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PublishedJan.17,2024
HEALTHCAREINVESTMENTSANDEXITSANNUALREPORT2023
spottingtheGreenshoots
It’sbeensixmonthssincewebroughtyouourMid-YearHealthcare
InvestmentsandExits2023report,andIwishIcouldsaythatmuchhaschangedsincethen—thatinvestmentshaveroaredback,valuationsaresoaringandtheIPOwindowhasliftedwideopen.Unfortunately,we’re
notthereyet.
Whathasemergedisaclearerpictureofwherewe’reheaded.Strategiesthattookshapemonthsagoarenowshowingupinthedata,asinvestorswhooncefavoredlaterstagedealshavedecisivelypivotedtowardearlierdeals.Theresulthasmeantsmallerchecksspreadtoagrowingnumberofcompaniesatright-sizedvaluations.
WhileVCinvestmentinhealthcarehassettlednearhalfits2021peak,
dealcountshavereboundedinrecentmonthsandareapproachingtheirpriorpace.Ifinvestorswereeversittingontheirhandswaitingforclarity,thattimeisover.VCsarebacktowork.
Theirinvestmentsarecreatinggreenshootsofoptimismacrossthespectrumofhealthcareinnovation.Promisingcompaniesarebeingfundedatratesthatapproachorevenexceedhistoricnorms,andtheadventofgenerativeAI
technologyoffersimmensepossibilityforinnovativehealthcarefounders.
Butthechallengesofthecurrentmarketremainsignificant.Ageneration
oflate-stagecompaniesthattookhighvaluationsatthepeakoftheVC
boomnowfaceanuncertainfuture.DozensorevenhundredsofIPO-ready
JackieSpencer
HeadofRelationshipManagementfor
LifeScienceandHealthcareBanking
jspencer@
vbBancknvaley
ADivisionofFirstcitizensBank
companieshavelimitedfundingoptionsoutsideofapublicexit.Forthese
companies,apublicmarketturnaroundcouldn’tcomesoonenough.
Lifesciencecompaniesarelessaffectedbytheslowermarketiftheyhave
strongclinicalresults.Biopharmacompanieswithfavorableclinicaltrialsare
findingplentyofinterestamonginvestorsandachievingstrongstep-up
valuations.Thestickinesswe’veseeninbiopharmareflectsthelongerterm
perspectivemanylifescienceinvestorstake.Fewertouristinvestorsenter
thisarena,andtheLPsthatinvestinhealthcaretendtobemoreimmuneto
marketwhims.Thatrealityishelpingtobolsterfundraising.
Whiletech-focusedVCinvestorsarestrugglingtoraisenewfunds,
healthcareinvestorshavefaredwell.USinvestorsraised$19Binnew
health-specificfundsin2023,thethirdhighestyearonrecord.Growthin
promisingareassuchaswomen’shealth,AI-enableddiagnostics,drug
discoveryandpersonalizedmedicinearereasonsforimmenseoptimismin
healthcareinnovation.
Aswelooktotheyearahead,weunderstandthatmanycompanieswill
continuetofacechallenges.Theresetnowwashingthroughtheindustry
willtakeitstoll.Butifthisprocesscreatesarealitymoregroundedin
fundamentals,wherepositiveandsustainableoutcomesarepossible
formorecompaniesinthelong-run,thenmaybeitwasworthit.Afterall,
there’snothingmoreirrepressiblethanthepowerofagoodidea.
2
HEALTHCAREINVESTMENTSANDEXITSANNUALREPORT2023
04HealthcareMarketHighlights
07FundraisingandInvestment
13InvestmentbySector
18Spotlight:AIinHealthcare
21HealthcareExits:M&AandIPOTrends
vbBancknvaley
ADivisionofFirstcitizensBank
3
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT20234
HealthcareMarket
Highlights
NewDealson
theBlock:
$250Macquisition
WestStreetLife
SciencesFundI
$650Mfundraising
Healthcareinvestors,foundersandstakeholdersrecentlygatheredforaweekofhealthcareconferencesinsanFrancisco.
Herearesomeofthemostnotabletalkingpointsandhighlights.
DataastheLifebloodofInnovation
Youhavetonavigatea3Dspaceif
youwanttobesuccessfulin
predictivesimulationandmodeling.Thatrequiresdata,itrequires
algorithms,anditrequirescompute.”
