State Of

Digital Health
GLOBAL | 2021
Global data and analysis on dealmaking, funding, and exits
by private market digital health companies
Guess Less.
Win More. CB Insights helps the world’s leading
companies make smarter technology
decisions with data, not opinion.

Our Technology Insights Platform provides

companies with comprehensive data, expert
insights and work management tools that
Sign up for a free trial
enable them to discover, understand and
make technology decisions.

2
Mosaic Scores
Identify, shortlist and benchmark
companies across the entire
market using Mosaic. We
aggregate all the information
you need about any startup and
distill it into a single score.
We get a perspective on healthcare tech that we
can’t get anywhere else with CB Insights research.

Anne Wellington
Managing Director, Cedars-Sinai Accelerator
Dig Deeper.
CB Insights clients can find and track
companies using our analyst-curated
Expert Collections.

Digital Health

Digital Therapeutics

Mental Health/Wellness Tech

Clinical Trials Tech

Telehealth

Health IT

5
 Our Top 2021 Healthcare Reports

Tech Market Map Report — Digital Therapeutics in Healthcare

Tech Market Map Report — Clinical Trials in Healthcare

Diabetes Digital Therapeutics for Healthcare Payers —

Our Most Popular ESP Vendor Matrix

The Digital Health 150: the Top Digital Health Companies of 2021

Client-Exclusive Electronic Prior Authorization for Healthcare Providers —

ESP Vendor Matrix

Digital Health Betting on Magic: Funding for Psychedelics Startups Reaches

a Record High

Research State Of Health IT Q3’21

State of Digital Therapeutics Q3'21

MVP Technology Framework — Revenue Cycle Management

for Healthcare Providers

The Hospital of the Future: 100 Companies Reimagining How

Healthcare Is Delivered
6
STATE OF DIGITAL HEALTH

Contents

Global Trends 20 Geographic Trends 143

Investment Trends 21 US 144
Unicorns & Valuations 55 Canada 153
Exit Trends 64 Asia 161
Investors 72 Europe 170
LatAm 179
Collection Spotlights 83
Digital Therapeutics 84
Mental Health/Wellness Tech 96
Clinical Trials Tech 108
Telehealth 119
Health IT 131

7
STATE OF DIGITAL HEALTH

What you need to know about

digital health in 2021

$57.2B 154 $37.9B 3X 15 mos.

Global digital health Mega-rounds US funding. The Median late-stage Median time
funding. Record ($100M+). highest on record. deal valuation between Series C
year. In 2021, the number of The US digital health market increases. and D raises
Digital health startups mega-rounds ($100M+) to continues to dominate, Late-stage digital health shrinks.
pulled in a record-breaking digital health startups reaching a record $37.9B in startups are closing much
nearly doubled to 154. 2021. US funding hit $10.8B Digital health startups are
$57.2B in funding in 2021, larger deals at much taking less time than ever
up 79% from 2020 totals. Mega-rounds accounted in Q4’21 alone — more than higher valuations.
for the majority (57%) of the second-largest global to progress from mid- to
Funding in all geographies The median late-stage deal late-stage financing.
hit record levels in 2021, total funding in Q4’21 — market, Asia, recorded in all
size increased 87% from Moving from Series C to D,
fueled by the growing need the second-highest quarter of 2021 ($10.7B).
2020 levels to $73M in which took 22 months in
to provide digital solutions ever after Q1’21 (61%). US deal count dropped to 2021. At the same time, 2017, has taken only 15
and delivery models to 80% of the top 10 mega- 303 in Q4 – the lowest on median late-stage months (at the median) in
patients during the rounds were to companies record for 2021. This comes deal valuation jumped to 2021. Companies at later
pandemic. based in the US. as smaller financings were $1.5B, nearly 3x 2020 stages are progressing
overtaken by mega-rounds, levels. even more rapidly.
which accounted for 63% of
total US funding in Q4'21.
8
STATE OF DIGITAL HEALTH

What you need to know about

digital health in 2021

85 574 $3.4B 139% $340M

Total unicorns. M&A deals. A new Record global Mental health LatAm funding.
Up 49% YoY. record. digital therapeutics funding climbs. Record levels.
13 new digital health Consolidation in the digital funding. Funding to mental health LatAm set new funding
unicorns – valued at health sector took off in Digital therapeutics tech startups jumped records in 2021, pulling in
$18B in aggregate – 2021. Despite a QoQ (DTx) startups secured a 139% YoY in 2021. $340M across 57 deals. In
were born in Q4’21, as decline, 2021 saw record record-breaking $3.4B This was driven largely by Q4’21 alone, funding
the total hit 85. M&A activity – with 574 across 122 deals in 2021. the need to build out digital increased 63% QoQ to
Nearly 77% of the new total deals, up 44% from solutions targeting mental $116M for digital health
2020. DTx enable the treatment startups in the region.
unicorns are US-based of chronic conditions at health – an area of
and 6 out of 13 provide As dominant players scale and are healthcare that has gained The region remains
telehealth offerings. emerge in this highly demonstrating improved momentum during the nascent with early-stage
fragmented market, we patient outcomes in pandemic. deal share making up 72%
expect to see this clinical trials. This is 68% of 2021 deals were of total deals – indicating
consolidation trend driving investor interest in early-stage – indicating major growth
continue. the technology's future. room for further growth in opportunities for investors
the mental health tech looking to enter new
space. markets.
9
 STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global digital health funding increases 79% YoY to reach $57.2B

$60. 0B $57.2B
2021

$50. 0B

79%
$40. 0B
increase

$30. 0B

$20. 0B

$10. 0B

$0.0B
2015 2016 2017 2018 2019 2020 2021

10
 STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Mega-rounds worth $100M+ reach an all-time high of 154 in 2021

180
154
160
mega-rounds
2021

140

97%
120

100 increase

80

60

40

20

0
2015 2016 2017 2018 2019 2020 2021

11
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | US TRENDS

US digital health funding increases 75% to reach $37.9B in 2021

$40. 0B $37.9B
2021
$35. 0B

$30. 0B
75%
$25. 0B increase

$20. 0B

$15. 0B

$10. 0B

$5.0B

$0.0B
2015 2016 2017 2018 2019 2020 2021

12
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Late-stage startups are completing larger deals at higher valuations

Median late-stage deal valuation Median late-stage deal size

$1500M
2021
$73M
2021

195% 87%
increase
increase

2015 2017 2019 2021 2015 2017 2019 2021

13
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

The time between Series C (mid-stage) and Series D (late-stage) raises is

accelerating

3 months
faster

15
median months
2021

2015 2017 2019 2021

14
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | UNICORNS & VALUATIONS

The global digital health unicorn count reaches a new high of 85

85
unicorns
2021

49%
increase

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

15
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | EXIT TRENDS

In 2021, global M&A exits surpass 2020 levels by 44%

574
M&A exits
2021

44%
increase

2015 2016 2017 2018 2019 2020 2021

16
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

Digital therapeutics funding more than doubles to reach $3.4B in 2021

$3,500M
$3.4B
2021

$3,000M

$2,500M
127%
increase
$2,000M

$1,500M

$1,000M

$500M

$0M
2015 2016 2017 2018 2019 2020 2021

17
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

Mental health funding reaches $5.5B, surpassing 2020 totals by 139%

$6.0B
$5.5B
2021

$5.0B

$4.0B
139%
increase
$3.0B

$2.0B

$1.0B

$0.0B
2015 2016 2017 2018 2019 2020 2021

18
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | LATAM TRENDS

LatAm sees record-breaking funding in 2021, up 128% YoY

$350M
$340M
2021

$300M

$250M
128%
increase
$200M

$150M

$100M

$50M

$0M
2015 2016 2017 2018 2019 2020 2021

19
Global Trends
Q4 2021

20
Investment Trends
GLOBAL TRENDS | Q4 2021

21
 STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global digital health funding grows 79% YoY to reach $57.2B

4,000
Funding
$60. 0B $57.2B
3,500
Deals
$50. 0B 2,930
3,000

2,528 2,518
2,423
$40. 0B 2,500
2,270

1,987
$32.0B
2,000
$30. 0B 1,729

$25.3B

$21.7B 1,500

$20. 0B $17.9B

$13.5B 1,000
$10.8B
$10. 0B
500

$0.0B 0
2015 2016 2017 2018 2019 2020 2021

22
 STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Digital health funding hits $15.3B in Q4'21, near record levels

$18. 0B
808
$15.8B
Funding
800
$16. 0B $15.3B
707 698 777
672 665
$14. 0B 644 $13.5B Deals
700
621 626
614 604 609 598 593 592 $12.6B 647
555 554 538 600
$12. 0B 546 547
505
486 $10.3B
465 450 500
$10. 0B 447
419 $8.9B
398
$8.0B $7.7B $7.5B 400
$6.7B
$6.4B $6.4B
$6.0B $5.6B 300
$5.0B $5.2B
$4.6B $4.8B $4.9B
$4.2B $4.2B $4.2B $4.5B
$3.8B 200
$4.0B $3.3B
$2.8B $3.1B $2.9B
$2.4B
$1.8B
$2.0B 100

$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

23
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global regional comparison Q4'21

Canada
$0.3B
15 Deals Asia

Europe $2.8B
US
$1.1B 171 Deals
135 Deals

$10.8B
303 Deals

All Other
Regions
$0.1B
LatAm 12 Deals
$0.1B
11 Deals

24
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

The US leads, raising record funding in Q4'21

US Asia Europe LatAm Canada All Other Regions

$10.8B

$8.4B

$4.6B
$2.8B
$3.3B

$1.1B
$1.0B $1.0B $0.3B $0.1B
$0.5B $0.1B $0.4B
$0.1B $0.1B $0.2B
$0.0B $0.0B

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

25
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

The US still leads global deal share in Q4'21, followed by Asia and Europe

All Other Regions, 2%

5% Canada, 2%
10%
10%
14%
LatAm, 2%
13% 14% 13% 15%
14% 15% 19% 15% 18% 14% 18%
18% 17% 19% 18% 20% 18% 19% 21% 19% 20% 20% 23% 15% Europe, 21%
21% 15%
15%
20%
20% 28% 24%
22% 28%
19% 22% 26% 25%
21% 27% 27% 23% 27%
25% 21% 23% 23%
23% 27% 23%
26%
31% Asia, 26%

71%
68% 67%
59% 62%
58% 56% 57%
54% 55% 53% 52% 53% 54%
50% 49% 49% 52% 51% 51% 50% 49% 50%
49% 47% 46% 46% US, 47%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

26
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

VC continues to lead in investor deal share in Q4'21

25% 26% 25% 25% 22% 24%

26% 23% 23% 24% 24%
21% 23% 21% 21% 21% 20% 20% Other, 21%
31% 30% 29% 29% 27% 28% 27% 28% 26%

