%
21% 21% 22% 25%
21%
8%
8%
9% 8% 6% 8% 7%
4% 9% 11% 10% 10%
22% 25%
18% 21% 21% 22% 20%
26% 22% 20% 19% 18%
0%
20%
40%
60%
80%
100%
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

46
CMR Surgical raised $600M to fuel
international expansion of its surgical robot
$600M Series D (6/28/21)
SoftBank Group, Ally Bridge Group,
Tencent Holdings, GE Healthcare,
Lightrock, Cambridge Innovation Capital,
RPMI Railpen, Watrium, and Chimera
CMR Surgical aims to make minimally invasive surgery more accessible
and affordable by expanding the range of procedures that can be
performed robotically. Its surgical robot Versius — which has yet to be
approved in the US — already has a presence in hospitals throughout the
UK, India, Germany, and Australia. The latest round of funding, which values
CMR at $3B, will help fuel international expansion of its Versius surgical
robot and support development of new digital capabilities.
Latest round:
Round investors:
About:
MEDICAL DEVICES

47
Dialysis device maker made history with
$245M capital raise
$245M Series D (6/23/21)
Novo Holdings, Glenview Capital
Management, Wellington Partners,
Seroba Life Sciences, BlackRock, btov
Partners, Millennium Management,
Sands Capital, and 6 others.
Quanta Dialysis Technology raised $245M in the largest-ever private
funding round to a dialysis device company. The company says that its
portable hemodialysis system — which recently received FDA clearance for
use in acute and chronic care facilities — matches the performance and
dose equivalence of larger, traditional dialysis systems. Quanta is using the
latest financing to scale up manufacturing, sales, and customer service
functions in the US and to launch a study evaluating use of the device in in-
home settings.
Latest round:
Round investors:
About:
MEDICAL DEVICES

48
The diabetes space saw 2 mega-rounds
MEDICAL DEVICES
Series C – II (4/13/21)
Latest round:
CeQur has developed a 3-day wearable insulin patch that
offers injection-free dosing for people living with diabetes.
Having received FDA clearance and CE mark approval,
CeQur plans to scale up high-volume manufacturing and
advance the device’s commercial rollout.
About:
$115M
Amount:
Series F (6/16/21)
Latest round:
Fractyl offers Revita DMR, a minimally invasive, one-time
procedural therapy that targets the root cause of
metabolic disease. The company will use its Series F
financing to support late-stage clinical studies of the
device in type 2 diabetes.
About:
$100M
Amount:

49
Note: SaMD = Software as a Medical Device
MEDICAL DEVICES
Corporate minority (6/11/21)
Wondfo
Latest round:
Select
investors:
CellsVision develops image
recognition algorithms that help
pathologists screen for and detect
cervical, thyroid, and urethral
cancer.
About:
$15.4M Series B (6/3/21)
PHC Holdings
Latest round:
Select
investors:
Aiforia’s cloud-based, image-
agnostic AI solutions help speed
up and standardize pathologists’
image analysis workflows and
improve diagnostic accuracy.
About:
$165M Series C (5/18/21)
LabCorp, Merck, Bristol-Myers
Squibb
Latest round:
Select
investors:
PathAI’s machine learning platform
supports pathologists in making
rapid and accurate diagnoses as
well as identifying patients that
may benefit from novel therapies.
About:
Pathology SaMD startups generated interest
from corporate life science investors

50
Icon
here
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here
AI
TELEHEALTH
using information
distance
driven therapeutic
conditions
OMICS
MEDICAL DEVICES
disease
MENTAL HEALTH TECH
Companies applying
HEALTH IT
healthcare provider
organizations

51
CB Insights clients can access the underlying data in our Mental Health & Wellness Expert Collection here.
MENTAL HEALTH TECH
Funding reached a record high of $1.3B
Quarterly global mental health tech funding and deal count, Q3’18 – Q2’21
$111 $127 $331 $539 $226 $130 $496 $499 $415 $554 $853 $1,331
34
25
48 48
55
42
48
62
66
55
65 65
0
20
40
60
80
$0
$400
$800
$1,200
$1,600
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

