CB-Insights Healthcare-Report-Q3-2021

Global: Top 10 Series C deals in Q3'21

Company Round Amount Round Select Investors Country
Date
6 Intervenn Biosciences
7 Opentrons $201M Series C True Ventures, Highside Capital United States
8 Deep Genomics 2021-08-02 Management, SoftBank Group, Amplify
9 TrialSpark Partners, Heritage Provider Network
10 Artios Pharma
$200M Series C Khosla Ventures, SoftBank Group United States
2021-09-23

$180M Series C Khosla Ventures, True Ventures, Fidelity Canada
2021-07-28 Investments, SoftBank Group, Alexandria
Venture Investments

$156M Series C Spark Capital, Sequoia Capital, Thrive United States
2021-09-30 Capital, Casdin Capital, Dragoneer
Investment Group

$153M Series C Novartis Venture Funds, SV Health United Kingdom
2021-07-27 Investors, Pfizer Venture Investments, Life
Sciences Partners, Omega Fund
Management

State Of Healthcare | Global Trends | Investment Trends 51

Global: Top 10 Series D deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country
Date

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

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

3 Carbon Health $350M Series D Lux Capital, Blackstone, Brookfield Asset United States
2021-07-21 $3.0B Management, Dragoneer Investment Group,

Fifth Wall Ventures

4 Imperative Care $260M Series D $176M Bain Capital, Ally Bridge Group, Ascension United States
2021-07-15 Ventures, D1 Capital Partners, AMED Ventures

5 Commure $150M Series D $3.5B General Catalyst, HCA Healthcare United States
2021-09-13

5 Mammoth $150M Series D $1.0B Mayfield, Redmile Group, Decheng Capital, United States
Biosciences 2021-09-09 Foresite Capital, Plum Alley

State Of Healthcare | Global Trends | Investment Trends 52

Global: Top 10 Series D deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country
Date
7 Commure
8 Virogin Biotech $149M Series D $3.5B General Catalyst United States
9 Maven Clinic 2021-09-01
10 InBrace
Series D Shenzhen Capital Group, China Life Investment
2021-09-24
$120M N/A Holding Company, Fortune United Partners, Canada

China Capital Management, GF Qianhe

$110M Series D Sequoia Capital, Icon Ventures, Lux Capital, United States
2021-08-17 $1.0B Dragoneer Investment Group, Oak HC/FT

Partners

$102M Series D Vivo Capital, Farallon Capital Management,, United States
2021-09-08 $198M Novo Ventures, venBIO, Marshall Wace Asset

Management

State Of Healthcare | Global Trends | Investment Trends 53

Global: Top 10 Series E+ deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country
Date
1 Olive
2 Netskope $400M Series H $4.0B Tiger Global Management, Vista United States
3 Cybereason 2021-07-01 Equity Partners, Base10 Partners
4 Miaoshou Doctor
5 Lenskart Series H Lightspeed Venture Partners, Sequoia
2021-07-09
$300M $7.5B Capital, Accel, Sapphire Ventures, United States

Geodesic Capital, ICONIQ Growth

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

Capital

OrbiMed Advisors, SpringHill

$232M Series F $1.0B Management, Sequoia Capital China, China
2021-08-03 UOB Venture Management, B Capital

Group

$220M Series H $2.5B Chiratae Ventures, Temasek, Bay India
2021-07-19 Capital, Falcon Edge Capital

State Of Healthcare | Global Trends | Investment Trends 54

Global: Top 10 Series E+ deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country
Date
6 Digit Insurance
6 Whoop $200M Series E $3.5B Sequoia Capital India, Faering Capital, India
2021-07-02 IIFL AMC

Series F SoftBank Group, Institutional Venture
2021-08-30
$200M $3.6B Partners, NextView Ventures, United States