6% 7% 8% 8%
5%
9%
5% 7% Incubator/Accelerator, 5%
8% 10% 6% 6%
5%
6%
10% 12% 13% 5% 7% 7%
5% 14% 9% 8% 6% Private Equity, 7%
7% 7% 12% 6% 5% 6% 6%
6% 8% 14% 6% 6% 8%
6%
13% 6% 5% 6% 6% 9% 9% 9% 8% 8% 8% 8% CVC, 9%
5% 6% 6% 9% 9% 10%
8% 6% 5% 8% 8% 7%
8% 6% 7%
5% 7% 8% 7% 7% 6% 8%
5% 8% 8%
8%
10%
8%
8%
9% 10% Corp, 9%
8% 7% 8% 8% 8% 8% 10%
6% 7% 7% 8% 9% 8%
7% 8% 7% 6% 8%
8% 7% 6% 7% 8% 9% Asset/Investment Management, 9%
6% 8% 6% 7% 6% 8% 9%
6%
8% 7% 8%
11% 9% 7% 7% 7%
8% 8% 8% 8% 7% 8% 8% 8%
5% 8% 10% 8% 8%
9%
7%
6% 7% 7% 7% 9% Angel, 10%

36% 36%
33% 30% 33% 33% 30% 34% 32% 33% 32% 34% 33% 34% 32% 31% 32% 32% 32% 34% 32% 32% 30%
32%
28% 29% 30% VC, 30%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

27
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Average deal size in 2021 grows 47% YoY

$25M

$17M

$15M

$12M
$11M

$9M
$8M

$5M
$4M
$3M $3M
$2M $2M
$2M

2015 2016 2017 2018 2019 2020 2021

Average Size Median Size

28
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

The US and Europe see growth in median deal size in 2021

US Asia Europe Canada All Other Regions

$7M

$5M $5M $5M

$3M
$3M
$3M

$2M $2M $2M

$2M
$1M

$1M
$1M
$0M

2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021

29
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

All investor types are backing larger median deals

Angel Asset/Investment CVC Corp Private Equity VC

Management

$53M

$44M

$36M

$30M

$21M
$17M
$15M $16M $15M
$12M $12M $12M
$9M $10M
$4M $7M
$3M
$2M

2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021

30
 STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

2021 mega-round deals (worth $100M+) double YoY, funding grows 126%

Funding
$30.9B 200

$30. 0B
Deals
154
$25. 0B
150

$20. 0B

100
$15. 0B $13.7B
78
$11.6B

$10. 0B
50
$7.5B 50
$6.9B
30 34
$5.0B $4.4B
$2.8B
21
18
$0.0B 0
2015 2016 2017 2018 2019 2020 2021

31
 STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Mega-rounds recover QoQ in Q4'21 after a slump

Funding60
$9.0B $8.7B
$8.5B

$7.7B 50
$8.0B
43
Deals
$7.0B
38 41
40
$5.9B
$6.0B
32
$5.1B
$5.0B 29 30
$4.5B
$4.0B 25
$4.0B
$3.5B

17 20
$3.0B $2.7B
15
$2.2B 15
11 $2.0B $2.0B $2.0B $2.0B $2.1B
$1.8B $1.9B $1.8B
$2.0B $1.7B 11 9
9 $1.4B 10 8 9 9
$1.2B 8 10
7 7
5 6 $1.0B
$1.0B 4 $1.4B
1 $0.7B
2 7 2
$0.1B $0.7B 5
$0.7B $0.3B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

32
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global mega-round comparison Q4'21

Canada
$0.2B
1 Deal
Asia

Europe
$1.4B
$0.3B 6 Deals
US 2 Deals

$6.8B
32 Deals

33
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

The US continues to lead in mega-rounds in Q4'21, followed by Asia

33

US, 32

26

21

16

11

8
7
5
5
4 Asia, 6
2
1 Europe, 2
1 1 1 Canada, 1
All Other Regions, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

34
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Mega-rounds account for 6% of total deals completed in Q4'21

98% 100% 99% 98% 100% 99% 98% 98% 97% 98% 97% 96% 95% 95% 94% 96% Non-mega-rounds, 94%
100% 99% 99% 99% 99% 99% 99% 99% 99% 98% 99%

5% 5% 6% Mega-rounds, 6%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

35
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Mega-rounds account for majority (57%) of total dollars invested in Q4'21

39%
47% 46%
Non-mega-rounds, 43%
49% 51%
56% 53% 54%
57% 56% 58% 57% 57% 56%
60% 62% 62%
66% 63%
70%
76% 77% 78% 78%
80%
87%
95%

61%
53% 54%
Mega-rounds, 57%
51% 49%
44% 47% 46%
43% 44% 42% 43% 43% 44%
40% 38% 38%
34% 37%
30%
24% 23% 22% 22%
20%
13%
5%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

36
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top equity deals in Q4'21

Round Round Round % of Total

Company Select Investors Country
Amount Date Valuation Funding

Series D SoftBank Group, Uprising Capital, Andreessen Horowitz, General United

1 Devoted Health $1.1B
2021-10-08
$12.6B
Catalyst, Premji Invest States
7.5%

Series E
2 Medlinker $514M
2021-12-13
$3.9B Sino Biopharmaceutical China 3.4%

Series F United
3 Magic Leap $500M
2021-10-11
$2.0B N/A
States
3.3%

Neumora Series A United

3 $500M N/A ARCH Venture Partners, Amgen 3.3%
Therapeutics 2021-10-07 States

Series E United
5 Hinge Health $400M
2021-10-28
$6.2B Coatue Management, Tiger Global Management
States
2.6%

37
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top equity deals in Q4'21

Round Round Round % of Total

Company Select Investors Country
Amount Date Valuation Funding

Series D Blackstone, GSR Ventures, Tiger Global Management, Sapphire United

6 Medable $304M
2021-10-26
$2.1B
Ventures, Western Technology Investment States
2.0%

Series E ICONIQ Growth, Lightspeed Venture Partners, Wellington United

7 BetterUp $300M
2021-10-08
$4.7B
Management, Sapphire Ventures, Plus Capital States
2.0%

Series C SoftBank Group, Access Industries, Artis Ventures, WestCap United

7 Cerebral $300M
2021-12-08
$4.8B
Group, Prysm Capital States
2.0%

Series D Perceptive Advisors, RA Capital Management, Andreessen United

7 Freenome $300M
2021-12-07
N/A
Horowitz, Bain Capital, Fidelity Investments States
2.0%

Growth Equity
10 Fullscript $240M
2021-11-10
N/A HGGC, Snapdragon Capital Partners Canada 1.6%

38
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Early-stage deal share is bouncing back after a slight dip in 2020

14% 13% 11% 13%

Other, 10%
16% 14%

9% Late-stage, 11%
8% 9% 11% 11%
9%

12% 15%
11% 12% 14%
18%
Mid-stage, 19%

64% 66% 64% 64%

63% Early-stage, 60%
58%

2015 2016 2017 2018 2019 2020 2021

39
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

The US leads deal share across stages in Q4'21

All Other Regions

Canada
LatAm 14%
9%
19%

Europe 26%

28% 12%
29%

Asia 28%

65%
55% 56%

US 39%

Early-stage Mid-stage Late-stage Other

40
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Median mid- and late-stage deal sizes increase in 2021

Early-stage Mid-stage Late-stage

$73M

$39M

$31M

$22M

$15M $13M

$1M $2M $2M

2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021

41
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Median months between raises fall, especially at later stages

Seed/Angel to Series A Series A to B Series B to C Series C to D Series D to E+

20
18 18
17
18
17 17 17

15

11

2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021

42
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top seed/angel deals in Q4'21

Round
Company Round Amount Select Investors Country
Date
Seed VC
1 Insurights $22M
2021-10-19
Group 11, Cresson, Good Company, Insurtech Israel United States

Seed
2 Udo $20M
2021-10-27
N/A United States

Seed VC
3 Mayd $15M
2021-10-14
468 Capital, Earlybird Venture Capital, Target Global Germany

Seed VC MizMaa Ventures, TriVentures, UpWest, Amdocs Ventures, New York Life
4 Lynx.MD $12M
2021-12-13 Ventures
Israel

Seed VC
5 Lyn Health $10M
2021-12-06
Summer VC United States

Seed VC
5 Practice $10M
2021-10-28
Andreessen Horowitz, Tony Robbins Canada

Seed VC
7 Marley Medical $9M
2021-10-14
Andreessen Horowitz, CRV, Anne Wojcicki, Halle Tecco United States

Angel
7 Quris AI $9M
2021-10-18
Judith Richter, Kobi Richter, Moshe Yanai Israel

Angel
9 SelfDecode $8M
2021-11-16
Dan Magnuszewski, Igor Lychagov, WeFunder United States

Seed VC
9 UpLift $8M
2021-12-14
B Capital Group, Bay Gross, Bobby Green, Vivek Garipalli United States

43
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top Series A deals in Q4'21

Round
Company Round Amount Select Investors Country
Date
Series A
1 Neumora Therapeutics $500M
2021-10-07
ARCH Venture Partners, Amgen United States

Series A Anthemis, QED Investors, Brewer Lane Ventures, Healthy

2 EasyHealth $100M
2021-11-18 Ventures, Nationwide Ventures
United States

Series A China Life Insurance, PICC Capital, 5Y Capital, FreesFund,

3 METiS Therapeutics $86M
2021-12-07 Lightspeed China Partners
United States

Series A Andreessen Horowitz, Google Ventures, F-Prime Capital, Rock

4 Patina $57M
2021-10-26 Springs Capital, Viking Global Investors
United States

Series A Healthworx, Panoramic Ventures, 3TS Capital Partners, Blue

5 ShiftMed $45M
2021-10-27 Heron Capital, Motley Fool Ventures
United States

Series A
6 Belong Health $40M
2021-12-15
New Enterprise Associates, Maverick Ventures United States

Series A 5Y Capital, Sapir Venture Partners, TLV Partners, Benon

6 DeepCure $40M
2021-11-08 Group
United States

Series A
8 Mayd $34M
2021-12-14
Lightspeed Venture Partners Germany

Series A
9 Illumigyn $33M
2021-11-03
Ubicom Holdings, Yozma Group Korea Israel

Series A Andreessen Horowitz, Accel, General Catalyst, Google

9 Sprinter Health $33M
2021-10-13 Ventures
United States

44
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top Series B deals in Q4'21

Round
Company Round Amount Select Investors Country
Date

Series B
1 Elemy $219M
2021-10-06
SoftBank Group, General Catalyst, Bling Capital, Felicis, 8VC United States

Series B Koch Disruptive Technologies, 8VC, Alexandria Venture

2 immunai $215M
2021-10-27 Investments, Piedmont Investment Advisors, Talos
Israel

Series B
3 Owkin $180M
2021-11-18
Sanofi Ventures United States

Series B
4 Dental Monitoring $150M
2021-10-21
Merieux Equity Partners, Vitruvian Partners France

Series B
5 Iterative Scopes $140M
2021-12-14
Insight Partners, Obvious Ventures, Clearlake Capital Group United States

45
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top Series B deals in Q4'21

Round
Company Round Amount Select Investors Country
Date

Series B
6 MindMaze $125M
2021-10-07
AlbaCore Capital Switzerland

Series B Coatue Management, General Catalyst, Adam Boehler, Thrive

7 Cadence $100M
2021-12-14 Capital, Free Solo Ventures
United States

Series B WestCap Group, Institutional Venture Partners, Atomic

7 Found $100M
2021-12-16 Management, Define Ventures, Google Ventures
United States

Series B ICONIQ Growth, Greylock Partners, F-Prime Capital, Oak HC/FT

7 Notable $100M
2021-11-03 Partners
United States

RA Capital Management, Cedars-Sinai Medical Center, Foresite

Series B
7 Tasso $100M
2021-12-16
Capital, Hambrecht Ducera Growth Ventures, Merck Global Health United States
Innovation Fund