FrankO.Nestle,M.D.
GlobalHeadofResearch&Chief
ScientificOfficer,Sanofi
Goodclinicaldataarealways
importantforcreatingmomentum.”
AlessandroMaselli
President&CEO,Catalent
Johnson&Johnson
=AMBRX
$2Bacquisition
Almorethana'NicetoHave'
AIgivestheopportunitytomove
awayfromtheartisanalcraftofdrugdiscoverytoanengineeredprocess.”
RayPressburger
GlobalLifeScienceLead,Accenture
Overthelastyearwehavemovedtoaviewwherewesay‘AIisactuallyanecessity’[forunderstanding
disease].”
Dr.MatthiasEvers
ChiefBusinessOfficer,Evotec
DriversofM&ADealmaking
•Biopharmacompaniesfocusedonlargepopulationcategoriessuchas
obesity,cardiovascular,and
autoimmunediseases,arelikelytoattractacquisitioninterestin2024.
•Forlate-stagerarediseaseassets,interestisgrowingfrombuyersinEuropeandAsia.
•Exitopportunitiesmoreplentifulforcompanieswithstrongclinicaldata.
$680Macquisition
vbBancknvaley
ADivisionofFirstcitizensBank
Note:QuotesgatheredfromremarksattheJPMHealthcareConferenceJan8-11,2024.Theywerelightlyeditedforclarity.
Source:JPMHealthcareConferenceandSVBresearch.5
Investments
Investmentvolumeshaveleveledoffoverthepastfourquarters,settling55%belowtotalsseenin2021.However,thepaceofdeploymentispickingup.Dealcountsaredownjust11%fromthe2021peakand
gainingspeedasdwindlingrunwaysforcefounderstoacceptlessfavorableterms.
Fundraising
USinvestorsraised$19Bfornewhealth-focusedVCandgrowthfundsin2023,
thethirdhighestamountforanyyear.
Thismaysignaloptimismthatdeployment
willpickupasinflationeasesandthe
Fedpausesratehikes.Weexpect
fundraisingtobestrongagainin2024.
Exits
Theexitmarketremainstightaslate-
stagecompaniesgrapplewithvaluation
overhang.IPOswereflatvs2022withM&A
activityfavoringacquirersasevidencedby
asurgetheshareofundiscloseddeals.
WemayseemoreIPOsin2024aspublic
marketsadjusttohigherinterestrates.
Healthtech
Companiesarestillrecoveringfromthe
overabundanceofinterestreceivedduringthepandemic,withinvestmentdown33%from2022.Laterstagecompaniesface
challengesgrowingintoloftyvaluations,
manyofwhichweredecoupledfrom
fundamentals.Acquisitionsremainsteady,thoughtherearefewerdiscloseddeals,
reflectingthestrainedenvironmentthatmanyoftheseoncehighlyvalued
companiesnowfindthemselvesin.
Biopharma
Companieswithstrongclinicalassets
arestillfindingfundingtraction,despite
headwinds.Promisingdevelopmentson
thehorizoninclude:RNA-basedtherapies,theGLP-1classandADCs.Whileexits
aredepressedfromhistoricnorms,we
saw19IPOsthisyear,asignthattheIPOmarketcouldbebitingagain,thoughIPOsarelargelyreservedforcompanieswith
morerobustclinicalvalidation(phaseIIandbeyond).
Dx/Tools
Afteragangbuster2021andmodest2022,diagnosticsIPOscametoagrindinghaltin2023.Thismarksthesector’sfirstyear
since2016withnoIPOs.Abrightspotin
privatediagnosticsinvestmentsisthetotalcapitalinvestedinseed/SeriesA
companieswhich,whileshortofthepeakin2022,farexceedspre-pandemiclevels.Thecontinueddevelopmentof
personalizedmedicinewilllikelybenefitthissector.
Device
Giventherelianceonoutpatient
procedures,themedicaldevicesectoris
stillworkingthroughknock-oneffectsof
thepandemic,includinghaltedprocedures
anddisruptedsupplychains.This
manifestedasatoughyearfordeviceexits
whentotalexitvaluesareattheirlowest
pointsince2017.Investmentshavefared
relativelywell.They’redown25%from
2022,whiledx/toolsandhealthtechare
down42%and33%,respectively.