Accomplice, CAVU Venture Partners

Emergence Capital Partners, T. Rowe

8 Gusto $175M Series E $10.0B Price, Generation Investment United States
2021-08-10 Management, General Catalyst, Glynn

Capital Management

9 Elligo Health Research $135M Series E Norwest Venture Partners, Syneos United States
10 Nimbus Therapeutics 2021-09-23 $49M Health, Ally Bridge Group, Cerner
10 Sirnaomics
Health Ventures, Shumway Capital

$105M Series E Atlas Venture, BVF Partners, RA United States
2021-07-13 $151M Capital Management, Surveyor

Capital, Access Biotechnology

$105M Series E $426M Rotating Boulder Fund United States
2021-07-01

State Of Healthcare | Global Trends | Investment Trends 55

Global: Top 10 companies that raised funding in Q3'21 by Mosaic score

Company Mosaic Score Round Amount Round Latest Valuation Country
940 Date $10.0B United States
1 Gusto 940 $3.6B United States
1 Whoop 920 $175M Series E $122M United States
3 Thrive Global 920 2021-08-10 $3.0B United States
3 Carbon Health 910 $4.0B United States
5 Olive $200M Series F
2021-08-30 56

$80M Series C
2021-07-08

$11M Series D
2021-09-14

$400M Series H
2021-07-01

State Of Healthcare | Global Trends | Investment Trends

Global: Top 10 companies that raised funding in Q3'21 by Mosaic score

Company Mosaic Score Round Amount Round Latest Valuation Country
910 Date $7.5B United States
6 Netskope 900 $12M United States
7 Tia 900 $300M Series H $2.4B United States
7 Cybereason 890 2021-07-09 $32M United States
9 NOCD 890 $1.0B United States
9 Maven Clinic $100M Series B
2021-09-14 57

$275M Series F
2021-07-14

$33M Series B
2021-09-21

$110M Series D
2021-08-17

State Of Healthcare | Global Trends | Investment Trends

Unicorns & Valuations

GLOBAL: Q3 2021

58

10 new unicorn births in Q3’21 bring the global herd to 91

87 Total unicorns, 91
84

71
59 59 59 61 64 64 66
53 54

43 46

35 38
31

21 22 24 24 24 24 26 19
16
12
2 5 4 3 6 3 8 4 6 4 5 2 4 2 76
11 55123 New unicorns, 10
4

00

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 59

Global unicorn comparison Q3'21

Canada Europe

1 9

Total Total unicorns
unicorn

US Asia

63 18

Total unicorns Total unicorns

State Of Healthcare | Global Trends | Unicorns & Valuations 60

Only the US sees new unicorns minted in Q3’21

16

US, 10

6 6 7

3 2 1 00 11 3 Europe, 0
1 Q4 Q1 2 Asia, 0
00 00 Canada, 0
Q1 Q2 Q3 0
Q3
Q2
2020 2021

State Of Healthcare | Global Trends | Unicorns & Valuations 61

The US unicorn herd is growing faster than the rest, reaching 63 in Q3’21

57 58 US, 63

47

42

34 35 38 37 36 37 39 40

30 31

27

22 24 16 16 17 18 Asia, 18
15 16 17 16 16 16 18
11 13 13 14 15 14 15 16 15 10 Europe, 9
Canada, 1
7 32 3 3 43 4 4 4 4 54 65 65 8 9 66779999889
2 5 6
2
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
Q1

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Global Trends | Unicorns & Valuations 62

Months between first funding and unicorn status dips slightly

66

64 61 62 Average months, 61

63 58 58
55 55

58

Median months, 52

52 52

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Global Trends | Unicorns & Valuations 63

Global: Top 10 unicorn births in Q3'21 by valuation

Company Latest Valuation Country
$3.5B United States
1 Commure $3.0B United States
2 Carbon Health $2.2B United States
3 Reify Health $2.0B United States
4 Spring Health $2.0B United States
4 XtalPi $1.8B United States
6 Opentrons $1.2B United States
7 Prime Medicine $1.0B United States
8 Maven Clinic $1.0B United States
8 Mammoth Biosciences $1.0B United States
8 TrialSpark
64
State Of Healthcare | Global Trends | Unicorns & Valuations