52
Interest in mental health has never been higher
MENTAL HEALTH TECH
Number of news articles mentioning mental health, July 2016 – June 2021

53
MENTAL HEALTH TECH
Total funding:
$162M
Valuation:
$1.2B
Similar companies:
Exit valuation:
$1.4B
Total raised:
$24M
Total raised:
$9M
Cerebral is a telepsychiatry company that
offers online provider visits, care counseling,
and prescription delivery services for people
suffering from anxiety and depression.
In June, the startup raised $127M in Series B
financing from investors including Access
Industries, Oak HC/FT, Bill Ackman, Artis
Ventures, and others. Cerebral will use the
proceeds to expand into new mental health
verticals, add group therapy to its services, and
expand in-network insurance options.
Cerebral became a mental health unicorn

54
Meru Health develops digital mental
health support program for employees
with mild anxiety and depression
April 27, 2021
Solera Health partners with Headspace to
expand mental health tools for payers,
employers
June 2, 2021
Unmind raises $47M for a platform to
provide mental health support in your
workplace
May 12, 2021
Employer-focused behavioral health
startup Lyra scores $200M
June 14, 2021
The employee benefits space saw a flurry of
business development activity
MENTAL HEALTH TECH

55
Two digital biomarker startups closed their
first VC investment rounds
MENTAL HEALTH TECH
Seed VC (6/30/21)
Latest round:
Thymia develops video, audio, and video game-based
assessments that collect digital biomarkers to measure
and monitor fluctuations in mental health. The company’s
new funding will be used to acquire more data and
expand product offerings.
About:
$1.1M
Amount:
Seed VC (6/16/21)
Latest round:
Ksana Health offers various digital products, including a
mobile app that helps track and monitor health outcomes
of patients outside the clinic as well as a CBT-based
digital therapeutic. The startup also recently joined the
Anthem Digital Incubator to pilot its new product, Vira.
About:
$2M
Amount:

56
NUE Life Health raises $3.3M for its
psychedelics-meets-tech mental wellness
platform
June 3, 2021
TRIPP secures $11M to expand digital
psychedelic wellness platform for mental
health
June 25, 2021
MINDCURE announces partnership with
Speak Ai to enhance iSTRYM, the company’s
psychedelic digital therapeutics technology
platform
April 13, 2021
atai Life Sciences acquires majority stake in
Psyber, Inc., to develop brain computer
interface-enabled digital therapeutics targeting
mental health disorders
April 7, 2021
The convergence of digital health tech and
psychedelic-assisted therapy gained steam
MENTAL HEALTH TECH

57
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here
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here
AI
TELEHEALTH
using information
distance
driven therapeutic
conditions
OMICS
MEDICAL DEVICES
disease
MENTAL HEALTH TECH
Companies applying
HEALTH IT
healthcare provider
organizations

58
CB Insights clients can access the underlying data in our Digital Therapeutics Expert Collection here.
Funding declined QoQ despite higher deal count
Quarterly global digital therapeutics funding and deal count, Q3’18 – Q2’21
$121 $81 $173 $242 $128 $34 $292 $239 $186 $350 $697 $580
17
13
16
23 24
13
21
19
11
17
18
20
0
6
12
18
24
30
$0
$200
$400
$600
$800
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

59
Media interest in DTx rebounded from Q1’21 dip
Number of news articles mentioning digital therapeutics, July 2016 – June 2021

60
Akili scored $110M to expand its DTx pipeline
$110M Series D (5/26/21)
New Leaf Venture Partners, Amgen
Ventures, Polaris Partners, Jazz Venture
Partners, Temasek, Baillie Gifford & Co.
Akili Interactive Labs offers a video game-based prescription digital therapeutic
to treat ADHD in children. The company intends to use its Series D financing to
accelerate the commercialization of its EndeavorRx product and expand
research and development of new technologies to target a broader range of
cognitive conditions, including depression, multiple sclerosis, and autism
spectrum disorder. In April, the company announced collaborations with Weill
Cornell Medicine, New-York Presbyterian, and Vanderbilt University Medical
Center to evaluate its DTx product AKL-T01 as a treatment for cognitive
dysfunction following Covid-19.
Latest round:
Round investors:
About:

61
DTx startups at different stages pursued SPACs
*Pending transactions; dates provided correspond to deal announcement dates.
Exit round:
Pear Therapeutics, which develops prescription DTx
products for substance use disorder and chronic
insomnia, plans to enter the public market via a SPAC.
The deal includes $450M of net cash, which the company
will use to help commercialize existing products, advance
its pipeline, and scale its DTx platform.
About:
$1.6B
Valuation:
Exit round:
Better Therapeutics develops prescription DTx products
for cardiometabolic diseases. The latest deal will provide
up to $113M to help the company advance its type 2
diabetes product and pursue US FDA marketing
authorization. Pre-exit, the company raised a total of
$37M ($24M in equity) in the private market.
About:
$187M
Valuation:

62
Ascension Ventures and OSF Ventures
participate in women’s health digital
therapeutic startup Renovia’s $17M Series C
funding round
April 19, 2021
Northwell Health teams with Pear
Therapeutics to provide new treatment for
patients with substance use disorders
April 20, 2021
Massachusetts General partners with
MedRhythms to launch a clinical trial for
digital therapeutic to treat multiple sclerosis
May 18, 2021
Hospital systems placed bets with DTx startups
targeting areas of unmet need

63
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here
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here
AI
TELEHEALTH
using information
distance
driven therapeutic
conditions
OMICS
MEDICAL DEVICES
disease
MENTAL HEALTH TECH
Companies applying
HEALTH IT
healthcare provider
organizations

64
CB Insights clients can access the underlying data in our Omics Expert Collection here.
OMICS
Omics funding reached a new record of $2.8B
Quarterly global omics funding and deal count, Q3’18 – Q2’21
$1,238 $557 $816 $1,158 $1,088 $1,568 $1,041 $2,229 $1,838 $2,398 $1,881 $2,809
74
63
69 68 68 68
62 60 59
52
47
60
0
20
40
60
80
$0
$750
$1,500
$2,250
$3,000
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

65
US deal share is rebounding in 2021 after a
3-year downward trend
OMICS
Percentage share of global omics deals by country, 2017 – 2021 YTD (6/30/21)
Other
United Kingdom
China
United States
63%
55% 54%
49%
57%
13%
19% 16% 24%
21%
5% 6%
3%
5%
5%
19% 19%
26% 22% 18%
0%
20%
40%
60%
80%
100%
2017 2018 2019 2020 2021 YTD

66
Company
Deal date //
Amount raised ($M)
Total disclosed
Mega-rounds spanned different omics use cases
OMICS
May ‘21 //
$830M
Jun ‘21 //
$276M
May ‘21 //
$271M
Apr ‘21//
$100M
Apr ‘21 //
$100M
$1,314M
$371M
$1,179M
$112M
$414M
Sixth Street Partners, OrbiMed
Advisors, T. Rowe Price, Highland
Capital Management, Fidelity
Investments, CPP Investments
Meritech Capital Partners, Venrock,
T. Rowe Price, Morgan Stanley,
Fidelity Investments, RA Capital
Management
Temasek, IP Group, Wellington
Management, M&G Investments,
Nikon
Casdin Capital, Driehaus Capital
Management, iGlobe Partners, Silver
Lake, NFX, Section 32, Alexandria
Real Estate Equities
T. Rowe Price, Fidelity Investments,
Morgan Stanley, Foresite Capital, D1
Capital Partners, Durable Capital
Partners, JS Capital
Caris enables personalized treatment via multi-omics analysis
tumor profiling and blood-based cancer diagnostics.
Element Biosciences offers a desktop DNA-sequencing platform
for single-cell analysis.
Oxford Nanopore offers portable, long-read sequencing using
electronic analysis of single cells across research and
healthcare use cases.
C2i Genomics is developing a blood test to detect residual
cancer, enabling improved monitoring of cancer treatment,
progression, and recurrence.
Inscripta works on digital and consumable tools for CRISPR-
based genome engineering.