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT20236
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT20237
Fundraising
andInvestment
30000
25000
20000
Defyingatrendintheoverallinnovationeconomy,
fundraisingwasabrightspotforhealthcarein2023.US
investorsraised$19Bforhealth-focusedventureand
growthfunds,thethird-highesttotalforanyyearandjusta14%decreasefromlastyear.Whiletech-focusedVCs
arestrugglingtoraisenewfundingamidtheVCdownturn,healthcareinvestorsarerefillingtheirreserves,hopingtomaximizetheirupsidepotentialasvaluationsdrop.
Promisingly,theFed’srecentmentionofpotentialinterestratedropsin2024mayspeedupadditionalfundraising.
Fourteenfirmsraised$1B+fundslastyear,butthatfreshcapitalcouldsitonthesidelinesforawhile.Thefrenziedsenseofurgencywesawin2021islargelygone,giving
investorsmoretimetofocusondiligence.Withvaluationsstillsettling,investorsarecuttingsmallerchecksand
stretchingtheirfundsfurther.Firmsthatfocusedonlaterstagedealswhenthemarketwashotarenowturning
theirattentiontoearly-stagedeals,whicharemore
shelteredfrompublicmarketvolatilityandmayhave
cleanercaptablesunencumberedbydownroundsor
out-of-reachvaluations.Inonenotableexample,Lux
Capitalannouncedtheypivotedtowardearlierstage
deals.In2021,Luxinvested44%oftheirdeploymentsintolaterstagecompanies.Now,thetrendhasflippedwith81%ofdealsgoingtoearlystagein2023.Thisshiftmaybeabellwetherforotherfirms.
AddedtotheMix
15000
10000
2012-2023
ClosedfundsFundsstillraising
$22B
$19B
$17B
$11B
$9B$10B
$8B$7B
$6B
$4B$4B
USVCfirmsraised$19Bforhealth-focusedfundsin2023,makingitthethirdbestyearforhealthcarefundraising.
$28B
$5B
201220132014201520162017201820192020202120222023
NotableFundswithAllocationstoHealthcare2
COWEN
Notes:1)USHealthcareVentureCapitalFundraisingdefinedasanapproximationofhealthcareinvestment
dollarstobeinvestedbyfirmsthathistoricallyinvestin+50%UScompanies.Estimatesbasedonanecdotal
conversationswithinvestorsandexpertanalysisoflastfunddealpace.2)Notablefundsbasedonlargest
estimatedallocationtoventurehealthcare.
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT20238
Source:PitchBookandSVBproprietarydata.
1643
1066
1083
936
815
801
668
658
theDeals
Thistimelastyear,investorsweremostlytreadingwater.
Dealcountsdroppednearly30%fromH12022to
H22022,asvaluationsreset.Today,valuationsremain
muted,butdeploymentsarepickingupasmoreinvestorshavecommittedtoanewstrategyofbackingearlierstagecompanies.AcrosstheUSandEurope,averagedealsizehasfallenfrom$35MinH12021to$24MinH22023.
Theseshiftsmaysignalstabilization.AfterarapiddeclinethatbeganinJanuary2022,VCinvestmenthasleveled
off,averagingaround$11Bperquarteroverthelastyear,aroughly55%declinefrom2021.Fromthegreatheightsoftwoyearsago,thatdropmayfeelextreme,butinthecontextofVChistory,we’rebackto2019levels.The
questiononeveryone’smindseemstobe:isthisareturntonormalorthestartofanew,morecyclicalnormal?
Whicheverthecase,thedaysofuncheckedup-and-to-the-rightgrowthexpectationsarelikelybehindus(fornow).
Investmenttrendsvarybysector.Healthtech,a
pandemicdarlingwithaninfluxoftouristVCinvestment,sawaspikeofcapitalduring2021buthasfailedtokeeppaceasvirtualcareandotherpandemictrendsrecede.
Biopharma,however,hasbeenlessimpactedbymarketvolatility.Companieswithstrongclinicalassetsare
generallyfindingenoughinvestmenttopursuethenextmilestone.
