CB-Insights Healthcare-Report-Q3-2021

State Of
Healthcare

GLOBAL | Q3 2021

Global data and analysis on dealmaking, funding,
and exits in private-market healthcare companies

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Contents

Executive Summary 9 Geographic Trends 183
US Trends 184
Global Trends 21 Canada Trends 193
Investment Trends 22 Asia Trends 202
Unicorns & Valuations 58 Europe Trends 211
Exit Trends 69 LatAm Trends 220
Investors 77

Collection Spotlights 87
Digital Health 88
Medical Devices 101
Biopharmaceuticals 115
Digital Therapeutics 128
Health IT 142
Mental Health/Wellness Tech 156
Telehealth 170

State Of Healthcare 8

What you need to know about
healthcare venture in Q3'21

1,904 91 38% 75 54%

Global healthcare Global healthcare Asia’s Q3 deal share Mega-rounds Early-stage deal
deals in Q3 — the unicorns, including sets a new record. ($100M+). share rebounds.
highest on record. 10 added in Q3.
Asia-based healthcare In 2021 YTD, $100M+ After hitting a multiyear low
Healthcare startups saw a Q3'21 saw the birth of 10 startups accounted for 38% healthcare mega (50%) in 2020, early-stage
record-breaking 1,904 deals new healthcare unicorns, of total deals in Q3’21, the rounds have already deal share is bouncing
in Q3’21, up 15% from the bringing the industry’s total highest deal share ever surpassed 2020’s year-end back, accounting for 54% of
previous high seen last to 91. The quarter's achieved by the region. mega-round totals in both YTD deals.
quarter. Funding reached healthcare unicorn birth Meanwhile, US deal share deal count (+35%) and
$30.7B, a slight dip from rate is the 3rd highest ever, hit an all-time low (42%). funding (+46%). Asia- and US-based
Q2’21, but a 41% increase behind Q1’21 (19) and startups accounted for
YoY. Q2’21 (12). Asia was also the only This comes despite a dip in roughly equal share of
major region to see mega-rounds QoQ, with 75 these early-stage deals
At $97.8B, YTD funding has The 10 latest additions, all sequential funding growth, mega-rounds in Q3'21. (40% and 37%,
already surpassed 2020 from the US, are valued at rising 18% QoQ to reach a respectively).
levels by more than 20%. $18.7B in aggregate. multi-quarter high of
$8.6B.

State Of Healthcare 9

What you need to know about
healthcare venture in Q3’21 (cont'd)

16 mos 60%+ 678 $1.2B+ $39.6B

Median time Median late-stage Total exits in Q3, Median SPAC exit YTD digital health
between Series C deal size and down slightly QoQ. valuation — more funding.
and D raises is valuation explode. than twice the IPO
shrinking. Total exits in Q3’21 were median. Digital health startups have
Late-stage startups are down 5% from the previous raised $39.6B in funding
Healthcare startups are closing much larger deals quarter, with slowdowns in SPAC healthcare exit YTD — already 27%
taking less time than ever at much higher valuations. both IPO and M&A activity. valuations are more than 2020 funding
to progress from mid- to The median late-stage This was the first quarterly skyrocketing. In 2020, the totals.
late-stage financing. valuation jumped from decline in M&A exits since median SPAC exit valuation
Moving from Series C to $292M in 2020 to $471M in Q2’20. was $399M. In 2021 YTD, However, on a quarterly
Series D, which took 21 2021, up more than 60%. that value has more than basis, Q3'21 marked the
months in 2015, has taken Median late-stage deal size Though they accounted for tripled to surpass $1.2B — first QoQ funding decline
only 16 months (at the saw a similar uptick over less than 2% of total exits, more than double 2021 since Q2'20, falling 18% to
median) in 2021 YTD. the same time period, healthcare SPAC exits hit YTD’s median IPO exit reach $12.8B. Deal count,
Companies at later stages reaching $46M in 2021. an all-time high, with 11 value. on the other hand, reached
are progressing even more completed in the quarter. an all-time high of 727.
rapidly.
10
State Of Healthcare

Global healthcare deals reach a record high in Q3’21, surpassing 1,900

1,800 1,904 deals

1,600 Q3 2021
(record)
1,400
+250
1,200
deals QoQ
1,000
11
800

600

400

200

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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Investment Trends