Series B 5Y Capital, Gaorong Capital, Legend Capital, Primavera Capital

7 Xbiome $100M
2021-12-22 Group, Hike Capital
China

46
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top Series C deals in Q4'21

Round
Company Round Amount Select Investors Country
Date

Series C SoftBank Group, Access Industries, Artis Ventures, WestCap

1 Cerebral $300M
2021-12-08 Group, Prysm Capital
United States

Edge Medical Series C Boyu Capital, Sequoia Capital China, Temasek, 3H Health
2 $200M China
Robotics 2021-11-06 Investment, Guoce Investment

Series C Sequoia Capital India, Corner Ventures, Helena Capital Partners,

3 Twin Health $140M
2021-10-06 ICONIQ Growth, LTS Investments
United States

Series C
4 Luma Health $130M
2021-11-23
FTV Capital United States

Series C Insight Partners, FirstMark Capital, The Blue Venture Fund, 3L, CVS
5 Workit Health $118M
2021-10-21 Health Ventures
United States

47
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top Series C deals in Q4'21

Round
Company Round Amount Select Investors Country
Date

Series C Altimeter Capital, Institutional Venture Partners, Lead Edge Capital,

6 H1 $100M
2021-11-16 Lux Capital, Menlo Ventures
United States

Series C
7 Trusted Health $94M
2021-11-18
Greenspring Associates United States

Series C
8 SonderMind $92M
2021-10-05
General Catalyst, Drive Capital, Kickstart Fund United States

Bardavon Health Series C

9 $90M Matrix Capital Management, WestCap Group United States
Innovations 2021-10-20

Series C CR-CP Life Science Fund, CCB International, CDG Capital, EDBI,
10 Mirxes $87M
2021-10-22 HYWOOD
Singapore

48
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top Series D deals in Q4'21

Round
Company Round Amount Round Valuation Select Investors Country
Date

Series D SoftBank Group, Uprising Capital, Andreessen Horowitz,

1 Devoted Health $1.1B
2021-10-08
$12.6B
General Catalyst, Premji Invest
United States

Series D Blackstone, GSR Ventures, Tiger Global Management,

2 Medable $304M
2021-10-26
$2.1B
Sapphire Ventures, Western Technology Investment
United States

Series D Perceptive Advisors, RA Capital Management, Andreessen

3 Freenome $300M
2021-12-07
N/A
Horowitz, Bain Capital, Fidelity Investments
United States

Series D Sapphire Ventures, General Catalyst, Bond, Founders Fund,

4 SWORD Health $163M
2021-11-22
$2.0B
Green Innovations
United States

Series D SoftBank Group, Canaan Partners, Initialized Capital, Tiger

5 Papa $150M
2021-11-04
$1.4B
Global Management, Seven Seven Six
United States

49
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top Series D deals in Q4'21

Round
Company Round Amount Round Valuation Select Investors Country
Date

Series D
6 Truepill $142M
2021-10-27
$1.6B Initialized Capital, TI Platform Management United States

Ascension Ventures, Johnson & Johnson Innovation,

Series D
7 Cala Health $77M
2021-11-16
N/A Lightstone Ventures, Dolby Family Ventures, Innovatus Capital United States
Partners

Series D Oak HC/FT Partners, Boston Millennia Partners, Upfront

8 Reveleer $65M
2021-12-07
N/A
Ventures
United States

Series D Casdin Capital, HealthQuest Capital, NSG Ventures, Tybourne

9 Lunit $61M
2021-11-25
N/A
Capital Management, BrightEdge
South Korea

Series D
10 Enlace Health $58M
2021-11-03
N/A Cox Enterprises United States

50
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top Series E+ deals in Q4'21

Round Round
Company Round Valuation Select Investors Country
Amount Date

Series E
1 Medlinker $514M
2021-12-13
$3.9B Sino Biopharmaceutical China

Series F
2 Magic Leap $500M
2021-10-11
$2.0B N/A United States

Series E
3 Hinge Health $400M
2021-10-28
$6.2B Coatue Management, Tiger Global Management United States

Series E ICONIQ Growth, Lightspeed Venture Partners, Wellington Management,

4 BetterUp $300M
2021-10-08
$4.7B
Sapphire Ventures, Plus Capital
United States

Series F Amansa Capital, Janus Henderson Investors, Neuberger Berman,

5 PharmEasy $204M
2021-10-18
$5.6B
OrbiMed Advisors, SANNE Group
India

51
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top Series E+ deals in Q4'21

Round Round
Company Round Valuation Select Investors Country
Amount Date

Series E Mubadala Capital, B Capital Group, Dragoneer Investment Group, M12,

6 Innovaccer $150M
2021-12-15
$3.2B
Steadview Capital
United States

Series F
7 CureFit $145M
2021-12-02
$1.5B Zomato, Accel, Mukesh Bansal, Temasek, South Park Commons India

Series F Altimeter Capital, Franklin Templeton, Lone Pine Capital, Tiger Global
8 Benchling $100M
2021-11-18
$6.1B
Management
United States

Series E Kindred Ventures, General Catalyst, Emerson Collective, T. Rowe Price,

8 Color $100M
2021-11-09
$4.6B
Viking Global Investors
United States

Series E Commonwealth Bank of Australia, Celesta Capital, Crane Venture

8 H2O.ai $100M
2021-11-07
$1.7B
Partners, NVIDIA, Wells Fargo Strategic Capital
United States

Series E Bessemer Venture Partners, Global Founders Capital, Stripes Group,

8 Hyperscience $100M
2021-12-22
N/A
Tiger Global Management
United States

52
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top companies that raised funding by Mosaic score in Q4'21

Mosaic Round Round

Company Round Valuation Select Investors Country
Score Amount Date

Series E Mubadala Capital, B Capital Group, Dragoneer Investment

1 Innovaccer 940 $150M
2021-12-15
$3.2B
Group, M12, Steadview Capital
United States

Series E ICONIQ Growth, Lightspeed Venture Partners, Wellington

2 BetterUp 930 $300M
2021-10-08
$4.7B
Management, Sapphire Ventures, Plus Capital
United States

Series F
3 Cybereason 920 $50M
2021-10-19
N/A Google Cloud Platform United States

Series E Commonwealth Bank of Australia, Celesta Capital, Crane

3 H2O.ai 920 $100M
2021-11-07
$1.7B
Venture Partners, NVIDIA, Wells Fargo Strategic Capital
United States

Series C March Capital Partners, Breyer Capital, Flare Capital

3 Suki 920 $55M
2021-12-07
N/A
Partners, Venrock, InHealth Ventures
United States

53
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTMENT TRENDS

Global: Top companies that raised funding by Mosaic score in Q4'21

Mosaic Round Round

Company Round Valuation Select Investors Country
Score Amount Date

Series D Blackstone, GSR Ventures, Tiger Global Management,

6 Medable 910 $304M
2021-10-26
$2.1B
Sapphire Ventures, Western Technology Investment
United States

Undisclosed
7 WSO2 900 $90M
2021-11-11
N/A Goldman Sachs Asset Management United States

Series D
8 Clue 870 $18M
2021-12-16
N/A Balderton Capital, Future Positive Capital Germany

Series C
8 SonderMind 870 $92M
2021-10-05
N/A General Catalyst, Drive Capital, Kickstart Fund United States

Series E
10 Hinge Health 860 $400M
2021-10-28
$6.2B Coatue Management, Tiger Global Management United States

Series F
10 Magic Leap 860 $500M
2021-10-11
$2.0B N/A United States

54
Unicorns & Valuations
GLOBAL TRENDS | Q4 2021

55
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | UNICORNS & VALUATIONS

13 new unicorn births in Q4'21 bring the global herd to 85

Total Unicorns, 85
75
70
67

57

17

10 9 New Unicorns, 13
6

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

56
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | UNICORNS & VALUATIONS

Global unicorn comparison Q4'21

Canada
1
0 New
Unicorns Asia
Europe
9
17
2 New Unicorns
US 1 New
Unicorn
58
10 New Unicorns

57
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | UNICORNS & VALUATIONS

All regions except Canada see new unicorn births in Q4'21

15

US, 10
8

6
6

1
1 1 1
Asia, 2
Europe, 1
Canada, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

58
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | UNICORNS & VALUATIONS

The US unicorn herd is growing faster than the rest, reaching 58 in Q4'21

US, 58
49

43 44

35

16
15
14 14 Asia, 17
9 10 9
8
Europe, 9
1 1 1
Canada, 1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

59
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | UNICORNS & VALUATIONS

Average months between first funding and unicorn status hold fairly steady
at 4 years, 11 months

60
Average Months, 59
56 Median Months, 57

2015 2016 2017 2018 2019 2020 2021

60
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | UNICORNS & VALUATIONS

Global: Top unicorn births by valuation in Q4'21

Company Latest Valuation Country

1 Medable $2.1B United States

2 SWORD Health $2.0B United States

3 H2O.ai $1.7B United States

4 Truepill $1.6B United States

5 CureFit $1.5B India

6 Papa $1.4B United States

6 Pristyn Care $1.4B India

8 Honor Technology $1.2B United States

9 Elemy $1.1B United States

10 Cadence $1.0B United States

10 Dental Monitoring $1.0B France

10 Iodine Software $1.0B United States

10 Owkin $1.0B United States

61
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | UNICORNS & VALUATIONS

Global: Top unicorns by valuation in Q4'21

Company Latest Valuation Country

1 Devoted Health $12.6B United States

2 Tempus $8.1B United States

3 We Doctor $7.0B China

4 Hinge Health $6.2B United States

5 Benchling $6.1B United States

6 Cityblock Health $5.7B United States

7 Ro $5.0B United States

7 United Imaging Healthcare $5.0B China

9 Cerebral $4.8B United States

10 BetterUp $4.7B United States

62
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | UNICORNS & VALUATIONS

Median late-stage deal valuations nearly triple YoY in 2021

Early-stage Mid-stage Late-stage

$1,500M

$508M

$251M
$145M $163M
$74M
$14M $21M $21M

2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021

63
Exit Trends
GLOBAL TRENDS | Q4 2021

64
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | EXIT TRENDS

2021 sees record-breaking exit activity, largely driven by M&A deals

M&A, 574

398

39 IPO, 77
1 SPAC, 17
2015 2016 2017 2018 2019 2020 2021

65
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | EXIT TRENDS

Exits dip in Q4'21 as M&A drops, IPOs and SPACs tick up

170

151
143

129

M&A, 110

19 18 18
10
IPO, 22
3 3 5
1 SPAC, 6
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

66
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | EXIT TRENDS

Europe share of global exits expands in Q4'21 as US share contracts

6% 5% All Other Regions, 2%

9% 5% 9% 5% Canada, 4%
9% 6% 10% 11% 9% 7%
6% 5%
15% 12% 15%
15% LatAm, 4%
15% 12% 16% 17% 18%
17% 15% 18%
16% 23% 21% 21%
5% 17%
19% 19%
9% 6%
6%
17%
26% 24% 18% 21% 21% Europe, 23%
19%
6% 12% 28%
15% 5% 10% 7%
12%
11% 10% 11%
8% 6%
8% 6% 8% 11% Asia, 10%