US,Euanduk
$60B
1489
1470
$50B
1283
1246
$40B
$30B
$20B
$10B
$0B
2018H1
2018H2
2019H2
2019H1
2020H2
2021H1
2020H1
2021H2
2022H1
2023H1
2023H2
2022H2
2021
2022
2023
Sectors($M)
US
EU&UK
Total
US
EU&UK
Total
US
EU&UK
Total
YoY
Change1
Biopharma
31,215
6,924
38,138
24,997
4,830
29,827
17,003
4,161
21,164
-25%
Healthtech
33,129
2,881
36,010
14,063
3,957
18,020
10,471
1,372
11,843
-33%
Dx/Tools
11,955
2,713
14,668
8,650
1,659
10,309
4,281
1,415
5,696
-42%
Device
6,691
2,383
9,074
7,091
1,572
8,663
4,723
1,239
5,962
-25%
Total
82,990
14,901
97,890
54,801
12,019
66,819
36,477
8,187
44,665
-30%
Note:1)YoYchangecalculatedfromJanuarythroughNovemberof2023andthesameperiodin2022.
Source:PitchBookandSVBproprietarydata.HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT20239
Dealcount(2022-2023)
Overall
Biopharma
Healthtech
Dx/Tools
Device
55
Gaingels
36
RACAPITAL
36
PLUGANDPLAY
10
PLUGANDPLAY
12
54
PLUGANDPLAY
33
34
Gaingels
9
10
47
Alumniventures
22
26
Alumniventures
7
7
Alumniventures
44
RACAPITAL
21
25
7
7
42
17
18
1OCAPITL
7
6
40
17
18
6
6
37
16
snofiventures
14
6
breyercapita
5
34
1OCAPITAL
14
Gainges
12
8VC
6
5
Note:1)Mostactivenewinvestorscalculatedasnew(first-time)investmentsinUS,EUandUKcompaniesfrom1/1/2022-12/1/2023.Datesoffinancingroundssubjecttochangebasedonadd-oninvestments.Additionalinvestorsnotlistedduetospacelimitations.
Source:PitchBook,conversationswithinvestorsandSVBproprietarydata.
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT202310
ActasLifelines
Thedaysofthevanityvaluationarelonggone.Nowit’sallaboutthespoon-feddeals.JustlikeanIVinthehospital,theseinvestments—oftenintheformofinsiderounds—keepcompaniesaliveuntiltheycanthriveagain.
Investorsareincreasinglyusinginsideandextension
roundstokickthecandowntheroadforcompaniesthatwouldotherwisefailorbeforcedtotakeadownround.
Togetasenseofthistrend,wedefinedspoon-feddealsaslaterstagecompaniesvaluedatorabove$20Mraisingaroundof$15Morbelow.Dealsinthisrangeareup
acrossallhealthcare.Nearlyhalfofalllaterstage
diagnosticsdealsarespoon-feddeals,upfrom27%in2021.Thespikeintheproportionofspoon-feddealsissimilarforhealthtechandbiopharma,butarelowerfordevices,whichalreadyhadahigherrateofspoon-feddeals.
Ingeneral,dealsizesaretrendinglowerascompanies
areforcedtodomorewithless,andinvestorsaremoreinterestedinearlierdealswithcleanercaptables.In
2023,VCdealslessthan$10Maccountedfor65%ofalldeals,upfrom50%in2021.Greaterscrutinyonpricingisalsoaffectingstep-ups,whichhavefallenbelowthe
pre-pandemicnormforallstages.SeriesCcompanies,whichweregettingamedian2xincreaseinvaluationin
2021arenowseeingonlya30%bump.Buteventhese
numbersarelikelyinflatedastheyonlyincludediscloseddeals,whichareashrinkingminorityofalldeals.
vbBancknvaley
ADivisionofFirstcitizensBank
-FedDeals1
2021vs2023
20212023
DeviceDx/ToolsHealthtechBiopharma
AllSectors
65%
Nearlytwo-thirdsofdeals
50%wereunder$10Min2023,up
fromhalfofallhealthcaredealsin2021.