Global: Top 10 unicorns in Q3'21 by valuation Latest Valuation Country
$12.0B China
Company $12.0B United States
$10.0B United States
1 SenseTime $9.0B United States
1 Biosplice Therapeutics $8.1B United States
3 Gusto $7.8B United States
4 Tanium $7.5B United States
5 Tempus $7.0B China
6 Caris Life Sciences $5.7B United States
7 Netskope $5.0B United States
8 We Doctor $5.0B China
9 Cityblock Health
10 Ro 65
10 United Imaging Healthcare

State Of Healthcare | Global Trends | Unicorns & Valuations

Median valuations of mid- and late-stage deals jump in 2021 YTD

Early-stage Mid-stage Late-stage

$471M

$292M

$253M

$149M $128M $139M

$109M $109M $106M $103M $105M
$67M $75M $73M

$16M $15M $17M $21M $21M $23M $27M

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

State Of Healthcare | Global Trends | Unicorns & Valuations 66

Global: Top 10 companies in Q3'21 by positive change in valuation

Company Change in Valuation Latest Valuation Previous Valuation Country
$6.2B $10.0B $3.8B United States
1 Gusto $4.5B $7.5B $3.0B United States
2 Netskope $3.3B $6.8B $3.5B United Kingdom
3 Oxford Nanopore Technologies $2.9B $3.1B
4 Sino Biological $2.7B $5.7B $215M China
5 Cityblock Health $3.0B United States

State Of Healthcare | Global Trends | Unicorns & Valuations 67

Global: Top 10 companies in Q3'21 by positive change in valuation

Company Change in Valuation Latest Valuation Previous Valuation Country
$2.5B $4.0B $1.5B United States
6 Olive $2.4B $3.6B $1.2B United States
7 Whoop $2.0B $2.2B
8 Reify Health $1.5B $2.2B $160M United States
8 Cytek Biosciences $1.4B $2.0B $737M United States
10 Vividion Therapeutics $555M United States

State Of Healthcare | Global Trends | Unicorns & Valuations 68

Exit Trends

GLOBAL: Q3 2021

69

2021 exit activity already surpasses 2020 levels, largely driven by M&A

1,691 1,711 1,714 M&A, 1,819

1,427

1,240 1,137

213 183 226 213 203 257 IPO, 245
2015 2 5
0 0 7 SPAC, 25
2016 2017 2018 2019 2020
2021
YTD

State Of Healthcare | Global Trends | Exit Trends 70

Exits dip QoQ, driven by a slowdown in M&A and IPOs partially offset by an
uptick in SPACs

614 621

509 527 M&A, 584

387 405 420 472 408 423
366 361 357 449 356
395 395

351 313

311 285 293 311 296
259 271

48 62 53 50 44 41 45 53 45 62 67 52 41 61 57 54 45 54 47 57 36 57 80 84 73 89 IPO, 83
1677 SPAC, 11
2 113
00000000000000 0 00

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 71

Asia gains share of global exits in Q3'21 as US share falls

21% 18% 21% 20% 16% 20% 22% 22% 17% 22% 20% 20% 18% 27% 18% 21% 20% 22% 22% 21% 19% 23% 23% 25% 26% 22% All Other Regions, 2%
7% 12% 10% 14% 9% 6% 13% 13% 9% 11% 13% 11% 10% 14% 8% 10% 9% 7% 14% 7% 9% 13% 11% 10% 9% Canada, 5%
LatAm, 3%
Europe, 22%