78% 80% 79%

75% 74% 76% 74% 75% 77%
70% 68% 68%
66% 65% 67%
62% 61% 60% 59% 61%
59% 59%
54% 55% 57% 57% 56% US, 56%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

67
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | EXIT TRENDS

Median IPO valuation increases 33% YoY

$1,597M

$1,200M

$742M

$411M

$278M $300M

$157M

2015 2016 2017 2018 2019 2020 2021

68
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | EXIT TRENDS

Global: Top M&A exits in Q4'21

Company Round Valuation Acquirer Country

1 VillageMD $15.8B Walgreens Boots Alliance United States

2 Current Health $400M Best Buy United Kingdom

2 Lemonaid $400M 23andMe United States

2 Medigate $400M Claroty United States

5 RubiconMD $190M Oak Street Health United States

6 LIVELY $104M GN Group United States

7 Cernostics $80M Castle Biosciences United States

8 Silverlink Software $40M Alcidion United Kingdom

9 LIFT Digital $15M LifeSpeak Canada

10 NetraMark $12M Nurosene Canada

69
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | EXIT TRENDS

Global: Top IPOs in Q4'21

Company Round Valuation Country

1 Exscientia $2.5B United Kingdom

2 Microtech Medical $1.7B China

3 Weave $1.5B United States

4 ONWARD $454M Netherlands

5 HealthBeacon $111M Ireland

6 Marpai $57M United States

70
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | EXIT TRENDS

Global: SPACs in Q4'21

Company Round Valuation Select Investors Country

1 Babylon Health $4.2B Alkuri Global Acquisition United Kingdom

2 Pear Therapeutics $1.6B Thimble Point Acquisition United States

3 DocGo $1.1B Motion Acquisition United States

3 Vicarious Surgical $1.1B D8 Holdings United States

5 Hyperfine $580M Healthcor Catalio Acquisition United States

6 Better Therapeutics $187M Mountain Crest Acquisition II United States

71
Investors
GLOBAL TRENDS | Q4 2021

72
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTORS

Global: Top investors by company count in Q4'21

Investor Company Count Investor Group Country

1 General Catalyst 16 VC United States

2 Andreessen Horowitz 8 VC United States

2 Google Ventures 8 CVC United States

2 Tiger Global Management 8 Asset/investment management United States

5 Gaingels 7 Angel United States

6 F-Prime Capital 6 VC United States

73
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTORS

Global: Top investors by median Mosaic score of companies in 2021

Median Median Median Median Median

Investor Country
Mosaic Score Money Score Momentum Score Market Score Management Score

1 Coatue Management 850 United States 950 720 880 735

Institutional Venture
2 845 United States 960 920 880 480
Partners

Dragoneer
3 840 United States 960 870 880 610
Investment Group

3 Salesforce Ventures 840 United States 930 780 880 700

3 Temasek 840 Singapore 930 860 860 590

74
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTORS

Global: Top investors by median Mosaic score of companies in 2021

Median Median Median Median Median

Investor Country
Mosaic Score Money Score Momentum Score Market Score Management Score

6 FirstMark Capital 820 United States 930 680 880 650

6 Perceptive Advisors 820 United States 920 740 850 865

Tiger Global
8 810 United States 910 730 880 595
Management

9 B Capital Group 800 United States 930 680 880 555

9 Cigna Ventures 800 United States 870 680 880 660

75
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTORS

Global: Top VCs by company count in Q4'21

Investor Company Count Country

1 General Catalyst 16 United States

2 Andreessen Horowitz 8 United States

3 F-Prime Capital 6 United States

4 5Y Capital 5 China

4 8VC 5 United States

4 Bessemer Venture Partners 5 United States

4 Founders Fund 5 United States

4 Khosla Ventures 5 United States

4 New Enterprise Associates 5 United States

4 Oak HC/FT Partners 5 United States

76
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTORS

Global: Top VCs by median Mosaic score of companies in 2021

Median Median Median Median Median

Investor Country
Mosaic Score Money Score Momentum Score Market Score Management Score

Institutional Venture
1 845 United States 960 920 880 480
Partners

2 FirstMark Capital 820 United States 930 680 880 650

3 B Capital Group 800 United States 930 680 880 555

4 Founders Fund 795 United States 940 700 880 480

5 7wire Ventures 790 United States 870 690 880 640

77
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTORS

Global: Top VCs by median Mosaic score of companies in 2021

Median Median Median Median Median

Investor Country
Mosaic Score Money Score Momentum Score Market Score Management Score

5 Define Ventures 790 United States 890 690 880 620

5 GGV Capital 790 United States 890 770 880 580

Jazz Venture
5 790 United States 905 650 880 620
Partners

9 Sequoia Capital 785 United States 930 680 880 640

78
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTORS

Global: Top CVCs by company count in Q4'21

Investor Company Count Country

1 Google Ventures 8 United States

2 Merck Global Health Innovation Fund 3 United States

2 Northwell Holdings & Ventures 3 United States

2 Optum Ventures 3 United States

79
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTORS

Global: Top CVCs by median Mosaic score of companies in 2021

Median Median Median Median Median

Investor Country
Mosaic Score Management Score Money Score Momentum Score Market Score

1 Salesforce Ventures 840 United States 700 930 780 880

2 Cigna Ventures 800 United States 660 870 680 880

Kaiser Permanente
3 780 United States 630 860 655 880
Ventures

4 Google Ventures 765 United States 770 905 625 880

Johnson & Johnson

5 745 United States 615 905 560 840
Innovation

80
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTORS

Global: Top CVCs by median Mosaic score of companies in 2021

Median Median Median Median Median

Investor Country
Mosaic Score Management Score Money Score Momentum Score Market Score

6 Optum Ventures 740 United States 600 900 550 880

The Blue Venture

7 730 United States 545 820 510 880
Fund

Providence
8 710 United States 450 780 595 880
Ventures

9 Maverick Ventures 690 United States 640 825 480 880

10 InHealth Ventures 680 United Kingdom 530 750 495 880

81
STATE OF DIGITAL HEALTH | GLOBAL TRENDS | INVESTORS

Global: Top investor pairs by number of shared companies in 2021

2021 Shared Portfolio

Investor 1 Name Investor 1 Country Investor 2 Name Investor 2 Country
Companies

1 Andreessen Horowitz United States Google Ventures United States 5

1 Eight Roads Ventures United Kingdom F-Prime Capital United States 5

1 General Catalyst United States Tiger Global Management United States 5

4 Flare Capital Partners United States Polaris Partners United States 4

4 General Catalyst United States 8VC United States 4

4 Qiming Venture Partners China Eight Roads Ventures United Kingdom 4

4 Sequoia Capital China China OrbiMed Advisors United States 4

82
Collection Spotlights
Q4 2021

83
Digital Therapeutics
COLLECTION SPOTLIGHTS | Q4 2021

84
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

Digital therapeutics funding jumps 133% in 2021 to almost $3.4B

Funding 160
$3,500M $3,395M

Deals 140

$3,000M 122
120

$2,500M 103

100
90
86
$2,000M 78
80

64
$1,457M
$1,500M
53 60

$1,000M $863M
40
$669M
$504M
$500M $430M
$359M 20

$0M 0
2015 2016 2017 2018 2019 2020 2021

85
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

Quarterly digital therapeutics funding hits an all-time high in Q4'21

Deals 35
32 32 32 32
$1,200M
28
29 29 Funding30
26 26
$1,044M
25
$1,000M 24 24 $948M
25
22
20
20 $775M
$800M 19
18 17 18 20
17
16 16 $629M
15 14
14
$600M
13 15
$498M
11
$394M
$400M $367M
$338M 10
7 $297M
$253M
$212M $206M
$165M $178M $165M $182M
$200M 5
$130M $126M
$96M $108M $104M
$69M $83M $67M $81M $80M
$42M $40M

$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

86
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

US and Europe funding increase in Q4'21, while Asia falls

US Asia Europe LatAm Canada All Other Regions

$798M

$476M

$253M
$243M

$2M $106M
$45M $55M $0M $0M $0M
$24M
$6M $0M $3M $0M $0M $0M

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

87
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

Europe deal share bounces back in Q4'21

All Other Regions, 0%

7% 9%
6% 8% 6% 5% 5% Canada, 0%
13% 13%
7%
14% 6% 16% 18%
14% 15% LatAm, 3%
24% 11% 21%
25% 6% 25% 13% 21% 19%
15% 14% 31% 20%
33% 34%
18%
13% 6% 32%
19%
16% 38% 15% Europe, 38%
25% 17% 21% 42%
9% 16%
12%
13% 14%
15% 15% 22%
6% 29%

17% 14%
18% Asia, 6%
15%

86% 83% 21%

77% 76%
73% 73%
69% 68% 67% 68% 69%
65% 64% 66%
60% 63% 63% 63% 60% 62%
56%
50% 50% 52% US, 53%
46%
42%
32%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

88
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

Average deal size in 2021 is 65% higher than it was in 2020

$33M

$20M

$11M
$10M $10M
$9M
$9M
$8M
$7M
$5M
$3M
$2M $3M
$2M

2015 2016 2017 2018 2019 2020 2021

Average Size Median Size

89
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

Early-stage deal share continues to fall in 2021, as late-stage share grows

6% 6% 6%
Other, 9%
5% 6%
9%
15% 8%
17% Late-stage, 15%
17% 20%

27%

Mid-stage, 26%

81%
77%
73% 72% 69%
59%
Early-stage, 50%

2015 2016 2017 2018 2019 2020 2021

90
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

Digital Therapeutics: Top equity deals in Q4'21

Round Round Round % of Total

Company Select Investors Country
Amount Date Valuation Funding

Series E
1 Hinge Health $400M
2021-10-28
$6.2B Coatue Management, Tiger Global Management United States 38.3%

Series D Sapphire Ventures, General Catalyst, Bond, Founders

2 SWORD Health $163M
2021-11-22
$2.0B
Fund, Green Innovations
United States 15.6%

Series B
3 MindMaze $125M
2021-10-07
N/A AlbaCore Capital Switzerland 12.0%

Ieso Digital Series B Morningside Technology Ventures, Molten Ventures,

4 $53M N/A United Kingdom 5.1%
Health 2021-11-23 Ananda Impact Ventures, IP Group, Sony Innovation Fund

Click Series B Accelmed, H.I.G. BioHealth Partners, K2 HealthVentures,

5 $52M N/A United States 5.0%
Therapeutics 2021-10-22 Sanofi Ventures, Health Catalyst Capital Management

91
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

Digital Therapeutics: Top equity deals in Q4'21

Round Round Round % of Total

Company Select Investors Country
Amount Date Valuation Funding

Pear Undisclosed
6 $50M N/A Thimble Point Acquisition United States 4.8%
Therapeutics 2021-11-15

Series B F-Prime Capital, Jazz Venture Partners, Sway Ventures,

7 AppliedVR $36M
2021-11-11
N/A
SVB Capital
United States 3.4%

Series D General Catalyst, Sapphire Ventures, ADQ, Bond, Founders

8 SWORD Health $26M
2021-11-22
$2.0B
Fund
United States 2.5%

Series A
9 Dawn Health $24M
2021-11-30
N/A Chr. Augustinus Fabrikker, Vækstfonden, Lars Marcher Denmark 2.3%