23%
13%
8%
3%
15%
12%
5%
6%
41%
49%
46%
44%
42%
31%
29%27%
20%
$0-$10M
$10M-$20M
$20M-$30M
$40M+
$30M-
$40M
2023
2021
step-upsforHealthcarevcDealsbyseries2
MedianMiddle50%ofdeals
4.5x
4.0x
3.5x
3.0x
2.5x
2.0x
1.5x
1.0x
SeriesA
2.5x
2.3x
1.9x
1.8x
1.5x
20192020202120222023
4.5x
4.0x
3.5x
3.0x
2.5x
2.0x
1.5x
1.0x
SeriesB
2.0x
1.8x1.8x
2.0x
1.5x
20192020202120222023
4.5x
4.0x
3.5x
3.0x
2.5x
2.0x
1.5x
1.0x
SeriesC
2.0x
1.6x
1.6x
1.6x
1.3x
20192020202120222023
Notes:1)Aspoon-feddealisdefinedasadealthatis$15Morlessforlaterstagecompanywithapre-
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT202311
moneyvaluationatorabove$20M.2)Step-upsarethelatestpre-moneyvaluationdividedbytheprevious
post-moneyvaluationfordiscloseddealsonly.
Sources:PitchBookandSVBanalysis.
HealthcarevcDealcountsforseriesAandBeyond1
US,Euanduk
UndiscloseddealsDown/flatroundsUprounds
26%
37%
48%47%45%
7%
6%
6%
8%
9%
67%
57%
48%
45%
43%
20192020202120222023
Notable2023HealthcareupRounds
US,Euanduk
Step-Up2StageDealSizeSector
1.32x
SeriesC
$430M
Biopharma
1.52x
SeriesD
$323M
Device
1.49x
SeriesA
$300M
Biopharma
Generate:Biomedicines
1.19x
SeriesC
$273M
Biopharma
1.88x
SeriesA
$270M
Biopharma
1.05x
SeriesF
$260M
Healthtech
3.03x
SeriesB
$260M
Biopharma
1.81x
SeriesC
$255M
Dx/Tools
1.13x
SeriesC
$225M
Biopharma
Notes:1)Uproundsdefinedasdealswherethepre-moneyvaluationishigherthanthepriordeal’spost-moneyvaluation.2)Step-upmultiplecalculatedbydividingthepre-moneyvaluationonthecurrentventureroundbythepost-moneyvaluationontheprecedingventureround.
Source:PitchBookandSVBproprietarydata.
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT202312
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT202313
Investmentbysector
Seed/SeriesA
$3
00M
Laterstage
$430M
AI②LOSBIO
$2
45M
elevatebi
$401M
$2
15M
$300M
$1
45M
Generate:Biomedicines
$273M
$1
37M
$270M
养EyeBio
$1
00M
$260M
$6.5B
$6.7B
$8.1B
$5.8B
$6.7B
$6.0B
$4.7B
$3.6B
$6.9B
$6.4B
$12.6B
$11.3B
$5.6B
Investment
AgrowingbacklogofIPO-hopefulspressedagainstabarely-ajarIPOwindowaddspressuretoprivate
valuations.Competitionforfinancingisfierceas
investorsnavigateunclearpathstoexits.Pressureisespeciallyacuteatthelaterstages(SeriesBand
beyond),whicharedown30%vs.2022.Early-stageinvestment,moreshieldedfrommacroheadwinds,jumpedinQ2andQ3’23.Early-stageinvestmentwas
strongforcompanieswithAI-enableddrugdevelopment
—AI’spurportedabilitytocutcostsandspeed
developmentisloweringthecapitalbarriersforearly-stagebiopharmacompanies.
Thedramaticslowingofdealpaceisgivinginvestorstime
fordiligence.Investorsareincreasinglyfocusedon
sufficientrunwaytodrivecompaniesthroughmeaningfulclinicalmilestones.Butthebarhasbeenraised.FDA
denialshaverisentopeaklevelsin2023,andR&D
expenditurehasnotslowed.Whileearly-stageplatformcompanieshadaneasiertimeraisingfundsduringthe
market’speak,thependulumhasswungtowardless
riskyinvestmentsamidtheensuingpullback.Attimes,
thismeansthatveryearly,pre-clinicalassetsareless
attractivebecauseofhowlongtheycantaketolandin
theclinic.Brightspotsininvestmentweredrivenby
strongclinicaldevelopments:theGLP-1class,ADCsandthelandmarkapprovalofCRISPRdevelopeddrugfor
sicklecelldisease,Casgevy.