10 new healthcare unicorns born in Q3’21 bring the global herd to 91

91 unicorns

Q3 2021

38%

increase YoY

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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Unicorns & Valuations 12

Asia deal share reaches an all-time high (38%) in Q3'21

38% deal share

Q3 2021

9

percentage point
increase YoY

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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Investment Trends 13

Mega-rounds in 2021 YTD already surpass 2020's total by 35%

260 mega-rounds

250 2021 YTD

200 35%
increase YoY

150

100

50

0 2016 2017 2018 2019 2020 2021
2015 YTD

State Of Healthcare | Global Trends | Investment Trends 14

Early-stage deal share is bouncing back from 2020’s multiyear low

54%

deal share

2021 YTD

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Global Trends | Investment Trends 15

Financing timelines from Series C (mid-stage) to Series D (late-stage)
raises are accelerating

Median months between mid- and late-stage financings

16%

faster timelines YoY

16 median
months

2021 YTD

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Global Trends | Investment Trends 16

Late-stage startups are completing larger deals at higher valuations

Median late-stage deal sizes $46M Median late-stage deal valuations $471M

2021 YTD 2021 YTD

70% 61%

increase YoY increase YoY

2015 2017 2019 2021 2015 2017 2019 2021
YTD YTD

State Of Healthcare | Global Trends | Investment Trends 17

M&A and IPO slowdowns drive a slight decline in QoQ exits

717 First decline
since Q2 2020
678

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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Exit Trends 18

Median SPAC exit valuation has skyrocketed, reaching 2.2x that of IPOs
thus far in 2021

$1,245M

2021

212%

increase YoY

2018 2019 2020 2021
YTD

IPO SPAC

State Of Healthcare | Global Trends | Exit Trends 19

Digital health startups have already raised 27% more funding than in 2020

$40.0B $39.6B
$35.0B
$30.0B 2021
$25.0B
$20.0B 27%
$15.0B
$10.0B increase YoY

$5.0B 20
$0.0B

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Collection Spotlights | Digital Health

Global Trends

Q3 2021

21

Investment Trends

GLOBAL: Q3 2021

22

YTD funding has already surpassed 2020 by 21%, despite 10% fewer deals

$120.0B 7,000
6,000
$100.0B 5,708 5,764 5,828 Funding
$80.0B $62.3B $59.8B $80.5B $97.8B
$60.0B
$40.0B 3,986 4,393 5,088 2018 2019 2020 Deals 5,000
$20.0B $33.9B $34.2B $44.6B 5,226 4,000

3,000

2,000

1,000

$0.0B 0

2015 2016 2017 2021 23
YTD

State Of Healthcare | Global Trends | Investment Trends

Deals climb 15% QoQ, achieving a record high of 1,904 in Q3’21

$40.0B Deals
1,904 2,000

$35.0B 1,627 $34.0B Fundin1g,800
$30.0B $33.1B $30.7B1,600
$25.0B 1,521 1,480 1,466 1,492 1,459 1,668 1,654
$20.0B
$15.0B 1,377 1,432 1,374 1,396
$10.0B
1,311 1,319 1,330 1,346 1,400
$5.0B
1,186 1,254 1,204 $24.5B
$21.8B
1,050 1,028 1,074 1,105 1,200
$8.5B $8.2B
1,005 935 996 $18.4B $16.9B $16.4B $17.8B 1,000
$6.7B $8.4B $9.3B $16.9B 800
600
$12.8B $12.2B $13.3B $13.8B $14.2B $14.1B $14.6B

$9.5B $10.4B $9.6B $10.1B
$7.1B
400

200

$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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Investment Trends 24