Closed Loop Series A Ananda Impact Ventures, BGF, Longwall Venture Partners,
10 $18M N/A United Kingdom 1.7%
Medicine 2021-11-04 Downing Ventures, IQ Capital

92
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

1 new unicorn born in Q4'21 brings the global herd to 4

4
Total Unicorns, 4

3 3

1
New Unicorns, 1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019 2020 2021

93
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

2021 exits surpass 2020 totals, driven by growth across all 3 exit types

M&A, 14

IPO, 4
2
SPAC, 3

2016 2017 2018 2019 2020 2021

94
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | DIGITAL THERAPEUTICS

M&A activity holds steady in Q4'21, while SPAC and IPO exits tick up

4 4
M&A, 4

2 2
SPAC, 2
IPO, 2

1 1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019 2020 2021

95
Mental Health/
Wellness Tech
COLLECTION SPOTLIGHTS | Q4 2021

96
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

Funding surges to hit $5.5B in 2021, a 139% increase from 2020's total

$6.0B Funding
$5.5B 400

$5.0B
Deals
350
324

300
$4.0B
258

250
215
$3.0B
200
166 $2.3B
143
131 $1.8B 150
$2.0B

90
100
$1.0B
$1.0B $0.8B
$0.6B 50
$0.5B

$0.0B 0
2015 2016 2017 2018 2019 2020 2021

97
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

Quarterly funding hits an all-time high in Q4'21

87 Deals 90
83
$2,500M 78
76 80
72
69 Funding
$2,000M
64 $1,943M70
61

55 60
53
51 50 49 $1,507M
$1,500M 46 50

40
38 38 38
36 40
34 $1,047M
31 31 $959M
$1,000M 28 29
26 $849M 30
25
$674M
19 20 $601M
$560M
$520M $533M 20
$456M
$500M
$324M $324M
$259M $236M $199M
$215M $177M 10
$136M $164M $158M $137M
$117M $95M $63M $88M $120M
$16M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

98
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

US funding jumps 94% QoQ in Q4'21

US Asia Europe LatAm Canada All Other Regions

$1,656M

$852M

$336M

$153M $174M $120M

$61M $44M $4M $10M $0M
$9M $0M $0M $1M $2M $0M $0M

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

99
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

US deal share stays flat while Asia and Europe deal shares rise QoQ in Q4'21

All Other Regions, 0%

5% 8% 6% 8% 6% Canada, 2%
11% 8% 6% 5%
16% 5% 9% 14% 7% 6% LatAm, 1%
6% 7%
16% 18% 6%
13%
15% 21% 11% 6% 18% 16%
22% 15%
21% 21% Europe, 22%
21% 19% 28%
28%
14% 18% 15%
16%
10% 26% 22%
21% 29% 11% 13% 16%
20%
11% 14%
23%
22% 11%
13% 15% 14% Asia, 16%
23% 11% 18% 10%
29%
16% 18%
12% 16%

88% 90%

71% 72%
68% 66%
63% 63% 65% 62%
59% 61%
57%
61% 58%
54%
59% 60% 58% 59% US, 59%
54% 53% 52%
47% 50% 48% 49%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

100
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

Average deal size increases 67% YoY in 2021

$20M

$12M
$11M

$8M
$7M
$7M

$5M

$3M $3M
$2M $2M
$1M $2M
$1M

2015 2016 2017 2018 2019 2020 2021

Average Size Median Size

101
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

Early-stage deal share stays flat at 68% but continues to dominate

11% 11% 8% 8% 7% 9% Other, 8%

7%
8% 10% Late-stage, 10%
8% 9% 9%
16%

12% 13% Mid-stage, 14%

79% 78% 77%

73%
69% 68% Early-stage, 68%

2015 2016 2017 2018 2019 2020 2021

102
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

Mental Health/Wellness Tech: Top equity deals in Q4'21

Round Round % of Total

Company Round Valuation Select Investors Country
Amount Date Funding

Series E ICONIQ Growth, Lightspeed Venture Partners, Wellington

1 BetterUp $300M
2021-10-08
$4.7B
Management, Sapphire Ventures, Plus Capital
United States 15.4%

Series C SoftBank Group, Access Industries, Artis Ventures,

1 Cerebral $300M
2021-12-08
$4.8B
WestCap Group, Prysm Capital
United States 15.4%

Series B
3 Elemy $219M
2021-10-06
$1.1B SoftBank Group, General Catalyst, Bling Capital, Felicis, 8VC United States 11.3%

Series C Insight Partners, FirstMark Capital, The Blue Venture Fund,

4 Workit Health $118M
2021-10-21
$500M
3L, CVS Health Ventures
United States 6.1%

Series C
5 SonderMind $92M
2021-10-05
N/A General Catalyst, Drive Capital, Kickstart Fund United States 4.7%

103
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

Mental Health/Wellness Tech: Top equity deals in Q4'21

Round Round % of Total

Company Round Valuation Select Investors Country
Amount Date Funding

Series B Valeas Capital Partners, General Catalyst, Hellman &

6 Well $70M
2021-12-17
N/A
Friedman
United States 3.6%

Private equity
7 BlueSemi $69M
2021-10-28
N/A Global Emerging Markets India 3.6%

Series E Independence Blue Cross, Google Ventures, Oak HC/FT

8 Quartet Health $60M
2021-12-02
N/A
Partners
United States 3.1%

Ieso Digital Series B Morningside Technology Ventures, Molten Ventures,

9 $53M N/A United Kingdom 2.7%
Health 2021-11-23 Ananda Impact Ventures, IP Group, Sony Innovation Fund

Click Series B Accelmed, H.I.G. BioHealth Partners, K2 HealthVentures,

10 $52M N/A United States 2.7%
Therapeutics 2021-10-22 Sanofi Ventures, Health Catalyst Capital Management

104
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

Q4'21 sees the birth of 1 new unicorn, bringing the total herd to 10

Total Unicorns, 10
9

3 3

New Unicorns, 1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2017 2018 2019 2020 2021

105
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

M&A and SPAC exits up YoY in 2021

M&A, 35

20

3 SPAC, 5
IPO, 3

2015 2016 2017 2018 2019 2020 2021

106
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | MENTAL HEALTH/WELLNESS TECH

M&A and IPO exits fall while SPACs inch up QoQ in Q4'21

13

11

M&A, 7

4 4

2
1 SPAC, 2
1 1 1 1

IPO, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

107
Clinical Trials Tech
COLLECTION SPOTLIGHTS | Q4 2021

108
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | CLINICAL TRIALS TECH

Despite drop in deals, funding increases 53% YoY in 2021

$3,000M 85 Funding 90

$2,711M
80
74
$2,500M 72
Deals
67 70
64
62

$2,000M 60
$1,773M

50

$1,500M

40
33

$954M
$1,000M 30

$734M
20

$500M $422M $413M

10
$140M

$0M 0
2015 2016 2017 2018 2019 2020 2021

109
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | CLINICAL TRIALS TECH

Deals and funding drop QoQ in Q4'21

$1,200M 30
28

$1,011M
$1,000M 25
22 22 22
21
20 20 20 $799M 20
$800M 19 19 20
18 18
17 $705M
16
17 Funding
16
15 15 $612M
$600M 14 15
13 12 12
11
$449M Deals
$425M
11
$400M 10
8
7 $293M $294M $289M
$272M $264M
$215M $224M
$194M
$200M 4 $176M 5
$154M
$126M $119M
$90M $103M
$55M $65M $71M $63M
$40M
$8M $13M $19M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

110
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | CLINICAL TRIALS TECH

US sees funding decrease QoQ in Q4'21 but remains global leader

US Asia Europe Canada All Other Regions

$584M
$939M

$426M

$0M $29M
$46M $0M $0M
$25M $21M
$2M $0M $0M $0M $0M

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

111
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | CLINICAL TRIALS TECH

US deal share plummets while Europe and Asia deal shares jump in Q4'21

6% 6% 6% 5% 6% 5% 6%
All Other Regions, 0%
7% 9% 8% 8% 8%
13% 14% 14% 13% 16%
10%
5%
10% Canada, 0%
6% 6%
7% 20% 14% 21% 21%
25% 25% 8% 14% 25%
23%
Europe, 27%
7% 17% 24% 15%
9% 18% 5% 23% 13% 28% 17%
20% 20%
7% 5% 10% 35%

10% 14%
19%
25%
43% Asia, 18%
25%
6%

86% 88%
83%
77% 80% 79% 77%
73% 75% 73% 72% 75% 74% 75%
69% 70% 71% 71%
67% 68%
65% 64%

50%
56%
53% US, 55%
43% 45%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

112
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | CLINICAL TRIALS TECH

Average and median deal sizes increase in 2021

$52M

$27M

$23M

$17M

$13M
$10M
$8M $9M
$7M
$5M
$3M $3M
$1M $2M

2015 2016 2017 2018 2019 2020 2021

Average Size Median Size

113
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | CLINICAL TRIALS TECH

Mid-stage deal share doubles in 2021

Other, 2%
12% 10% 11% 11% 10%
13%
Late-stage, 19%
6%
11% 12%
19%
20%
25%
27% 16%
21%

21%
21%
Mid-stage, 42%

60% 61%
55% 56%
50%
46%
Early-stage, 38%

2015 2016 2017 2018 2019 2020 2021

114
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | CLINICAL TRIALS TECH

Clinical Trials Tech: Top equity deals in Q4'21

Round % of Total
Company Round Amount Round Valuation Select Investors Country
Date Funding

Series D Blackstone, GSR Ventures, Tiger Global Management,

1 Medable $304M
2021-10-26
$2.1B
Sapphire Ventures, Western Technology Investment
United States 49.6%

Series B
2 Owkin $180M
2021-11-18
$1.0B Sanofi Ventures United States 29.4%

Amador Series B
3 $60M N/A MSA Capital, Sequoia Capital, Cowin Venture United States 9.8%
Bioscience 2021-12-30

Series D
4 Teckro $25M
2021-11-24
N/A Northpond Ventures, Sands Capital Ireland 4.1%

Series A
5 Slope.io $20M
2021-10-06
$73M New Enterprise Associates United States 3.3%

Venture Capital
6 Circuit Clinical $14M
2021-10-28
N/A KMG Capital Partners United States 2.4%

Series C
7 Flywheel $6M
2021-11-10
N/A Intuitive Ventures United States 0.9%

Overwatch Seed VC Frontline Ventures, Techstart Ventures, SV Angel,

8 $4M N/A United Kingdom 0.6%
Research 2021-10-19 Michael Polansky, Robert Fenton