2020
$6.1B(281)
2021
$8.9B(353)
2022
$6.6B(297)
2023
$4.7B(218)
seed/seriesA
Q3Q4
Q1Q2
$2.2B
$1.3B
$1.4B
$1.2B
$2.2B
$1.9B
$3.0B
$1.7B
$946M
$848M
$1.6B
$854M
$1.2B
$1.9B
$2.3B
$1.9B
2020H12020H22021H12021H22022H12022H22023H12023H2
2023
2022
2021
2020
Medianseed/seriesAvaluations
Pre-moneyvaluationDealsize
$15M
$9M
$17M
$10M
$15M
$10M
$13M
$10M
TotalDollarsand(Deals)Largest2023Deals
Q1Q2Q3Q4
2020
$27.0B(699)
2021
$38.1B(908)
2022
$29.8B(812)
2023
$21.2B(626)
$9.1B
$7.9B
$8.6B
2020H12020H22021H12021H22022H12022H22023H12023H2
Note:1)Seed/SeriesAincludesfirst-timeinvestmentsfrominstitutionalorcorporateventureinvestmentin
theUS,EUandUKandanyfirst-roundinvestmentsequaltoorgreaterthan$2M,regardlessofinvestor.Dates
offinancingroundsaresubjecttochangebasedonadd-oninvestments.
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT202314
Source:PitchBookandSVBproprietarydata.
2020
$1.7B(220)
2021
$2.6B(399)
2022
$2.6B(432)
2023
$1.9B(386)
2023
$524M
$708M
$501M
$355M
$267M
$405M
$423M
$415M
$683M
$637M
$696M
$472M
$455M
$570M
$649M
$993M
2022
2021
2020
2020H12020H22021H12021H22022H12022H22023H12023H2
paradigm
$203M
$139M
$60M
$57M
$50M
$31M
2020
$13.4B(614)
2021
$36.0B(999)
2022
$18.0B(1062)
2023
$11.8B(844)
$1.3B
monogramhealth
$375M
$315M
$260M
$166M
$125M
$3.7B
$3.7B
2020H2
$3.0B
$3.5B
2023H1
$2.6B
$3.2B
2022H2
$3.2B
$2.8B
2020H1
$3.0B$2.3B
2023H2
$8.5B
$7.8B
$5.0B
$7.3B
$7.3B
$12.5B
$25M
$5M
$35M
$8M
$35M
$9M
$28M
$9M
Investment
Ifitlookslikeabubble,itmaypoplikeone,too.The
pandemicusheredinamassivewaveofinvestment,as
alleyesturnedtodigitalhealthcare,includingtheeyesoftraditionaltechinvestors.AtthepeakoftheVCboominH22021,healthtechcompaniesraised$20B.Twoyears
later,thathasdroppedroughly75%to$5B.OnegaugeofthedeclineisthedropinseedandSeriesAvaluations.
Whilemanysectorshaveseenstabilityinearly-stage
valuations,bolsteredbyaninfluxininvestorinterest,
healthtech’searliest-stagedealshaveseentheoppositetrendwithvaluationsdropping33%inthelastyear.Itmaytaketimeforthissectortoresetasmanyhealthtech
companiesthatraisedatlargevaluationsin2021aregrapplingwithlimitedoptionstoavoidadownround.Companiesfacemorescrutinousinvestorsandareworkingagainstheighteneddemandforstrong-uniteconomicsandpathstoprofitability.
Onebrightspotwithinhealthtechisvalue-basedcare
(VBC).CompaniesinthisspaceprovideVBCdirectly,orenableproviderstoadoptVBCmodels.Healthtech
companiesarefacingsuchchallengesthatthemeasureofsuccessischanging.Forlate-stagecompanies,evenstrongmetricsmayresultinaflatround.OneexampleisAledade,whichsecuredaSeriesFdealof$260Mata
1.05xstep-up.
seed/seriesAMedianseed/seriesAvaluations
Q1
Q2
Q3
Q4
Pre-moneyvaluationDealsize
TotalDollarsand(Deals)Largest2023Deals
Laterstage
Q1Q2Q3Q4Seed/SeriesA
H1
H2
2021
2021
2022H1
Note:1)Seed/SeriesAincludesfirst-timeinvestmentsfrominstitutionalorcorporateventureinvestmentin
theUS,EUandUKandanyfirst-roundinvestmentsequaltoorgreaterthan$2M,regardlessofinvestor.Dates
offinancingroundsaresubjecttochangebasedonadd-oninvestments.