67
*Pending transactions; dates provided correspond to deal announcement dates.
OMICS
IPO (6/18/21)
Exit round:
Codex DNA offers tools for
designing synthetic DNA and
mRNA. Researchers are applying
Codex’s technology to areas like
personalized medicine, biologics
drug discovery, vaccine
development, and gene therapy.
About:
$423M
Valuation:
Exit round:
Benson Hill Biosystems’ machine
learning platform CropOS helps to
develop plants that can more
easily be optimized for production,
nutrition, or taste. Using its CropOS
platform and genetic engineering,
Benson Hill also produces a variety
of plant-based ingredients and
produce.
About:
$1.4B
Valuation:
Exit round:
Ginkgo Bioworks uses gene-
editing technology to build custom
microorganisms with lower
environmental impact and waste
for customers across a wide range
of industries, including biopharma,
consumer goods, electronics,
cosmetics, nutrition, food,
agriculture, and more.
About:
$15B
Valuation:
Genetic engineering players have their eyes
on the public market

68
Blind patients hope landmark gene-
editing experiment will restore their
vision
May 10, 2021
Blood disease treatment from CRISPR,
Vertex shows promise in more patients
June 11, 2021
Landmark CRISPR trial shows promise
against deadly disease (transthyretin
amyloidosis)
June 29, 2021
abc
June 24, 2021
CRISPR gene-editing therapies saw progress
for multiple indications in Q2'21
OMICS

69
Icon
here
Icon
here
AI
TELEHEALTH
using information
distance
driven therapeutic
conditions
OMICS
MEDICAL DEVICES
disease
MENTAL HEALTH TECH
Companies applying
HEALTH IT
healthcare provider
organizations

70
CB Insights clients can access the underlying data in our Health IT Expert Collection here.
HEALTH IT
Funding declined following a record in Q1’21
Quarterly global health IT funding and deal count, Q3’18 – Q2’21
$1,351 $368 $497 $837 $410 $850 $903 $1,054 $1,103 $1,852 $2,074 $1,434
61
42
56
63
49
55
59 59
63
51 53
43
0
20
40
60
80
$0
$600
$1,200
$1,800
$2,400
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

71
Other
Late-stage
Mid-stage
Early-stage
Late-stage deal share collapsed while mid-
stage deal share rose QoQ
HEALTH IT
Quarterly global health IT deal share by stage, Q3’18 – Q2’21
54%
40% 39%
51% 55%
36%
42% 39%
32%
24% 26% 26%
20%
33% 38%
35% 22%
40% 31% 32%
24% 35%
36%
47%
18%
10% 7%
6%
6% 7%
8% 14%
21%
22%
26% 9%
8%
17% 16%
8%
16% 16% 19% 15%
24% 20%
11%
19%
0%
20%
40%
60%
80%
100%
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21
Other
Late-stage
Mid-stage
Early-stage

72
HEALTH IT
Series B (4/23/2021)
Latest round:
UK-based Current Health markets
a wearable and enterprise platform
for remote patient monitoring and
hospital-at-home care. The
company plans to use its latest
round of financing to support a
global expansion.
About:
$43M
Amount:
Series C (5/12/2021)
Latest round:
UK-based Huma (fka Medopad)
markets a device-agnostic remote
monitoring and hospital-at-home
platform. It currently has 4 national
deals for its hospital-at-home
solution (in Germany, England,
Wales, and UAE) and is working on a
US expansion.
About:
$100M
Amount:
Series B (5/27/2021)
Latest round:
Germany-based Ada markets
white-labeled digital symptom
checking and care navigation
solutions. In June, it announced 10
new partnerships with key players
across life sciences, insurance,
and health systems to help expand
its global presence.
About:
$90M
Amount:
Digital care enablement startups raised mid-
stage financing, eye global expansions

73
Digital surgery IT drew mid-stage investment
HEALTH IT
Series B (4/21/2021)
Latest round:
UK-based Proximie markets a telepresence platform to
help bring clinical expertise to rural, underserved areas.
Proximie’s primary use case is supporting surgical
telepresence. The company is live in 35 countries and will
use its new funds to expand its presence in the US and
EU.
About:
$38M
Amount:
Series C (4/28/2021)
Latest round:
CareSyntax brings telepresence, automation, and
analytics to the operating room with the aim of reducing
clinical variability and improving quality. The company will
use the funds to expand its headcount, enhance its AI
platform, and move into new markets.
About:
$100M
Amount:
Helping clinicians perform to the best of their abilities, by enabling remote clinicians, proctors, medical device personnel
or other experts to virtually reach into the clinical theatre and share skills, from 1,000s of miles apart.