US-based startups dominate, raising $18.3B across 808 deals in Q3’21

US Canada Europe Asia

$18.3B $0.4B $2.8B $8.6B

808 Deals 41 Deals 256 Deals 730 Deals

LatAm All Other
Regions
$0.1B
$0.5B
25 Deals
44 Deals

State Of Healthcare | Global Trends | Investment Trends 25

Asia is the only major region to see QoQ funding growth in Q3’21

US Asia Europe LatAm Canada All Other Regions

$21.$81B9.3B

$18.3B

$13.4$B13.9B

$11.6$1B1.7B

$8.6B $2.8B

$7.9B$6$.87B.3B $6.6B

$5.7B

$3.0$B3.4B $3.7B $0.1B $0.4B $0.5B

$1.5$B2.4B$2.2B$2.4B

$0.0$B0.1B$0.0B$0.1B$0.1$B0.3B $0.2$B0.2B$0.4B$0.1B$0.4$B0.5B $0.0$B0.1B$0.0B$0.1B$0.3$B0.1B

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

State Of Healthcare | Global Trends | Investment Trends 26

Asia deal share reaches an all-time high as US deal share hits a record low

14% 12% 14% 13% 14% 17% 13% 19% 17% 17% 17% 18% 16% 14% 15% 16% 18% 16% 15% 18% 19% 20% 17% 18% 18% 21% All Other Regions, 2%
15% 17% 16% 18% 26% 20% 22% 23% 22% 21% 25% 24% 25% 29% 29% 27% 26% 23% 25% 27% 22% 24% 29% 28% 28% Canada, 2%
LatAm, 1%
30% Europe, 13%
Asia, 38%

66% 68% 66% 63% 57% 59% 59% 54% 56% 58% 54% 53% 52% 51% 52% 51% 49% 54% 54% 49% 53% 49% 48% 48% 48% 44% US, 42%

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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Investment Trends 27

VC leads investor deal share in Q3'21

33% 33% 30% 34% 30% 32% 32% 32% 30% 32% 29% 32% 31% 28% 29% 30% 28% 30% 29% 29% 29% 27% 26% 25% 25% 23% Other, 23%

8% 4% 6% 6% 7% 5% 8% 5% 9% 5% 8% 5% 5% 4% 6% 3% 7% 5% 8% 4% 5% 4% 5% 4% 5% 4% Incubator/Accelerator, 5%
6% 6% 6% 6% 7% 6% 6% 8% 6% 7% 6% 6% 6% 6% 6% 5% 4% 6% 5% 5% 5% 6% 5% 5% 5% 6% Angel, 6%
6% 7% 8% 8% 7% 7% 7% 6% 6% 6% 8% 7% 7% 7% 8% 7% 7% 7% 7% 7% 7% 7% 8% 10% 10% 10% Private Equity, 10%
4% 5% 6% 5% 5% 5% 4% 5% 5% 6% 5% 5% 7% 6% 7% 7% 7% 7% 6% 7% 7% 8% 9% Asset/Investment Management, 10%
9% 10% 10%
12% 12% 13% 13% 15% 14% 14% 13% 14% 14% 13% 14% 15% 15% 15% 16% 15% 14% 15% 15% 15% 15% 15% Corp and CVC, 15%
15% 15% 15%

32% 33% 31% 28% 29% 31% 29% 32% 29% 30% 30% 31% 29% 34% 30% 32% 31% 31% 31% 31% 31% 32% 31% 32% 30% 31% 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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Investment Trends 28

Average deal size in 2021 YTD is 39% higher than it was in 2020

$25M

$18M

$15M $14M

$12M

$10M $10M

$2M $2M $2M $3M $3M $4M $6M
2015 2016 2019 2020
2017 2018 2021
Average Deal Median Deal YTD

State Of Healthcare | Global Trends | Investment Trends 29

All regions except LatAm see growth in median deal size in 2021 YTD

US Asia Europe LatAm Canada All Other Regions

$14M

$10M

$6M $5M$4M$5M$5M$6M $3M $1M $2M $2M

$5M 2015 2017 2019 2021 $2M$2M$2M$2M$3M$2M $3M $2M $1M$1M$1M$2M$1M$1M $1M$1M$0M$1M$1M$2M
$2M$2M$3M$3M$3M YTD $1M$1M$1M $1M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
2015 2017 2019 2021 YTD 2015 2017 2019 2021 YTD YTD
YTD YTD

State Of Healthcare | Global Trends | Investment Trends 30

Except for angels, investors are backing larger median deals in 2021

Angel Asset/Investment Corp and CVC Private Equity VC Other
Management

$76M

$60M

$50M

$40M $40M

$24M $24M $21M $33M $23M
$18M $27M
$14$M12$M12$M15$M1$31M6M $15M
$18$M19M $10$M10$M10$M12$M10M
$14$M15M

$4M $5M

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

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

State Of Healthcare | Global Trends | Investment Trends 31

YTD mega-rounds ($100M+) have already surpassed 2020 levels by 35% in
deal count and 46% in funding