Asia, 12%

9%

64% 65% 64% 60% 68% 67% 57% 57% 63% 56% 58% 60% 60% 50% 55% 58% 60% 61% 61% 54% 62% 53% 54% 53% 55% 57% US, 55%

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 72

Median SPAC exit valuation skyrockets, reaching 2.2x that of IPOs

$1,245M

$487M $595M $579M
$395M
$358M $420M $399M

$225M $161M $249M 2018 2019 2020 2021
IPO SPAC YTD
$0M $0M $0M
2015 2016 2017

State Of Healthcare | Global Trends | Exit Trends 73

Global: Top 10 M&A exits in Q3'21 by valuation

Company Valuation Exit Type Acquirer Country
$5.3B M&A PerkinElmer United States
1 BioLegend $4.4B M&A Gredale United States
2 Maskco Technologies $2.5B M&A Amgen United States
3 TeneoBio $2.1B M&A Perrigo France
4 HRA Pharma $2.0B M&A Bayer United States
5 Vividion Therapeutics $1.7B M&A National Veterinary Associates United States
6 Ethos Veterinary Health $1.4B M&A Walgreens Boots Alliance United States
7 Shields Health Solutions $1.4B M&A CVC Capital Partners United Kingdom
7 Medivet KingYork China
9 Tianjin Pharmaceutical Group $886M M&A Pacific Biosciences United States
10 OmniOme $800M M&A

State Of Healthcare | Global Trends | Exit Trends 74

Global: Top 10 IPO exits in Q3'21 by valuation

Company Valuation Exit Type Country
$6.8B IPO United Kingdom
1 Oxford Nanopore Technologies $4.0B IPO United States
2 Definitive Healthcare $3.1B IPO China
3 Sino Biological $2.8B IPO China
4 Guobang Pharma $2.4B IPO China
5 Medlive $2.4B IPO China
5 KeyMed Biosciences $2.3B IPO United States
7 Cue Health $2.2B IPO United States
8 Cytek Biosciences $2.1B IPO United States
9 Brii BioSciences $1.8B IPO United States
10 Erasca
75
State Of Healthcare | Global Trends | Exit Trends

Global: Top SPAC exits in Q3'21 by valuation

Company Valuation Exit Type Select Investors Country
$17.5B SPAC Soaring Eagle Acquisition United States
1 Ginkgo BioWorks $3.9B SPAC Falcon Capital Acquisition United States
2 Sharecare $3.0B SPAC CA Healthcare Acquisition United Kingdom
3 LumiraDx $2.0B SPAC CM Life Sciences United States
4 Sema4 $1.3B SPAC GX Acquisition United States
5 Celularity $1.2B SPAC LGL Systems Acquisition United States
6 IronNet Cybersecurity $1.1B SPAC Union Acquisition II Colombia
7 Procaps Group $1.1B SPAC Sandbridge Acquisition United States
8 Owlet Baby Care $600M SPAC ARYA Sciences Acquisition IV United States
9 Caritas Therapeutics
76
State Of Healthcare | Global Trends | Exit Trends

Investors

GLOBAL: Q3 2021

77

Global: Top 10 investors in Q3'21 by company count

Company Company Count Investor Group Country
27 VC United States
1 OrbiMed Advisors 27 VC China
25 VC United States
1 Sequoia Capital China 21 VC China
18 Asset/investment management United States
3 SOSV 17 VC China
17 CVC China
4 bioVENTURE 16 VC United States

5 RA Capital Management 14 CVC United States

6 Qiming Venture Partners 14 VC United States

6 Lilly Asia Ventures

8 Khosla Ventures

9 Alexandria Venture
Investments

9 General Catalyst

State Of Healthcare | Global Trends | Investors 78

Global: Top 10 investors YTD by median Mosaic score of companies

Company Median Mosaic Country Median Money Median Momentum Score Median Market Median Management Score
Score Score Score 700
1 SoftBank Group
860 Japan 950 800 840

