Startuphealth-Q1医疗健康初创企业洞察

1、Q1 2019How We Think About the Health Innovation MarketIn 2018 StartUp Health introduced a new way to organize the health innovation marketplace. Heres the rundown.INVESTMENT SPECTRUMEvery company in the StartUp Health Insights database is sorted into one of 10StartUp Health Insights, a quarterly rep

2、ort that tracks trends in the health innovation industry, has analyzed over 5,000 funding deals dating back to 2010. Over that period, the market has exploded to $58.3 billion in funding, with new companies emerging everySix Key AttributesIt starts by breaking down each company into six attributes,

3、which creates different lenses to see where the money is (or isnt) flowing. Companies may have more than one health moonshot, specialty, end user, technologyfunctions its main value drivers. This top line break-down offers a look into the breadth of investment, which speaks to the overall health of

4、the market (shown here), and each health moonshot, which well share in coming pages.year from every corner of the world.Along with that rapid growth has come an increase in complexity within the market. To address this new paradigm, StartUp Health has re-imagined how we categorize and track companie

5、s.Increasingly, companies and industry theses are relegated to a single-variable descriptor, such as “population health company,” “AI company,” or “oncology platform.” This tactic can give an audience a frame of reference, but that framing is often too narrow to be useful.The StartUp Health Insights

6、 classification structure:Creates a nuanced way in which market trends are analyzedor application, but they can only have onefunction. As such, youll see throughout our report that the same company can fall into multiple categories.Health MoonshotThe long-term impact the company will have on the wor

7、ldex: access to care, cost to zeroFunctionThe companys main activity or value driverex: wellness, researchSpecialtyThe branch of medicine or disease the company addressesex: oncology, cardiologyFUNCTION Patient Empowerment Wellness Research Personalized Health Administrative Workflow Clinical Workfl

8、ow Biometric Data AcquisitionEducation + Content$10.3M$656.5MInsurance Population HealthpTHE STORYQ1 2019$405.2M$420.6M$326.5M$114.6M$239.3M$314.1M$242.1M$153.0MUncovers new opportunities for entrepreneurs, investors and key stakeholdersEncourages investors, customers, and other stakeholders to more

9、 clearly state their thesis for the industry to improve existing partnerships and build new partnerships with startupsEnd UserThe organization or individual who benefits from the companys value ex: patient, providerTechnologyThe delivery mechanism of the companys valueex: machine learning, roboticsA

10、pplicationThe use cases for the companys technologyex: diagnostics, billingPatient empowerment typically tops the list as the most funded function, but insurance led this quarter, with a 93%increase in capital raised compared to Q1 of 2018 due to Clover Healths financing. Just two education and cont

11、ent deals were closed, representing less than one percent of total funding this quarter.Wellness, led by Hims $100M raise in January, was the second most funded function, making up 15% of total capital raised in Q1 2019.3Source: StartUp Health Insights | /insights. Note: Report based on publicly ava

12、ilable through 3/31/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple Moonshots and therefore will be represented throughout the report. FundingSTARTUP HEALTH INSIGHTS / THE MARKETTHE STOR

13、YThe first quarter of 2019 saw fewer deals than last year (a 35% drop over Q1 2018 and flat over Q4 2018), while funding dollars only trailed Q1 2018 by 3.7%, leading median deal size to grow by 79%. We might look at this as quality over quantity fewer, larger deals could suggest a more mature marke

14、t yet it is notable that thisis the first Q1 on record that hasnt beaten the preceding Q4 in funding amount.Clover Health represented 17% of total cap- ital raised in Q1 2019, a percentage share that hasnt been seen since Outcome Healths Q2 2017 $600M round. In fact, it took three com- panies to rea

15、ch that percentage in Q1 2018.Clover Healths deal also catapulted the insur- ance function to make up 23% of total capital raised, while only 4% of deal volume.Though total funding for the quarter took a small dip, the deals recorded represent a broad diversity of investments, covering eight out of

16、the ten tracked functions. Total Funding860Largest U.S. DealsQ1Q3Q2Q4769DEAL COUNT473645606570688$14.6B154283$7.1B$6.2B$8.3B$11.7B137CompanyAmountFunction01Clover Health$500MInsurance02Beam Therapeutics$135MResearch03Health Catalyst$100MAdmin Workflow04Hims$100MWellness05Calm$88MWellness06DNAnexus$6