115
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | CLINICAL TRIALS TECH

2 new unicorn births in Q4'21 bring total herd to 6

Total Unicorns, 6

2 2 2
New Unicorns, 2

1 1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019 2020 2021

116
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | CLINICAL TRIALS TECH

M&A exits reach record high in 2021

M&A, 15

IPO, 0
2015 2016 2017 2018 2019 2020 2021

117
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | CLINICAL TRIALS TECH

M&A exits reach quarterly record high in Q4'21

M&A, 6

IPO, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

118
Telehealth
COLLECTION SPOTLIGHTS | Q4 2021

119
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

Funding hits new high in 2021, surpassing 2020's total by 68%

Funding 800
$18. 0B $17.6B
673 Deals 700
$16. 0B 628

$14. 0B 600

503
$12. 0B 469 500
459
$10.5B
419
$10. 0B
361 400

$8.0B
300
$6.0B $6.0B
$6.0B

200
$3.8B
$4.0B $3.3B $3.1B

100
$2.0B

$0.0B 0
2015 2016 2017 2018 2019 2020 2021

120
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

Funding rebounds to hit $4.7B in Q4'21

200
187
$6.0B 176 178
180
167
158 159
152
$5.2B Funding160
$5.0B 149
$4.7B
137 $4.4B
134
140
125 124
$4.0B
119
116
Deals
114 115
109 108 109 109 108
$3.5B
124
120
$3.3B
96
93 100
88 86 $2.9B
$3.0B 86 86

80
$2.2B $2.2B
$2.0B
$2.0B 60
$1.6B $1.6B
$1.5B $1.5B $1.5B
$1.3B
$1.1B $1.2B $1.2B
$1.0B 40
$0.9B $0.9B $0.9B
$1.0B $0.8B $0.8B
$0.6B $0.5B $0.6B
20
$0.3B

$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

121
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

Asia funding jumps to an all-time high in Q4'21

US Asia Europe LatAm Canada All Other Regions

$3.2B
$2.6B

$1.5B

$1.1B

$0.4B
$0.3B
$0.3B $0.3B
$0.3B
$0.0B $0.0B $0.0B
$0.0B $0.0B $0.0B $0.0B $0.0B $0.0B

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

122
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

Asia sees largest deal share growth QoQ in Q4'21

All Other Regions, 0%

6% 9% 7%
5% Canada, 2%
8% 13% LatAm, 2%
8%
16% 13%
17% 10% 13% 16%
Europe, 15%
17% 18% 18% 18% 22% 17% 16% 18%
16% 21% 18% 16%
17% 9% 19% 21% 23%
22% 22% 20%
20%
9% 16% 7% 20% 16%
19%
18%
9% 17% 15%
13% 16%
18% Asia, 24%
24% 19% 14%
24% 15% 13%
13% 15%
20%

78% 76%
72% 75%
68% 70%
66% 64% 64% 65%
60% 61% 63% 60%
59% 60% 60%
52%
57% 56% 58%
54% 53% 55% 56% US, 56%
50% 49%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

123
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

Average deal size up 68% YoY in 2021

$32M

$19M

$16M

$14M

$11M $11M

$9M $8M

$5M
$4M
$3M
$2M $2M $2M

2015 2016 2017 2018 2019 2020 2021

Average Size Median Size

124
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

Early-stage deal share drops while mid- and late-stage shares rise

11% 12% 12% 10% 10% Other, 9%

14%

8%
11% 6% 9% 11% Late-stage, 13%
7%
12%
13% 12% 17% 21%
21%
Mid-stage, 23%

70%
66% 66%
63% 61%
58%
Early-stage, 55%

2015 2016 2017 2018 2019 2020 2021

125
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

Telehealth: Top equity deals in Q4'21

Round Round Round % of Total

Company Select Investors Country
Amount Date Valuation Funding

Series E
1 Medlinker $514M
2021-12-13
$3.9B Sino Biopharmaceutical China 10.9%

Series E
2 Hinge Health $400M
2021-10-28
$6.2B Coatue Management, Tiger Global Management United States 8.5%

Series D Blackstone, GSR Ventures, Tiger Global Management, Sapphire

3 Medable $304M
2021-10-26
$2.1B
Ventures, Western Technology Investment
United States 6.5%

Series C SoftBank Group, Access Industries, Artis Ventures, WestCap Group,

4 Cerebral $300M
2021-12-08
$4.8B
Prysm Capital
United States 6.4%

Growth Equity
5 Bond Vet $170M
2021-10-11
N/A Warburg Pincus United States 3.6%

126
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

Telehealth: Top equity deals in Q4'21

Round Round Round % of Total

Company Select Investors Country
Amount Date Valuation Funding

SWORD Series D Sapphire Ventures, General Catalyst, Bond, Founders Fund, Green
6 $163M $2.0B United States 3.5%
Health 2021-11-22 Innovations

Dental Series B
7 $150M $1.0B Merieux Equity Partners, Vitruvian Partners France 3.2%
Monitoring 2021-10-21

Series E Mubadala Capital, B Capital Group, Dragoneer Investment Group,

7 Innovaccer $150M
2021-12-15
$3.2B
M12, Steadview Capital
United States 3.2%

Series F
9 CureFit $145M
2021-12-02
$1.5B Zomato, Accel, Mukesh Bansal, Temasek, South Park Commons India 3.1%

Series D
10 Truepill $142M
2021-10-27
$1.6B Initialized Capital, TI Platform Management United States 3.0%

127
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

7 new unicorn births bring the total herd to 36 in Q4'21

Total Unicorns, 36
31

28

22

19

7 7
New Unicorns, 7
4
3

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

128
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

Exit activity up across the board in 2021

M&A, 101

74

10
IPO, 11
1 SPAC, 7

2015 2016 2017 2018 2019 2020 2021

129
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | TELEHEALTH

IPO and M&A exits rise QoQ while SPACs stay flat at 2 in Q4'21

32

M&A, 28

21

20

16

2
2
2
2 SPAC, 2
1 1 1
IPO, 2

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

130
Health IT
COLLECTION SPOTLIGHTS | Q4 2021

131
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

Funding rises 54% YoY in 2021, deals drop 6%

$10. 0B 450
Funding
$9.0B $8.6B 400
373 374
357
$8.0B 341 Deals
350
320 322
$7.0B 299
300

$6.0B $5.6B
250

$5.0B

200
$4.0B
$3.5B
$3.3B
150
$3.0B $2.7B $2.7B

$1.9B 100
$2.0B

$1.0B 50

$0.0B 0
2015 2016 2017 2018 2019 2020 2021

132
 STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

Following a record-breaking Q3, funding drops 38% QoQ in Q4'21

$3,000M
120

$2,622M
101 $2,514M
99 100
$2,500M 98 98
94 94 94 94 100
$2,237M
88 88 89 88
87 87
85 85
82
80 80 80 79
$2,000M 77 76 $1,878M 80
70
69 Funding
$1,685M
$1,613M
62
$1,500M Deals
60
$1,202M 62
$1,125M
$1,048M
$976M $988M $981M
$1,000M 40
$798M $791M $770M
$696M $678M
$651M $641M
$573M $571M $603M
$492M $501M $512M
$500M $418M 20
$352M $319M

$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

133
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

Europe sees funding increase QoQ in Q4'21, US and Asia funding falls

US Asia Europe LatAm Canada All Other Regions

$1.3B
$1.6B

$0.1B
$0.8B $0.8B

$0.2B
$0.2B $0.1B $0.0B $0.0B $0.0B
$0.0B $0.0B $0.0B $0.0B $0.1B $0.0B $0.0B

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

134
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

Europe quarterly deal share hits new high in Q4'21

All Other Regions, 0%

6%
6%
5%
8% 6%
Canada, 0%
7%
10% 5% 13%
11% 6% 10% 6% LatAm, 2%
11% 10% 8% 17% 10% 13% 11% 7% 15% 8% Europe, 19%
16% 14% 14% 13% 13%
16% 9%
20% 14% 15% 13%
19% 10% 17% 13% 7%
10% 14%
14% 10% 12%
17% 11%
15% 15% 13% 23%
27% 20%
Asia, 21%

84% 81%
77% 79% 80% 78%
77% 77% 75% 75% 76%
74% 73% 71% 73% 73% 71% 72% 72%
68% 70% 68%
66% 66%
61% 62%
59% US, 58%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

135
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

Average deal size grows 68% in 2021

$32M

$19M

$12M $12M
$10M $11M
$10M
$8M
$7M
$5M
$3M $4M
$2M $3M

2015 2016 2017 2018 2019 2020 2021

Average Size Median Size

136
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

Early-stage deal share continues to decline in 2021

14% 12%
17%
11% 13% 16%
Other, 12%

13% 16% 11% Late-stage, 14%

17% 13% 14%

16% 15%
12% 22%
12%
23% Mid-stage, 32%

57% 58% 58% 58%

54%
47%
Early-stage, 42%

2015 2016 2017 2018 2019 2020 2021

137
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

Health IT: Top equity deals in Q4'21

Round Round % of Total

Company Round Valuation Select Investors Country
Amount Date Funding

Series B
1 Owkin $180M
2021-11-18
$1.0B Sanofi Ventures United States 11.2%

Dental Series B
2 $150M $1.0B Merieux Equity Partners, Vitruvian Partners France 9.3%
Monitoring 2021-10-21

Series E Mubadala Capital, B Capital Group, Dragoneer Investment

2 Innovaccer $150M
2021-12-15
$3.2B
Group, M12, Steadview Capital
United States 9.3%

Series C
4 Luma Health $130M
2021-11-23
N/A FTV Capital United States 8.1%

Series B Coatue Management, General Catalyst, Adam Boehler,

5 Cadence $100M
2021-12-14
$1.0B
Thrive Capital, Free Solo Ventures
United States 6.2%

138
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

Health IT: Top equity deals in Q4'21

Round Round % of Total

Company Round Valuation Select Investors Country
Amount Date Funding

Series B ICONIQ Growth, Greylock Partners, F-Prime Capital, Oak

5 Notable $100M
2021-11-03
$600M
HC/FT Partners
United States 6.2%

Undisclosed
7 WSO2 $90M
2021-11-11
N/A Goldman Sachs Asset Management United States 5.6%

Series D Casdin Capital, HealthQuest Capital, NSG Ventures,

8 Lunit $61M
2021-11-25
N/A
Tybourne Capital Management, BrightEdge
South Korea 3.8%

Series E Independence Blue Cross, Google Ventures, Oak HC/FT

9 Quartet Health $60M
2021-12-02
N/A
Partners
United States 3.7%

Series C March Capital Partners, Breyer Capital, Flare Capital

10 Suki $55M
2021-12-07
N/A
Partners, Venrock, InHealth Ventures
United States 3.4%

139
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

Q4'21 sees the birth of 4 new unicorns, bringing the total herd to 16

Total Unicorns, 16

12 12
11

7
6

New Unicorns, 4

1 1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019 2020 2021

140
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

M&A exits climb 76% YoY in 2021

M&A, 95

54

4 IPO, 8
1
SPAC, 3
2015 2016 2017 2018 2019 2020 2021

141
STATE OF DIGITAL HEALTH | COLLECTION SPOTLIGHTS | HEALTH IT

M&A and IPO exits decline QoQ in Q4'21

27
26

22

20
M&A, 20

3
2 2
2
1 1 SPAC, 1
1
IPO, 1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

142
Geographic Trends
Q4 2021

143
US Trends
GEOGRAPHIC TRENDS | Q4 2021

144
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | US TRENDS

US funding hits $37.9B in 2021, a 75% increase from 2020's total

Funding 1,800
$40. 0B
$37.9B
1,600
$35. 0B Deals
1,372
1,400
1,276 1,265
$30. 0B 1,221 1,229
1,146 1,142 1,200