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT202315
Source:PitchBookandSVBproprietarydata.
$8M
$3M
$10M
$4M
$10M
$4M
$9M
$5M
2020
$819M(111)
2021
$1.2B(187)
2022
$1.5B(200)
2023
$1.1B(185)
2023
$311M
$261M
$365M
$181M
$256M
$273M
$97M
$150M
$413M
$274M
$312M
$359M
$286M
$217M
$343M
$535M
2022
2021
2020
Q1Q2Q3Q4
2020
$10.9B(341)
2021
$14.7B(510)
2022
$10.3B(494)
2023
$5.7B(431)
Seed/SeriesA
Laterstage
$
90M
$255M
$
57M
$215M
$
51M
ASIMOV
$175M
$
50M
colsslc
$150M
EvolutionaryScale2
$
40M
$140M
$
38M
$131M
$36M
$103M
Investment
TheVCheadwindsthatemergedin2022onlyintensifiedin2023.However,fundamentalmarketdriversfor
dx/toolscompaniesremainedstrong,withencouragingclinicaldatareignitingthepromiseofpersonalized
medicineandadvancedtherapeuticmodalities.
Seed/SeriesAactivityremainedresilient,droppingfrom
themarket’speakbutremainingwell-abovepre-
pandemiclevels.ThisdatareinforcesmarketanecdotesthatSeriesAdealactivityrevolvesaroundtop-tierprofiles
withamixtureofveteranmanagementteamsandcompellingstoriesata“2023marketprice.”
WhiledxtestsandR&Dtoolssawnearly50%lossesinYoYinvestmentdollars,dxanalyticssawthesmallest
dropof34%.DxanalyticscompanieswithAI-drivendrugdiscoveryplatformswereabrightspot,asthey
meaningfullyacceleratetimetoclinicandcutcosts
acrossthedrugdevelopmentpipeline–aconcernthat’stopofmindnowascapitalefficiencyisimperative.Theyalsopartnerwithoftentimesdeep-pocketedpharma
players.WeexpectforAI-drivendrugdiscovery
companiestomaintainhighvaluationsandrobust
growth.Anotherbrightspotispersonalizedmedicine
(includingpersonalizedclinicaldecisionsupport),namelyArteraforcancertreatment,Viomeformetabolichealth,HeartflowforcoronaryarterydiseaseandRapidAIfor
strokes.
seed/seriesA
Medianseed/seriesAvaluations
Pre-MoneyvaluationDealsize
Q1Q2Q3Q4
2020H12020H22021H12021H22022H12022H22023H12023H2
Largest2023Deals
TotalDollarsand(Deals)
$3.3B
$1.4B
$2.8B
$3.4B
$4.5B
$3.6B
$3.1B
$1.6B
$1.5B
$858M
$2.0B
$1.0B
$1.8B
$3.5B
$3.7B
$3.5B
2020H12020H22021H12021H22022H12022H22023H12023H2
Notes:1)Seed/SeriesAincludesfirst-timeinvestmentsfrominstitutionalorcorporateventureinvestmentin
theUS,EUandUKandanyfirst-roundinvestmentsequaltoorgreaterthan$2M,regardlessofinvestor.Dates
offinancingroundsaresubjecttochangebasedonadd-oninvestments.2)Companydoesnothavelogoor
HEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT202316
website.
Source:PitchBookandSVBproprietarydata.
2020
$950M(103)
2021
$1.3B(189)
2022
$971M(137)
2023
$684M(142)
$22M
$5M
2023
$133M
$255M
$174M
$173M
$82M
$95M
$229M
$334M
$348M
$219M
$319M
$321M
$304M
$283M
$224M
$413M
$8M
$30M
2022
$25M
$7M
2021
$27M
$10M
2020
Q1Q2Q3Q4
Seed/SeriesA
$60M
Laterstage
$323M
$35M
$165M
$32M
Distalmotion
$150M
$29M
$145M
$27M
$129M
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