17、8MPopulation Health07Pear Therapeutics$64MPatient Empowerment08The Pill Club$51MPatient Empowerment09eHealth Technologies$41MClinical Workflow10Quip$40MWellness10TriNetX$40MWellnessLargest Non-U.S. Deals$1.2B$2.0B$2.3B$2.8B $1.4B $1.1B$2.2B$2.8B$3.0 BCompanyAmountFunction01Doctolib$170MPatient Empow

18、erment02Taimei Medical Technology$80MResearch03Sophia Genetics$77MClinical Workflow04Shuidichou$74MInsurance05Miaoshou Doctor$73MWellness06Medbanks Network Technology$59MClinical Workflow07Dental Monitoring$51MBiometric Data Acquisition08Vantage Health$50MBiometric Data Acquisition09Alan$45MInsuranc

19、e10EarlySense$39MBiometric Data Acquisition$2.9B2010201120122013201420152016201720182019YTD$0.2B $0.4B $0.5B $0.6B 4StartUp Health InsightsSource: StartUp Health Insights | /insights. Note: Report based on publicly available data through 3/31/19 on seed (incl. accelerator), venture, corporate ventur

20、e, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple Moonshots and therefore will be represented throughout the report. InvestorsSTARTUP HEALTH INSIGHTS / THE MARKETTotal Investors year over year12481238931623653507291314350176200150100502010201120

21、122013201420152016201720182019 YTDNUMBER OF DEALS BY INVESTOR23456+TOTAL UNIQUE INVESTORSTHE STORYWith 350 unique investors, the first quarter of 2019 was on track with 2018. GV and F-Prime Capital Part- ners topped the list of active investors with four investments each in Q1 2019. Balderton Capita

22、l, Sands Capi- tal Ventures and Wells Fargo StrategicMost Active Investors Q1 2019 deal count(Total number of deals invested in 2018)Early Stage Mid Stage Late Stage Capital, who barely dipped their toes into the health innovation market in 2018 with one investment apiece, already have three investm

23、ents under their belts this year. Eleven percentof investors have backed two or more companies this year, with 11 of the 37 being new to the health innovation space in 2019. This demonstrates a continued interest in the ecosystem, with cross-pollination of expertise from more traditional sectors, su

24、ch as biotech, medical devices and healthcare IT.F-Prime Capital Partners4 Deals (11)Sands Capital Ventures3 Deals (1)GV4 Deals (6)Wells Fargo Strategic Capital3 Deals (1)Balderton Capital3 Deals (1)5Source: StartUp Health Insights | /insights. Note: Report based on publicly available through 3/31/1

25、9 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple Moonshots and therefore will be represented throughout the report.STARTUP HEALTH INSIGHTS / THE MARKETHubs of Innovation1547109623108Most A

26、ctive Metro Areas in the United StatesCity/RegionFunds RaisedDeals YTD2018 Deals01San Francisco$991.8M2013802Boston$278.5M104503New York City$186.5M179204Salt Lake City$125.0M2305Seattle$44.1M51306Rochester$41.0M1107Denver$25.0M2708Washington, DC$20.5M3609Chicago$19.6M31310Dallas/Fort Worth$18.0M401

27、0Tampa$18.0M14THE STORYIn the United States, San Francisco, New York, and Boston almost always top the list of most-funded metro areas, and this quarter was no exception. Five of the largest U.S. deals this quarter call the San Francisco Bay Area home, which led the metro area to raise more money th

28、is quarter than every other metro area combined. While the New York City metro area was not home to as many mega deals in Q1 2019, they trailed by just four deals behind their coastalcounterpart. Not to be outdone, Seattle saw five deals in Q1 2019 compared to just one in Q1 2018, and increased capi

29、- tal raised from $1M to $44M. Dallas/Fort Worth made our list for the first time with four deals and $18M raised in Q1 2019. While large deals were concentrated on the coasts, diversity of deal flow continued to spread across the U.S., with numerous deals occurring across 29 metro areas this quarte

30、r overall.6StartUp Health InsightsSource: StartUp Health Insights | /insights. Note: Report based on publicly available data through 3/31/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple

31、Moonshots and therefore will be represented throughout the report.81632579104Most Active Non-U.S. Metro AreasCity/RegionFunds RaisedDeals YTD2018 Deals01Paris, France$276.0M5702Beijing, China$147.0M52103Tel Aviv, Israel$126.0M93904Guangzhou, China$103.0M2305Zhejiang, China$80.0M1106Lausanne, Switzer