$25. 0B
$21.7B 1,000

$20. 0B
800
$15.7B
$15. 0B $14.1B
$12.2B 600

$10. 0B $9.2B
$7.8B 400

$5.0B 200

$0.0B 0
2015 2016 2017 2018 2019 2020 2021

145
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | US TRENDS

US funding rises 29% QoQ in Q4'21, despite an 18% drop in deals

$12. 0B
368
Funding
350 351 346
355 $10.8B
343
333 350
326 322
317 317 318 318
$10. 0B
304 304
297 293 292 $9.3B $9.3B Deals
285 282 285 282 300
268
276 278 274 264 $8.4B 303
$8.0B
250
$6.7B

$5.9B
$6.0B 200
$5.1B
$4.6B
$4.4B
$4.2B 150
$3.8B $3.9B
$4.0B $3.7B
$3.4B
$3.1B $3.1B $3.1B
$2.9B $2.9B $2.8B $2.8B
$2.5B 100
$2.3B $2.2B
$2.0B $2.0B
$1.8B
$2.0B
$1.2B 50

$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

146
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | US TRENDS

Mid-stage deal share surpasses 20% for the first time

18% 16% 18%

Other, 14%
21% 20% 21%

10% Late-stage, 12%

8% 12% 11%
10% 10%

13% 17%
12% 12% 15% 19% Mid-stage, 21%

57% 58% 57% 57%

55% 52% Early-stage, 53%

2015 2016 2017 2018 2019 2020 2021

147
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | US TRENDS

US: Top equity deals in Q4'21

Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding

Series D SoftBank Group, Uprising Capital, Andreessen Horowitz,

1 Devoted Health $1.1B
2021-10-08
$12.6B
General Catalyst, Premji Invest
10.7%

Series F
2 Magic Leap $500M
2021-10-11
$2.0B N/A 4.6%

Neumora Series A
2 $500M N/A ARCH Venture Partners, Amgen 4.6%
Therapeutics 2021-10-07

Series E
4 Hinge Health $400M
2021-10-28
$6.2B Coatue Management, Tiger Global Management 3.7%

Series D Blackstone, GSR Ventures, Tiger Global Management,

5 Medable $304M
2021-10-26
$2.1B
Sapphire Ventures, Western Technology Investment
2.8%

148
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | US TRENDS

US: Top equity deals in Q4'21

Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding

Series E ICONIQ Growth, Lightspeed Venture Partners, Wellington

6 BetterUp $300M
2021-10-08
$4.7B
Management, Sapphire Ventures, Plus Capital
2.8%

Series C SoftBank Group, Access Industries, Artis Ventures, WestCap

6 Cerebral $300M
2021-12-08
$4.8B
Group, Prysm Capital
2.8%

Series D Perceptive Advisors, RA Capital Management, Andreessen

6 Freenome $300M
2021-12-07
N/A
Horowitz, Bain Capital, Fidelity Investments
2.8%

Series B
9 Elemy $219M
2021-10-06
$1.1B SoftBank Group, General Catalyst, Bling Capital, Felicis, 8VC 2.0%

Series B
10 Owkin $180M
2021-11-18
$1.0B Sanofi Ventures 1.7%

149
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | US TRENDS

M&A, IPO, and SPAC exits all hit new highs in 2021

M&A, 340

254

15 IPO, 36
1
SPAC, 15
2015 2016 2017 2018 2019 2020 2021

150
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | US TRENDS

M&A and IPO exits down QoQ in Q4'21, SPACs up slightly

100

88 88

76

M&A, 64

11 10
7
3 3 IPO, 8
4
1 3 SPAC, 5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

151
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | US TRENDS

US: Top investors by company count in Q4'21

Investor Company Count Investor Group

1 General Catalyst 16 VC

2 Andreessen Horowitz 8 VC

2 Google Ventures 8 CVC

2 Tiger Global Management 8 Asset/investment management

5 Gaingels 7 Angel

6 F-Prime Capital 6 VC

7 8VC 5 VC

7 Bessemer Venture Partners 5 VC

7 Founders Fund 5 VC

7 Khosla Ventures 5 VC

7 New Enterprise Associates 5 VC

7 Oak HC/FT Partners 5 VC

152
Canada Trends
GEOGRAPHIC TRENDS | Q4 2021

153
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | CANADA TRENDS

Funding increases 60% while deals stay flat YoY

$900M 85
Funding 90

81 $831M
$800M Deals 80

71 71
$700M 70

$600M 60
54
50 50 $521M
$500M 50

$400M 40
$326M

$300M 30
$242M $245M

$200M 20

$122M
$88M
$100M 10

$0M 0
2015 2016 2017 2018 2019 2020 2021

154
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | CANADA TRENDS

Funding grows for the fourth straight quarter in Q4'21

32
$350M

Funding30
$300M 27 $293M
25
25
23 $246M
$250M 22
21
$221M 20
19 19 19
20
18
$200M 17 17
16 16
15 $161M Deals
13 $152M 15
13
$150M 13
12 12 $139M 15
12 12

10 10
$103M $98M
$93M $96M 10
$100M $89M
7 $74M $71M $70M $72M
$65M $60M
$46M $49M 7 $47M
$50M 5
$32M $27M
$17M $16M $18M
$12M $9M
$3M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

155
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | CANADA TRENDS

Late-stage deal share hits record high in 2021

14% Other, 11%

17% 20%
22% 22%
26%
6%
Late-stage, 20%
6% 11%
13%
Mid-stage, 6%
6% 11%

76%
70% 73%
68%
59%
Early-stage, 63%
58%

2015 2016 2017 2018 2019 2020 2021

156
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | CANADA TRENDS

Canada: Top equity deals in Q4'21

Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding

Growth Equity
1 Fullscript $240M
2021-11-10
N/A HGGC, Snapdragon Capital Partners 81.9%

Conavi Undisclosed
2 $20M N/A N/A 6.8%
Medical 2021-12-15

Seed VC
3 Practice $10M
2021-10-28
N/A Andreessen Horowitz, Tony Robbins 3.4%

Series A
4 Lydia AI $8M
2021-10-19
N/A Information Venture Partners 2.7%

Series A Nimbus Synergies, INP Capital, Mint Venture Partners, Wavemaker

5 Sonic Incytes $7M
2021-12-07
N/A
Three-Sixty Health, Gaingels
2.5%

157
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | CANADA TRENDS

Canada: Top equity deals in Q4'21

Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding

Seed VC
6 KixCare $2M
2021-10-12
N/A Esplanade Ventures, Horizon Capital 0.7%

Seed
7 Medzy $2M
2021-10-27
N/A TGIC2, Investissement Quebec 0.6%

Seed
8 Kovo $2M
2021-11-11
N/A Flow Capital 0.5%

Seed VC Amplify Capital, BoxOne Ventures, Desjardins Capital, Formentera

9 Pathway $1M
2021-10-14
N/A
Capital, Panache Ventures
0.4%

Seed VC
10 Gotcare $0.9M
2021-11-25
N/A TELUS Pollinator Fund for Good 0.3%

158
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | CANADA TRENDS

M&A exits up in 2021, IPOs down 57%

M&A, 40

31

IPO, 3

2015 2016 2017 2018 2019 2020 2021

159
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | CANADA TRENDS

M&A exits decline for the third straight quarter in Q4'21

14

13 13

M&A, 5

1 1
IPO, 1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

160
Asia Trends
GEOGRAPHIC TRENDS | Q4 2021

161
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | ASIA TRENDS

Funding hits $10.7B in 2021, a 62% increase YoY

$12. 0B
Funding
900
$10.7B

$10. 0B 800

Deals 700
648
616 782
$8.0B 595
600
$7.0B
522 $6.6B

458 500
$6.0B

400
$4.2B
305
$4.0B
300
$3.1B $3.2B

$2.3B 200
$2.0B

100

$0.0B 0
2015 2016 2017 2018 2019 2020 2021

162
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | ASIA TRENDS

Dollars and deals drop QoQ in Q4'21

$4,000M
300

$3,500M $3,339M
$3,116M $3,099M 248
Funding
250
$3,000M
$2,787M
$2,554M 201
191
$2,500M 200
176 173 $2,283M
161 Deals
153 153 153 156 162 $2,314M
$2,000M 146 146 146 142 171
137 150
132
122 122 125 $1,627M
115 $1,550M
$1,500M
94 92 98
$1,221M
83 100
$916M $967M $984M
$1,000M $906M $915M $890M $881M
61 $856M $808M
$784M $773M $755M
67 $605M
$535M 50
$429M $384M $441M
$500M $376M

$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

163
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | ASIA TRENDS

Early-stage deal share increases for the first time since 2016

Other, 3%
7%
11% 9% 10% 11% Late-stage, 12%
14%
13%
11% 16%
19% 19%
Mid-stage, 22%
24%

79%
74%
71%
68% 67%
58%
Early-stage, 63%

2015 2016 2017 2018 2019 2020 2021

164
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | ASIA TRENDS

Asia: Top equity deals in Q4'21

Round Round Round % of Total

Company Select Investors Country
Amount Date Valuation Funding

Series E
1 Medlinker $514M
2021-12-13
$3.9B Sino Biopharmaceutical China 18.4%

Series B Koch Disruptive Technologies, 8VC, Alexandria Venture

2 immunai $215M
2021-10-27
N/A
Investments, Piedmont Investment Advisors, Talos
Israel 7.7%

Series F Amansa Capital, Janus Henderson Investors, Neuberger Berman,

3 PharmEasy $204M
2021-10-18
$5.6B
OrbiMed Advisors, SANNE Group
India 7.3%

Edge Medical Series C Boyu Capital, Sequoia Capital China, Temasek, 3H Health
4 $200M N/A China 7.2%
Robotics 2021-11-06 Investment, Guoce Investment

Series F
5 CureFit $145M
2021-12-02
$1.5B Zomato, Accel, Mukesh Bansal, Temasek, South Park Commons India 5.2%

165
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | ASIA TRENDS

Asia: Top equity deals in Q4'21

Round Round Round % of Total

Company Select Investors Country
Amount Date Valuation Funding

Series B 5Y Capital, Gaorong Capital, Legend Capital, Primavera Capital

6 Xbiome $100M
2021-12-22
N/A
Group, Hike Capital
China 3.6%

Series E Epiq Capital, Hummingbird Ventures, Sequoia Capital India, Tiger

7 Pristyn Care $96M
2021-12-07
$1.4B
Global Management, Trifecta Capital
India 3.4%

Series C CR-CP Life Science Fund, CCB International, CDG Capital, EDBI,
8 Mirxes $87M
2021-10-22
$500M
HYWOOD
Singapore 3.1%

Changmugu Series B CDH Investments, China Capital Investment Group, IDG Capital,
9 $85M N/A China 3.0%
Medical 2021-11-10 Zhongguancun Qihang Investment, bioVENTURE

Joinhealth Series B
10 $78M N/A Huasheng Capital, Sequoia Capital China, 3H Health Investment China 2.8%
Technology 2021-11-08