$50.0B Funding 300
$45.0B $46.5B 250
$40.0B 200
$35.0B Deals
$30.0B 260
$25.0B
$20.0B $23.3B $21.8B $31.8B 150
$15.0B 115 100 193
$10.0B $14.6B 100
62 2018 2019 2020
$5.0B $8.5B $8.4B 50
$0.0B 45 44 2017
0
2015 2016
2021
YTD

State Of Healthcare | Global Trends | Investment Trends 32

Mega-rounds decline QoQ for the second time in a row in Q3’21

$20.0B 120

$18.0B $17.2B
$16.0B
$14.0B 97 $16.2B 100
$12.0B
$10.0B $10.9B 88 Funding
$13.2B

80

Deals
75

$8.6B 66 60

$8.0B $7.0B $7.5B $7.2B $6.6B $5.7B 53
$6.0B 35 37 25 40 34
$4.0B $5.8B 40
$2.0B $4.7B $4.2B $4.2B $4.6B $5.0B 26 20
$0.0B 14 22 22 21 25 0
$3.1B $2.7B $2.7B $2.1B $2.4B $3.2B $3.8B
$2.0B 19 11 11 10 $2.0B 12 14 24
9 13
$0.7B $1.6B
6 10

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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Investment Trends 33

The US and Asia lead in mega-rounds in Q3'21

Canada

$0.3B

2 Deals

US Europe Asia

$8.7B $0.3B $3.7B

48 Deals 2 Deals 21 Deals

All Other
Regions

$0.2B

2 Deals

State Of Healthcare | Global Trends | Investment Trends 34

US mega-rounds decline QoQ while Asia mega-rounds increase for the
second time in a row in Q3’21

74

54

US, 48

35 34

31 26

24 Asia, 21

18 19 19 18 19 18 15 17 Canada, 2
16 13 Europe, 2
13 13 14 12 8 All Other Regions, 2
12 13 10 01 14 LatAm, 0
5 8 5 6 7 7 8 9 6 8 9
1 0 4 4 5 7 0 10 201
32 0 3 45 3 0
00 0 10 0 00 0 2 0 0 3 0 4 021 0 0
0 0 01

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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Investment Trends 35

Mega-rounds account for 4% of total deals completed in Q3’21

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

5% 6% 5% Mega-rounds, 4%

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 36

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Investment Trends

Mega-rounds account for 43% of total dollars invested in Q3’21

77% 67% 72% 74% 78% 75% 75% 75% 68% 63% 65% 68% 62% 56% 67% 65% 73% 61% 57% 60% 68% 61% 55% 48% 53% Non-mega-rounds, 57%
89%

23% 33% 28% 26% 22% 25% 25% 25% 32% 37% 35% 32% 38% 44% 33% 35% 27% 39% 43% 40% 32% 39% 45% 52% 47% Mega-rounds, 43%
11%
37
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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Investment Trends

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 Abogen 2.3%
2 Laronde $700M Series C Qiming Venture Partners, Lilly Asia 1.4%
3 Cityblock Health 2021-08-20 N/A Ventures, Boyu Capital, Yunfeng Capital, China 1.3%
3 XtalPi 1.3%
3 Olive Invesco 1.3%

$440M Series B Flagship Pioneering, T. Rowe Price, United States 38
2021-08-30 $33M Invus Group, BlackRock, Fidelity

Investments

$400M Series D $5.7B SoftBank Group United States
2021-09-03

$400M Series D OrbiMed Advisors, Sequoia Capital United States
2021-08-11 $2.0B China, Tencent Holdings, 5Y Capital,

Houpu Capital

$400M Series H $4.0B Tiger Global Management, Vista Equity United States
2021-07-01 Partners, Base10 Partners

State Of Healthcare | Global Trends | Investment Trends

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
6 Carbon Health 1.1%
7 Zhiyuan Zhongan $350M Series D Lux Capital, Blackstone, Brookfield United States 1.0%
8 MediTrust Health 2021-07-21 $3.0B Asset Management, Dragoneer 1.0%
9 Netskope 1.0%
10 Cybereason Investment Group, Fifth Wall Ventures 0.9%