32、land$77.0M1107Mumbai, India$50.0M1708London, UK$38.2M62109New Delhi, India$36.9M11210Singapore$26.0M214THE STORYIn Q1 2019, all eyes were on Paris, France. While London or Beijing often top this list of international metro areas for health innovation, this quarter the City of Lights logged fivedeals

33、 and brought in nearly double that of Beijing, which, at #2 on our list, remains a robust hub for health innovation. Parisian deals were led by Doctolib and Dental Monitoring. As usual, the diversity of international metro areas reminds us that health innovation is a global movement, with 36%of all

34、funding occurring outside of the United States. Just ask Sophia Genetics, the company that put Lausanne, Switzerland on our map for the first time by raising $77M to maximize the power of data-driven medicine.7Source: StartUp Health Insights | /insights. Note: Report based on publicly available data

35、 through 3/31/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple Moonshots and therefore will be represented throughout the report.The Quest to Achieve Health MoonshotsAt StartUp Health, we

36、 believe that radical collaboration around audacious heatlh goals will change the world. Here are the Health Moonshots that we are currently working towards, and which we use to categorize the market.Access to Care Moonshot Together we candeliver quality care to everyone, regardless of location or i

37、ncomeCost to Zero MoonshotTogether we can reduce the cost of care to “zero”Cure Disease MoonshotTogether we can rid the world of diseaseCancer Moonshot Together we can end cancer as we know itWomens Health Moonshot Together we canimprove the health of every woman, closing the gender gapChildrens Hea

38、lth MoonshotTogether we can ensure that every child has access to quality careNutrition & Fitness MoonshotTogether we can ensure access to food, water and a healthy lifestyleBrain Health MoonshotTogether we can unlock the mysteries of the brain to improve health and wellnessMental Health & Happiness

39、 Moonshot Together we can connect mind, body and spirit in the pursuit of wellbeingAddiction Moonshot Together we can end addiction and the opioid epidemicLongevity Moonshot Together we can add 50 healthy years to every human lifeQ1 2019 Funding By Health Moonshot$983.0M$1.1B$613.0M$191.4M$91.6M$17.

40、5M$90.9M$35.8M$129.4M$64.0M$308.3MAccess toCareCost to ZeroCure DiseaseCancerWomens HealthChildrens HealthNutrition & FitnessBrain HealthMental Health & HappinessAddictionLongevity8StartUp Health Insights8StartUp Health InsightsSource: StartUp Health Insights | /insights. Note: Report based on publi

41、cly available data through 3/31/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple Moonshots and therefore will be represented throughout the report.Access to CareSTARTUP HEALTH INSIGHTS /

42、HEALTH MOONSHOTSFunding Total Access to Care Funding Deal Count6772505148$514.0M$1.0B$2.1B$1.2B$983.0MTHE STORYAccess to Care was our second most funded health moonshot in Q1 2019, with an average deal size that has almost doubled, year over year. This represents an important upturn after a slowdown

43、 in 2017, where funding was flat year over year. A wide range of applications are represented in this health moonshot, with the most prevalent of Q1 being care coordination, communication and diag- nostics/screening tools. Nearly 74% of Access to Care funding in Q1 2019 was for solutions delivered b

44、y web and mobile apps, but wearables stood out as a technology type that received increased capital.Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019 DealsQ1 2019 Number of Deals By RoundSeries ASeries B96Series CSeed75Investment Spectrum Wellness13 Deals ($271.8M)Patient EmpowermentHow Funding Is Balanced Across

45、 10 FunctionsDeal CountResearch2 Deals ($108.0M) 2 Deals ($86.0M)11 Deals ($145Clinical Workflow Administrative WorkfloPersonalized Health5 Deals ($64.5M) w4 Deals ($45.5M) WHO WE TRACKCOMPANIES1800COUNTRIES83Series D1.9M)Series E/F/G/H2Venture18Insur Population HealtBiometric Data Acquisition7 Deal

46、s ($159.4M) h3 Deals ($28.0M) CITIES511DollarsUnder $1M$1M$5M$5M$10M$10M$25M$25M$50M$50M$100M$100M+19910661Q1 2019 Frequency of Deal Size*Education + Content ance-Top Deals Q101Doctolib02Taimei Medical Technology0 3S huidichou04Miaoshou Doctor05 Medbanks Network Technology06Dental Monitoring1 Deal (