1 T. Rowe Price 860 United States 950 750 850 600

3 Coatue Management 855 United States 950 780 845 760
Dragoneer 845 United States
845 Singapore 965 860 840 710
4 Investment Group
4 Temasek 940 810 820 600
940 730 820 610
6 RRE Ventures 830 United States
Jazz Venture 820 United States 930 740 840 605
820 United States
7 Partners 945 790 840 680
7 B Capital Group 940 740 835 685

9 Salesforce Ventures 815 United States

State Of Healthcare | Global Trends | Investors 79

Global: Top 10 investors YTD by median Mosaic score of companies

Company Median Mosaic Country Median Money Median Momentum Score Median Market Median Management Score
Score Score Score
10 Casdin Capital
810 United States 940 620 840 775

10 Perceptive Advisors 810 United States 880 725 850 0

10 Spark Capital 810 United States 940 630 840 700

10 General Atlantic 810 United States 930 630 840 515

10 Sequoia Capital 810 United States 960 800 840 690
Tiger Global 810 United States
925 700 840 610
10 Management

State Of Healthcare | Global Trends | Investors 80

Global: Top 10 VCs in Q3'21 by company count

Company Company Count Investor Group Country
27 VC United States
1 OrbiMed Advisors 27 VC China
1 Sequoia Capital China 25 VC United States
3 SOSV 21 VC China
4 bioVENTURE 17 VC China
5 Qiming Venture Partners 16 VC United States
6 Khosla Ventures 14 VC United States
7 General Catalyst 13 VC China
8 BioTrack Capital 13 VC China
8 Sherpa Venture Capital 12 VC China
10 Legend Capital 12 VC United States
10 F-Prime Capital 12 VC United States
10 Casdin Capital
81
State Of Healthcare | Global Trends | Investors

Global: Top 10 VCs YTD by median Mosaic score of companies

Company Median Mosaic Country Median Money Median Momentum Score Median Market Median Management Score
Score Score 730 Score 610
1 RRE Ventures
Jazz Venture 830 United States 940 820

2 Partners 820 United States 930 740 840 605
2 B Capital Group
4 Sequoia Capital 820 United States 945 790 840 680
4 General Atlantic 810 United States 960 800 840 690
4 Battery Ventures 810 United States 930 630 840 515
4 Spark Capital 810 United States 880 730 820 520
4 Casdin Capital 810 United States 940 630 840 700
9 LRVHealth 810 United States 940 620 840 775
9 7wire Ventures 805 United States 890 680 840 520
805 United States 910 690 840 720

State Of Healthcare | Global Trends | Investors 82

Global: Top 10 CVCs in Q3'21 by company count

Company Company Count Investor Group Country
17 CVC China
1 Lilly Asia Ventures 14 CVC United States
2 Alexandria Venture Investments 12 CVC United States
3 Google Ventures 6 CVC China
4 Lotus Lake Ventures 5 CVC United States
5 Johnson & Johnson Innovation 5 CVC United States
5 Optum Ventures 4 CVC United States
7 Pfizer Venture Investments 4 CVC United States
7 The Blue Venture Fund 4 CVC Japan
7 Mitsubishi UFJ Capital 4 CVC United States
7 Illumina Ventures
83
State Of Healthcare | Global Trends | Investors

Global: Top CVCs YTD by median Mosaic score of companies

Company Median Mosaic Country Median Management Score Median Money Median Momentum Score Median Market
Score Score Score

1 Salesforce Ventures 815 United States 685 940 740 835
Kaiser Permanente 780 United States
760 United States 645 890 620 840
2 Ventures
3 Optum Ventures 610 900 600 830

4 Google Ventures 755 United States 770 910 615 840

5 Providence Ventures 745 United States 450 855 610 840

State Of Healthcare | Global Trends | Investors 84

Global: Top CVCs YTD by median Mosaic score of companies

Company Median Mosaic Country Median Management Score Median Money Median Momentum Score Median Market
Score Score Score

