While the US accounts for 75% of global digital health deal share, deal flow to international startups continues to climb.

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.

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Quarterly funding trends

quarters us, international funding

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

quarters us, international dealflow

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

dealsharediggyhealth

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.

2017.02.22 Geographic Heatmap v2.5

Notable Digital Health Companies Outside The US
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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