47、$74.0M)Q1 2019 QUICK STATSTrendingMost Funded End User PatientMost Funded Tech TypesWeb app, Mobile appMost Funded Applications Care coordinationDEALS48MEDIAN DEAL $10MINVESTORS115*Raises without a publicly disclosed dollar amount are counted in the total number of deals, but not represented in freq

48、uency of deal size analysis.99Source: StartUp Health Insights | /insights. Note: Report based on publicly available data through 3/31/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple Moon

49、shots and therefore will be represented throughout the report.Cost to ZeroSTARTUP HEALTH INSIGHTS / HEALTH MOONSHOTSTHE STORYMore money is pumping into the quest to lower costs than into any other health moonshot. In total, the Cost to Zero Moonshot saw 51 deals in Q1 2019 and$1.1B raised thats trip

50、le where we were at in 2015. No surprise that most of the deals within this health moonshot are focusing on the administrative and clinical workflow functions, with providers and clinicians as the most predomi- nant end users. As one of the first moonshots that entrepreneurs started to transform, th

51、e deals continue to mature, with the number of mid-stage deals increasing by four times (from three to 17) over Q1 2018.Deal Count6365595141$885.0M$791.7M$1.1B$1.1B$1.1BFunding Total Cost to Zero FundingQ1 2018Q2 2018Q3 2018Q4 2018Q1 2019 DealsQ1 2019 Number of Deals By RoundSeed8Investment Spectrum

52、How Funding Is Balanced Across 10 FunctionsDeal CountPatient Empowerment5 Deals ($2.0M)ResearchPersonalized Health1 Deal ($10.0M) Administrative Workflow13 Deals ($229.3M) Clinical Workflow13 Deals ($83.4M)Biometric Data Acquisition8 Deals ($115.8M) Population Heal Wellness- 4 Deals ($65.0M)WHO WE T

53、RACKCOMPANIES1309COUNTRIESSeries ASeries B1010SeriesSeries DSeries E/F/G/H12Venture13C7th3 Deals ($57.0M) 52CITIES443Dollars$1M$5M$5M$10M$10M$25M$25M$50M$50M$100M$100M+13611821Q1 2019 Frequency of Deal Size* Under $1M0Education + ContentInsurance-Top Deals Q101Clover Health02Health Catalyst0 3Dental

54、 Monitoring04Alan05TriNetX06Unite Us4 Deals ($582.5M) TrendingMost Funded End Users Providers, CliniciansMost Funded Tech TypeAnalytics ToolsMost Funded Applications Care Coordination, Personal InsuranceQ1 2019 QUICK STATSDEALS51MEDIAN DEAL $10MINVESTORS143*Raises without a publicly disclosed dollar

55、 amount are counted in the total number of deals, but not represented in frequency of deal size analysis.10StartUp Health Insights10StartUp Health InsightsSource: StartUp Health Insights | /insights. Note: Report based on publicly available data through 3/31/19 on seed (incl. accelerator), venture,

56、corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple Moonshots and therefore will be represented throughout the report.Cure DiseaseSTARTUP HEALTH INSIGHTS / HEALTH MOONSHOTSTHE STORYThe Cure Disease Moonshot saw a major dip in fundi

57、ng in Q1 2019, coming in at half the capital raised and one third the number of deals as Q1 2018. Not to men- tion that the quarter was propped up by the Beam Therapeutics mega deal (22% of total funding). 59% of all deals were for companies that designed a digital so- lution for providers, such as

58、EarlySense, 10 x Genomics and Aidence. On the tech side, hardware/medical devices and analytics tools trended up in Q1. At 65%, the Cure Disease Moonshot had the second highest number of companies that raised more than $10M as a percent of total deals, just behind the Cancer Moonshot, with which the

59、re was a lot of crossover. Its too early in the year to tell if the dip is a trend, but any downturn in investment suggests theres room for growth, particularly given that the companies in this moonshot are still in early stages.Funding Total Cure Disease Funding Deal Count6358422722$1.2B$1.2B$831.6

60、M$972.1M$613.0MQ1 2018Q2 2018Q3 2018Q4 2018Q1 2019 DealsSeed1Series AQ1 2019 Number of Deals By Round4Investment SpectrumHow Funding Is Balanced Across 10 FunctionsDeal CountPatient Empowerment4 Deals ($79.7M) Wellness- Research Personalized Health4 Deals ($218.5M)2 Deals ($36.6M) WHO WE TRACKCOMPAN