6 The Blue Venture 720 United States 500 820 625 820
Fund

7 Maverick Ventures 710 United States 650 840 645 840

8 SBI Investment 700 Japan 520 875 715 840

9 Kakao Ventures 570 South Korea 470 570 550 820

State Of Healthcare | Global Trends | Investors 85

Global: Top 10 investor pairs by number of shared companies in 2021 YTD

Investor 1 Investor 1 Country Investor 2 Investor 2 Country 2021 Shared Portfolio
United States United States Companies
1 Logos Capital United States Surveyor Capital United States 24
2 Logos Capital United States RA Capital Management United Kingdom 20
3 Logos Capital Janus Henderson Investors 19
United States United States
4 Logos Capital Cormorant Asset Management 18
United States United States
5 Surveyor Capital United States RA Capital Management United States 16
6 Google Ventures United States Casdin Capital United Kingdom 16
7 RA Capital Management Janus Henderson Investors 16
United States United States
8 Surveyor Capital Cormorant Asset Management 15
United States United Kingdom
9 Surveyor Capital Janus Henderson Investors 14
United States United States
10 RA Capital Management Cormorant Asset Management 13

State Of Healthcare | Global Trends | Investors 86

Collection
Spotlights

87

Digital Health

GLOBAL: Q3 2021

88

2021 YTD funding surpasses 2020 by 27%, despite 12% fewer deals

$45.0B 1,630 1,856 2,135 2,292 2,347 2,335 Funding 2,500
$40.0B $10.4B $12.7B $16.9B $24.9B $20.6B $31.1B $39.6B 2,000
$35.0B 2015 2016 2017 2019 1,500
$30.0B 2018 2020 Deals
$25.0B 2,057
$20.0B
$15.0B 1,000
$10.0B
500
$5.0B
$0.0B 0

2021 89
YTD

State Of Healthcare | Collection Spotlights | Digital Health

Digital health deals hit an all-time high in Q3’21 as funding falls 18% QoQ

$18.0B 800

$16.0B $15.7B Deals
$14.0B 727700
$12.0B 634 615 651 704
$10.0B $7.3B $6.2B 626 600
389 376 427 438 514 422 449 471 522 521 578 514 568 578 512 593 581 558 556 577
$8.0B $1.8B $2.5B $3.8B $2.3B $4.2B $2.8B $3.0B $2.7B $3.7B $4.9B $4.3B $4.1B $4.7B $7.5B $5.4B $4.3B $4.7B $5.5B $6.6B $6.2B 551 Funding
$6.0B $11.2B $51020.8B
$4.0B
$2.0B $10.0B 400

$8.3B 300

200

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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Digital Health 90

US continues to lead in digital health funding, with $8.5B invested in Q3’21

US $8,461M Asia Europe LatAm Canada All Other Regions

$8,8$384,9M74M

$6,524M $907M
$5,849M
$4,442M
$4,895M
$4,257M

$2,908M

$3,030$M1,913M

$1,660M $54$88M76M $939M $68M $244M $203M
$94$38M5$71M,218M $348M $518M

$21$M47$M15$M55$M58$M95M $13$71M4$81M52$M70$M65$M218M $23$M42$M17$M50$M37$M31M

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 | Collection Spotlights | Digital Health 91

Asia deal share returns to a historical high (29%) last seen in Q1’16

13% 10% 10% 14% 13% 13% 14% 19% 17% 15% 19% 15% 16% 18% 13% All Other Regions, 4%
14% 20% 14% Canada, 3%
20% 18% 20% 18% 20% 21% 19% 18% 20% 20% 23% LatAm, 2%
Europe, 15%
19% 29% 21% 24% 18% 22% 21% 21% 26% 25% 26% 28% 27% 22% 23% 25% 27% 21% 23% 27% 24% 22% 25%
Asia, 29%

69% 67% 72% 60% 54% 62% 58% 58% 55% 58% 53% 51% 48% 52% 53% 50% 50% 52% 54% 47% 52% 50% 49% 49% 50% 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