$310M Corporate Minority N/A ZhongAn Insurance China 39
2021-09-16

Series C Lilly Asia Ventures, Sinovation Ventures,
2021-08-10
$308M N/A Boyu Capital, Huasheng Capital, China

Marathon Venture Partners

$300M Series H Lightspeed Venture Partners, Sequoia United States
2021-07-09 $7.5B Capital, Accel, Sapphire Ventures,

Geodesic Capital, ICONIQ Growth

$275M Series F $2.4B SoftBank Group, Neuberger Berman, United States
2021-07-14 Irving Investors, Liberty Strategic Capital

State Of Healthcare | Global Trends | Investment Trends

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

22% 22% 21% 19% 19% 20% Other, 15%
Late-stage, 12%
12% 11% 12% 13% 12% 12% Mid-stage, 19%
14% 12% 13% 14% 15% 18%

52% 55% 54% 53% 54% 50% Early-stage, 54%
2018 2019 2020
2015 2016 2017 2021
YTD

State Of Healthcare | Global Trends | Investment Trends 40

Asia leads early-stage deal share in Q3'21

All Other Regions 16% 9% 13% 9%
LatAm 37% 43% 36% 65%
Canada
Europe

US

Asia 40% 46% 42%
Mid Stage Late Stage
Early Stage 19%
State Of Healthcare | Global Trends | Investment Trends Other

41

Median mid- and late-stage deal sizes jump in 2021 YTD

Early-stage Mid-stage Late-stage

$46M

$35M

$27M

$18M $22M

$18M $15M $14M

$14M $14M $15M $14M

$13M

$10M

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

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

State Of Healthcare | Global Trends | Investment Trends 42

Median months between raises are falling, 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+

22 24 24 22

22 20 21 21 2019

18 20 20 20 21 21 21
19 19 18 18
18 17 18 19 18 19 18

18

15 15 16

14 14

11

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

State Of Healthcare | Global Trends | Investment Trends 43

Global: Top 10 seed / angel deals in Q3'21

Company Round Amount Round Select Investors Country
Date
1 CytoLynx Therapeutics
2 Anivive $45M Seed VC Yunfeng Capital, Tigermed, TF Capital,
3 Neukio Biotherapeutics 2021-09-14 China Everbright ReinFore, BioTrack China
4 Mestag Therapeutics Capital
5 Initrile
$44M Seed VC Vivo Capital United States
2021-08-12

$40M Seed VC IDG Capital, Lilly Asia Ventures, China
2021-07-30 Sherpa Venture Capital

$34M Seed VC Google Ventures, SV Health Investors, United Kingdom
2021-08-03 Forbion Capital Partners, Johnson &
Johnson Innovation, Northpond
Ventures

$33M Angel Jad Shraim United States
2021-09-10

State Of Healthcare | Global Trends | Investment Trends 44

Global: Top 10 seed / angel deals in Q3'21

Company Round Amount Round Select Investors Country
Date
6 Zecui Biological
7 Bantam Pharmaceutical $30M Angel N/A China
8 Debut Biotechnology 2021-08-27
9 Opus Genetics
10 Westlake Therapeutics $25M Seed N/A United States
2021-09-16

$23M Seed VC Cultivian Sandbox, Material Impact, United States
2021-08-12 Cantos Ventures, KdT Ventures,
Humboldt Fund

$19M Seed VC Bios Partners, RD Fund, Manning United States
2021-08-20 Family Foundation

$15M Seed VC Sequoia Capital China, Eight Roads China
2021-07-15 Ventures, CDBI Partners, Hofon
Capital

State Of Healthcare | Global Trends | Investment Trends 45

Global: Top 10 Series A deals in Q3'21

Company Round Amount Round Select Investors Country
Date
1 OrbusNeich
2 GentiBio $200M Series A Shenzhen Capital Group, CCB International, Hong Kong
3 HilleVax 2021-08-30 Galaxy Capital, Wanhui Capital
4 Trinomab
5 BioMap $157M Series A OrbiMed Advisors, Novartis, Matrix Capital United States
2021-08-11 Management, RA Capital Management, JDRF
T1D Fund

$135M Series A Lightspeed Venture Partners, Frazier
2021-09-08 Healthcare Partners, Qiming Venture Partners, United States
Perceptive Advisors, Abingworth

$108M Series A CMB International Capital, Guozhong Venture China
2021-08-13 Capital Management, Tenyall, China Capital
Investment Group, Riverhead Capital

