Funding and deal flow to private digital health startups has increased nearly every year since 2009, reaching $6B in 2016 across 918 deals. And investors remain bullish. We are now seeing mega-rounds over $100M to companies such as Oscar Health, Flatiron Health, Grail, and many others.
While the large majority of funding has gone to US-based startups, startups globally are addressing the challenge of improving healthcare. For example, Oura in Finland is developing innovative wearables, while Asistia in Mexico is helping seniors find affordable home care.
Below, we used CB Insights data to track funding and deal flow to companies operating in the US and internationally. We also created a map of some of the most well-funded non-US-based private digital health startups across the globe.
Quarterly funding trends
On a quarterly basis, equity funding to private US-based digital health companies saw a 128% increase from $768M in Q4’16 to $1.75B in Q1’17. Meanwhile, funding to digital health companies outside of the US saw a 146% increase from $252M in Q4’17 to $621M in Q1’17.
A few of the larger US-based deals in Q1’17 were Grail‘s $900M Series B from investors including Amazon and ARCH Venture Partners, Alignment Healthcare‘s $115M equity round from Warburg Pincus, and PatientsLikeMe‘s $100M Series C from iCarbonX and Invus Group.
Quarterly deal flow
Deals to US-based companies, which picked up at the end of 2016 after taking a dive in Q3’16, again fell in Q1’17, down to 147. This marks the second lowest quarter of the last 3 years. Deals outside the US, however, have surged recently from 55 in Q3’16 to 102 in Q4’16 and 104 in Q1’17.
Recent international deals include the $1.08M seed round of La Ciotat, France-based HelloCare from Inovalis and P. Factory, the $14M Series A of Guangzho, China-based Kingdee Healthcare from the Yongjin Group and JD.com, and the $17.12M Series B of Mumbai, India-based PharmEasy from Bessemer Venture Partners, Aarin Capital, and Orios Venture Partners.
Global deal share
US-based digital health startups have received 75% of the global deal share since 2013. India took second with 4%, followed by China, the United Kingdom, and Canada.
A few of the larger international deals in Q1’17 were China-based Hao Daifu‘s $200M Series D from Tencent Holdings, Canada-based PointClickCare‘s $85 equity round from JMI Equity and Dragoneer Investment Group, and India-based Practo Technology‘s $55M Series D from investors including Thrive Capital, Sequoia Capital India, and Tencent India.
Global map of digital health startups
For our map, we identified the countries receiving the most funding to digital health startups and identified up to 3 of the most well-funded private startups within each country. Kenya was also included to showcase some of the top deals in Africa.
This map is not meant to be exhaustive of companies in the space. Click on the image below to enlarge.
| Company | Country | Total Funding ($M) |
|---|---|---|
| Guahao Technology Co. | China | $536 |
| Spring Rain Software | China | $244 |
| Meet You | China | $201 |
| Practo Technologies | India | $179.5 |
| Netmeds | India | $54.72 |
| HealthKart | India | $34.5 |
| PointClickCare | Canada | $86.88 |
| LEAGUE | Canada | $29 |
| Myca Health | Canada | $26.5 |
| OMsignal | Canada | $24.51 |
| Izeos | France | $94.96 |
| Doctolib | France | $54.69 |
| Voluntis | France | $29 |
| LumiraDx | United Kingdom | $43.24 |
| Babylon Health | United Kingdom | $25 |
| Antidote | United Kingdom | $17.8 |
| D-Eye | Italy | $1.62 |
| Horus Technology | Italy | $0.9 |
| Chorafarma | Italy | $0.56 |
| Zebra Medical Vision | Israel | $20 |
| Pocared Diagnostics | Israel | $15 |
| HealthWatch Technologies | Israel | $15 |
| Clue | Germany | $29.68 |
| Molecular Health | Germany | $26.8 |
| ottonova | Germany | $16.11 |
| Sensimed | Switzerland | $42.02 |
| Sophia Genetics | Switzerland | $33.82 |
| Biovotion | Switzerland | $10.34 |
| Lifesum | Sweden | $16.7 |
| Min Doktor | Sweden | $13.49 |
| AMRA | Sweden | $10.21 |
| CXA | Singapore | $33 |
| Attune Technologies | Singapore | $16 |
| DocDoc | Singapore | $11.16 |
| Beddit | Finland | $8.5 |
| MeeDoc | Finland | $5.4 |
| Oura | Finland | $5.3 |
| BlueBee | Netherlands | $13.24 |
| MIMETAS | Netherlands | $8.4 |
| Forcare | Netherlands | $5.36 |
| HealthEngine | Australia | $20.2 |
| mPort | Australia | $9 |
| DorsaVI | Australia | $5 |
| dr.consulta | Brazil | $25.9 |
| SaudeControle | Brazil | $5 |
| Vitta | Brazil | $3 |
| DocPlanner | Poland | $31 |
| MyWhizzy | Poland | $0.03 |
| FindAir | Poland | $0.02 |
| Ybrain | South Korea | $10.14 |
| Ddocdoc | South Korea | $7.61 |
| Genoplan | South Korea | $5.03 |
| Health Digital Systems | Mexico | $25 |
| Asistia | Mexico | $0.05 |
| Port Medical | Japan | $7.9 |
| Lemonade Lab | Japan | $5.8 |
| FiNC | Japan | $5.3 |
| DocDoc | Russia | $5 |
| Time To Visit | Russia | $5 |
| Healbe | Russia | $3.68 |
| Haltons Pharma | Kenya | $3 |
| TotoHealth | Kenya | $0.32 |
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