166
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | ASIA TRENDS

2021 sees record-breaking M&A and IPO activity

M&A, 40

IPO, 24
18

2015 2016 2017 2018 2019 2020 2021

167
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | ASIA TRENDS

M&A exits drop while IPOs rise QoQ in Q4'21

16

10 10
9

M&A, 7
8
IPO, 7

4
3

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

168
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | ASIA TRENDS

Asia: Top investors by company count in Q4'21

Investor Company Count Investor Group Country

1 5Y Capital 5 VC China

2 Long Hill Capital 4 VC China

2 Sequoia Capital China 4 VC China

2 Shunwei Capital Partners 4 VC China

5 MSA Capital 3 VC China

5 Sequoia Capital India 3 VC India

169
Europe Trends
GEOGRAPHIC TRENDS | Q4 2021

170
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | EUROPE TRENDS

Funding hits $6.7B in 2021, a 131% increase YoY

700
Funding
$7.0B $6.7B
600

$6.0B
Deals
486
573 500
$5.0B 444

397 399
400
$4.0B

294
$2.9B 300
$3.0B $2.9B

197 $2.2B
$2.0B
200
$2.0B

$1.0B
$1.0B 100
$0.5B

$0.0B 0
2015 2016 2017 2018 2019 2020 2021

171
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | EUROPE TRENDS

Funding and deals rebound in Q4'21

176
180

$4,500M
160
Deals
$4,000M 138 $3,831M 135 140
130
125 125 124
$3,500M 120
117 117 116
112 120
108
$3,000M 104
99 99
93 93 93 100
85
$2,500M 83
75
80
$2,000M 63 65
61
53 Funding60
$1,500M
43 $1,172M $1,147M
38 $1,075M $1,038M
$1,009M
$862M 40
$1,000M
$720M $696M
$625M
$533M $594M $474M $505M $549M
$500M $347M $381M $427M $410M $429M 20
$271M $283M $266M $214M
$72M $81M $119M $128M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

172
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | EUROPE TRENDS

Early-stage deal share continues to dominate in 2021

8% 11% 9% 11% 8% 10% Other, 6%

5%
7% 8% Late-stage, 9%
8% 8%
7% 9%
6% 7%
6% 5% 12% Mid-stage, 13%

80% 78%
75% 75% 77%
71% Early-stage, 72%

2015 2016 2017 2018 2019 2020 2021

173
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | EUROPE TRENDS

Europe: Top equity deals in Q4'21

Round Round % of Total

Company Round Valuation Select Investors Country
Amount Date Funding

Dental Series B
1 $150M $1.0B Merieux Equity Partners, Vitruvian Partners France 13.1%
Monitoring 2021-10-21

Series B
2 MindMaze $125M
2021-10-07
N/A AlbaCore Capital Switzerland 10.9%

Series C Partners in Equity, INKEF Capital, Life Sciences

3 ViCentra $74M
2021-12-16
N/A
Partners, Health Innovations
Netherlands 6.5%

Series C Partech Partners, Serena Capital, Creadev, Lauxera

4 Lifen $58M
2021-11-16
N/A
Capital Partners
France 5.1%

Ieso Digital Morningside Technology Ventures, Molten Ventures,

Series B
5 $53M N/A Ananda Impact Ventures, IP Group, Sony Innovation United Kingdom 4.6%
Health 2021-11-23
Fund

174
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | EUROPE TRENDS

Europe: Top equity deals in Q4'21

Round Round % of Total

Company Round Valuation Select Investors Country
Amount Date Funding

Quantum Series B Ally Bridge Group, Bpifrance, European Investment

6 $47M N/A France 4.1%
Surgical 2021-10-22 Bank, Caisse d’Epargne

Cleveland Avenue, David Howell Evans, Marc Benioff,

Series B
7 Nuritas $45M
2021-11-11
N/A Paul David Hewson, European Circular Bioeconomy Ireland 3.9%
Fund

Series A
8 Mayd $34M
2021-12-14
N/A Lightspeed Venture Partners Germany 2.9%

Series D
9 Teckro $25M
2021-11-24
N/A Northpond Ventures, Sands Capital Ireland 2.2%

Series A Chr. Augustinus Fabrikker, Vækstfonden, Lars

10 Dawn Health $24M
2021-11-30
N/A
Marcher
Denmark 2.1%

175
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | EUROPE TRENDS

M&A, IPO, and SPAC exits all rise YoY in 2021

M&A, 121

79

8 IPO, 13
SPAC, 2
2015 2016 2017 2018 2019 2020 2021

176
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | EUROPE TRENDS

M&A and IPO exits inch up while SPACs stay level QoQ in Q4'21

36
34

25
M&A, 26
23

4 4
3 IPO, 5
1
1
SPAC, 1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

177
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | EUROPE TRENDS

Europe: Top investors by company count in Q4'21

Investor Company Count Investor Group Country

1 Global Founders Capital 4 VC Germany

1 High-Tech Grunderfonds 4 VC Germany

3 Seedcamp 3 VC United Kingdom

3 Verve Ventures 3 VC United Kingdom

178
LatAm Trends
GEOGRAPHIC TRENDS | Q4 2021

179
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | LATAM TRENDS

LatAm funding more than doubles in 2021

Deals
$450M 60
57

$400M
Funding 50
$350M $340M

39
$300M 40

$250M
30
27 30
$200M 24

$149M
$150M 20

$100M 11
9
$61M 10
$50M
$50M $38M
$30M
$13M

$0M 0
2015 2016 2017 2018 2019 2020 2021

180
 STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | LATAM TRENDS

Funding reaches a quarterly record high in Q4'21, despite a drop in deals QoQ

$140M 20
20
Funding
$120M 17 $116M

$100M 14 $95M 15
13

$80M 11
9 $71M Deals
10 10
11
10
9
$58M $58M
$60M
$51M 7
7 7 7 7 $55M
6
$40M
4
4 $28M 4 $27M 5
3 3 3 3
3 $21M
$20M 2 2 $14M $15M
$11M $10M
$11M $7M 1 $8M $8M $7M
$2M $3M $2M $1M
$0M $1M $1M
$0M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021

181
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | LATAM TRENDS

Early-stage deal share jumps while mid-stage deal share plummets in 2021

5%
9% 11% 13% Other, 12%
8%
9% 13%
11%
10% Late-stage, 11%
9% 21%
11%
Mid-stage, 5%

100%

79%
73% 73% Early-stage, 72%
67% 67%

2015 2016 2017 2018 2019 2020 2021

182
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | LATAM TRENDS

LatAm: Top equity deals in Q4'21

Round Round % of Total

Company Round Valuation Select Investors Country
Amount Date Funding

Private equity
1 Bionexo $81M
2021-10-15
$202M Bain Capital Brazil 69.8%

Series B DN Capital, Monashees+, Redpoint e.ventures, Valor Capital

2 Sami $19M
2021-12-14
N/A
Group, Lakewood & Company
Brazil 16.8%

Series A Valor Capital Group, Canary, Civilization Ventures, Norte

3 Klivo $8M
2021-11-23
N/A
Ventures, Reaction Fund
Brazil 6.9%

Series A Vox Capital, Valor Capital Group, Goodwater Capital,

4 Vitalk $4M
2021-11-05
N/A
Greenrock
Brazil 3.7%

Series A
5 AgendaPro $2M
2021-10-21
N/A Kayyak Ventures Chile 1.7%

Angel
6 Fixme $0.9M
2021-10-05
N/A Angels Capital, TheVentureCity, Blackshiip, Metxa Colombia 0.7%

Seed VC Aimorés Investimentos, JUPTER, GVAngels, Poli Angels,

7 SleepUp $0.4M
2021-11-08
N/A
Sororite
Brazil 0.3%

183
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | LATAM TRENDS

M&A exits hit new high in 2021

M&A, 17

12

IPO, 0
2016 2017 2018 2019 2020 2021

184
STATE OF DIGITAL HEALTH | GEOGRAPHIC TRENDS | LATAM TRENDS

M&A exits double QoQ in Q4'21

6
M&A, 6

3 3

IPO, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019 2020 2021

185
STATE OF DIGITAL HEALTH
Report Methodology Unicorn data includes private companies valued at $1B or
more in the private markets globally, per the same 4 source
No business development/R&D arrangements, whether
transferable into equity now, later, or never. If a company signs a
You can download the underlying data found in s listed above and relied on for funding events, which inclu $300M R&D partnership with a larger corporation, this is not
de valuations disclosed in credible media sources. The list i equity financing nor is it from venture capital firms. As a result, it
this report s maintained publicly and updated in real time at is not included.
here: https://www.cbinsights.com/reports/CB- https://www.cbinsights.com/research-unicorn-companies. No buyouts, consolidations, or recapitalizations. All three of
Insights_Digital-Health-Trends-2021.xlsx. Geography notes: Israel funding figures are classified in Asia; these transaction types are commonly employed by private
Caribbean region figures included in Latin America, or “LatAm”; equity firms and are tracked by CB Insights. However, they are
funding to Australia and Africa is included in global figures but excluded for the purposes of this report.
If you have questions about the definitions not spotlighted in this report. No private placements. These investments, also known as PIPEs
or methodological principles used, or if you Rounds to private companies that may be majority- or minority- (Private Investment in Public Equities), are not included even if
feel that your firm has been owned subsidiaries of other private companies. made by a venture capital firm.
underrepresented, please reach out to Valuation data includes estimates to calibrate median and No debt/loans of any kind (except convertible notes). Venture
info@cbinsights.com. average valuations based on current and previous quarter debt or any kind of debt/loan issued to emerging, startup
disclosed valuations gathered from the aforementioned four companies, even if included as an additional part of an equity
sources. The estimating method will control for the over- financing, is not included. If a company receives $3M with $2M
What is included: sampling of large rounds that are reported quickly versus a from venture investors and $1M in debt, only the $2M is included
comparative lag in valuations obtained from other sources. in these statistics.
Equity financings into private companies only. Funding rounds Exits include IPO, SPACs, M&A and other liquidity events; only No non-equity government funding. Grants or loans by the
raised by public companies of any kind on any exchange first exits are counted. federal government, state agencies, or public-private
(including Pink Sheets) are excluded from our numbers, even if
Headquarters are determined by publicly available sources partnerships to emerging, startup companies are not included.
they received investment from a venture firm.
including company-owned websites and profiles, legal filings, No fundings to subsidiaries of a larger parent corporation unless
Only includes the investment made in the quarter for tranched and press releases. that subsidiary is a private entity and meets other criteria for
investments. If a company does a second closing of its Series B inclusion.
round for $5M and previously had closed $2M in a prior quarter, All figures in the report are in USD.
only the $5M is reflected. US financing trends follow the combined statistical area Accelerators, incubators, business plan competitions, and
economic development entities are excluded from rankings of
Round numbers reflect what has closed, not what is intended. If (CSA) methodology. Silicon Valley refers to the San Jose-San most active investors, even if making equity financings.
a company indicates the closing of $5M out of a desired raise of Francisco-Oakland CSA.
$15M, our numbers reflect only the amount which has closed. Rankings for top investors are calculated according to “company
count,” or the number of unique companies an investor funds in
Only verifiable fundings are included. Fundings are verified via
(1) various federal and state regulatory filings; (2) direct
What is excluded: a quarter, and so excludes follow-on deals.
confirmation with firm or investor; (3) press release; or (4) No contingent funding. If a company receives a commitment for
credible media sources. $20M subject to hitting certain milestones but first gets $8M,
Equity fundings to joint ventures and spinoffs/spinouts are only the $8M is included in our data.
included.

186