$100M Series A BlueRun Ventures, GGV Capital, Legend China
2021-07-30 Capital, Baidu, Xiang He Capital

State Of Healthcare | Global Trends | Investment Trends 46

Global: Top 10 Series A deals in Q3'21

Company Round Amount Round Select Investors Country
Date
6 Truveta
7 Evommune $95M Series A Texas Health Resources, Providence Health &
8 Neural Galaxy 2021-07-13 Services, Baylor Scott & White Health, MedStar United States
9 Muna Therapeutics Health
10 Garuda Therapeutics
$83M Series A Life Sciences Partners, Andera Partners, United States
2021-09-09 Pivotal bioVenture Partners

$77M Series A Lotus Lake Ventures, Lightspeed China China
2021-08-30 Partners, FreesFund, 3E Bioventures

$73M Series A Novo Holdings, Life Sciences Partners, Polaris Denmark
2021-07-09 Partners, Sofinnova Partners, Sanofi Ventures

$72M Series A OrbiMed Advisors, Aisling Capital, Northpond United States
2021-09-23 Ventures, Mass General Brigham Ventures

State Of Healthcare | Global Trends | Investment Trends 47

Global: Top 10 Series B deals in Q3'21

Company Round Amount Round Select Investors Country
Date
1 Laronde
2 Sonoma Biotherapeutics $440M Series B Flagship Pioneering, T. Rowe Price, Invus United States
3 Prime Medicine 2021-08-30 Group, BlackRock, Fidelity Investments
4 Wugen
5 Meiwei Dental $265M Series B Google Ventures, ARCH Venture Partners, United States
2021-08-04 Frazier Healthcare Partners, Casdin Capital,
Lilly Asia Ventures

$200M Series B Google Ventures, ARCH Venture Partners, F- United States
2021-07-13 Prime Capital, Casdin Capital, Newpath
Partners

$172M Series B RiverVest Venture Partners, Abingworth, United States
2021-07-15 Tybourne Capital Management, LYZZ Capital,
Alexandria Venture Investments

$155M Series B Fortune Capital, New Hope Group, TFTR China
2021-07-15 Investment

State Of Healthcare | Global Trends | Investment Trends 48

Global: Top 10 Series B deals in Q3'21

Company Round Amount Round Select Investors Country
Date
6 JOINN Biologics
7 Skyhawk Therapeutics $150M Series B Green Pine Capital Partners, Hongtai Capital China
8 Ring Therapeutics 2021-08-06 Holdings, Huagai Capital, YINGKE PE
9 Attralus
10 Obsidian Therapeutics $133M Series B GreatPoint Ventures, Fidelity Investments, United States
2021-09-14 Rock Springs Capital

$117M Series B Flagship Pioneering, Invus Group, Altitude Life
2021-07-28 Science Ventures, Partners Investment, UPMC United States
Enterprises

$116M Series B Vivo Capital, Redmile Group, venBIO, Janus United States
2021-09-08 Henderson Investors, Samsara BioCapital

$115M Series B Atlas Venture, Amgen Ventures, The Column United States
2021-09-09 Group, Bristol-Myers Squibb, Vertex
Pharmaceuticals

State Of Healthcare | Global Trends | Investment Trends 49

Global: Top 10 Series C deals in Q3'21

Company Round Amount Round Select Investors Country
Date
1 Abogen
2 MediTrust Health $700M Series C Qiming Venture Partners, Lilly Asia China
3 Exo 2021-08-20 Ventures, Boyu Capital, Yunfeng Capital,
3 Reify Health Invesco
5 Neuralink
$308M Series C Lilly Asia Ventures, Sinovation Ventures,
2021-08-10 Boyu Capital, Huasheng Capital, Marathon China
Venture Partners

$220M Series C BlackRock, RA Capital Management, United States
2021-07-29 Sands Capital, Pura Vida Investments,
Avidity Partners

$220M Series C Battery Ventures, Sierra Ventures, Adams United States
2021-08-10 Street Partners, ICONIQ Capital, Coatue
Management

$205M Series C Google Ventures, Founders Fund, Valor United States
2021-07-30 Equity Partners, DFJ Growth Fund, VY
Capital

State Of Healthcare | Global Trends | Investment Trends 50