74
New entrants emerged in health practice IT
HEALTH IT
STREAMLINING PATIENT PAYMENTS DELIVERING ON VALUE-BASED CARE
Series A (4/8/2021)
Latest round:
Canvas Medical offers an EHR system targeting
independent practices. The company’s approach
incorporates automated clinical documentation,
population health analytics, and value-based contract
management tools.
About:
$17M
Amount:
Series A – II (4/1/2021)
Latest round:
Inbox Health extended its $9M Series A (3/17/21),
bringing its total funding raised to $23M. The company is
building a billing platform that uses propensity to pay,
omnichannel communications, and digital payments.
About:
$6M
Amount:

75
Provider-facing IT notched 2 strong exits
HEALTH IT
Acquired (4/12/2021)
Exit round:
Microsoft acquired conversational AI powerhouse Nuance
Communications for $19.7B — Microsoft’s second largest
acquisition to date. Nuance markets virtual assistant
technology built to automate complex tasks in clinical
workflows.
About:
$19.7B
Valuation:
IPO (6/21/21)
Exit round:
Physician social network and care collaboration platform
Doximity doubled its valuation on its first day of trading,
closing the day with a market cap of $9.4B. Doximity has
moved beyond networking and now provides technology
to support telehealth visits.
About:
$4.6B
Valuation:

77
Methodology
What is excluded:
• No contingent funding. If a company receives a commitment for $20M subject to hitting
certain milestones but first gets $8M, only the $8M is included in our data.
• No business development/R&D arrangements, whether transferable into equity now,
later, or never. If a company signs a $300M R&D partnership with a larger corporation,
this is not equity financing, nor is it from a venture capital firm. As a result, it is not
included.
• No buyouts, consolidations, and/or recapitalizations. All three of these transaction
types are commonly employed by private equity firms and are tracked by CB Insights.
However, they are excluded for the purposes of this report.
• No private placements. These investments, also known as PIPEs (Private Investment in
Public Equities), are excluded even if made by a venture capital firm.
• No debt/loans of any kind (except convertible notes). Venture debt or any kind of
debt/loan issued to emerging startup companies, even if included as an additional part
of an equity financing, is not included. If a company receives $3M with $2M from
venture investors and $1M in debt, only the $2M is included.
• No government funding. Grants, loans, or equity financings by the federal government,
state agencies, or public-private partnerships to emerging startup companies are not
included.
CB Insights encourages you to review the methodology and definitions employed to better understand the numbers presented in this report. If you have any questions
about the definitions or methodological principles used, we encourage you to reach out to CB Insights directly. Additionally, if you feel your firm has been under-
represented, please send an email to info@cbinsights.com and we can work together to ensure your firm’s investment data is up to date.
What is included:
• Equity financings into emerging healthcare companies. Equity financings include: convertible
notes, seed, Series A, Series B, Series C, Series D, Series E+, private equity, growth equity,
other venture capital, and other investment rounds.
• Fundings of only private companies. Funding rounds raised by public companies of any kind
(including Pink Sheets) are excluded from our numbers, even if a company received
investment from a venture firm.
• Only includes the investment made in the quarter for tranched investments. If a company does
a second closing of its Series B round for $5M and previously had closed $2M in a prior
quarter, only the $5M is reflected in our results.
• Round numbers reflect what has closed — not what is intended. If a company indicates the
closing of $5M out of a desired raise of $15M, our numbers reflect only the amount which has
closed.
• Only verifiable fundings are included. Fundings are verified via various federal and state
regulatory filings, direct confirmation with firms or investors, or press releases.
• For the purposes of this report, digital health is defined as companies in the healthcare space
that use technology/software as a key differentiator vs. their competition. This includes
everything from disease diagnostics to tech-enabled health to AI-driven drug discovery, and
more.
• Historical funding data is subject to change as our technology & data operations explore data
sets globally and refine company classifications.

78
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State Of Healthcare Q2’21 Report: Investment & Sector Trends

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