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Digital Health 92

Average deal size in 2021 YTD is 41% higher than it was in 2020

$24M

$17M

$15M

$11M $12M

$8M $9M
$2M
$3M $4M $4M

$2M $2M $2M 2021
YTD
2015 2016 2017 2018 2019 2020
Average Deal Median Deal 93

State Of Healthcare | Collection Spotlights | Digital Health

Early-stage deal share is bouncing back from 2020’s low Other, 9%
Late-stage, 11%
16% 14% 15% 13% 12% 13%
9% 7% 9% 10% 9% 11% Mid-stage, 18%
11% 11% 12% 14% 15% 18%

64% 67% 65% 63% 64% 58% Early-stage, 61%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Collection Spotlights | Digital Health 94

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
3.1%
1 Cityblock Health $400M Series D $5.7B SoftBank Group United States 3.1%
2021-09-03 3.1%
2.7%
1 Olive $400M Series H $4.0B Tiger Global Management, Vista Equity United States 2.4%
2021-07-01 Partners, Base10 Partners
95
1 XtalPi Series D OrbiMed Advisors, Sequoia Capital China,
2021-08-11
$400M $2.0B Tencent Holdings, 5Y Capital, Houpu United States

Capital

4 Carbon Health Series D Lux Capital, Blackstone, Brookfield Asset
2021-07-21
$350M $3.0B Management, Dragoneer Investment United States

Group, Fifth Wall Ventures

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

Marathon Venture Partners

State Of Healthcare | Collection Spotlights | Digital Health

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
2.3%
6 Netskope $300M Series H Lightspeed Venture Partners, Sequoia United States 2.1%
2021-07-09 $7.5B Capital, Accel, Sapphire Ventures, 1.8%
1.7%
Geodesic Capital, ICONIQ Growth 1.7%
1.7%
7 Cybereason $275M Series F $2.4B SoftBank Group, Neuberger Berman, United States
2021-07-14 Irving Investors, Liberty Strategic Capital 96

8 Miaoshou Doctor $232M Series F OrbiMed Advisors, SpringHill
2021-08-03 $1.0B Management, Sequoia Capital China, UOB China

Venture Management, B Capital Group

9 Lenskart $220M Series H $2.5B Chiratae Ventures, Temasek, Bay Capital, India
2021-07-19 Falcon Edge Capital

9 Exo $220M Series C BlackRock, RA Capital Management, United States
2021-07-29 $594M Sands Capital, Pura Vida Investments,

Avidity Partners

9 Reify Health $220M Series C Battery Ventures, Sierra Ventures, Adams
2021-08-10 $2.2B Street Partners, ICONIQ Capital, Coatue United States

Management

State Of Healthcare | Collection Spotlights | Digital Health

8 new digital health unicorns born in Q3’21 bring the global herd to 75

70 Total unicorns, 75
66

57

52 52 52
45 46 47 49
41
38

30 32
25 27
22

13 13 15 15 15 15 17 15

9 22 2 5 3 2 4 2 6 4 5 4 4 2 4 1 46 10
5 44
New unicorns, 8

2 0 00

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 | Collection Spotlights | Digital Health 97

2021 YTD exits already surpass 2020 levels, driven by growth across all 3
exit types

M&A, 413

355 353

292

242
214
207

17 25 9 13 22 34 IPO, 37
2015 1 1 SPAC, 11
0 0 0 2020
2016 2017 2018 2019 2021
YTD

State Of Healthcare | Collection Spotlights | Digital Health 98

M&A exits decline for the first time since Q2'20

153

131 M&A, 129
115

87 92 87 99 90

73 77 80
61 68
67 66 71

54 50 57 46 57 54 56 47 55 54

5 6 1 5 5 5 10 1 5 3 1 5 4 3 3 4 6 9 4 8 13 9 11 16 IPO, 10
1 0 0 0 0 0 0 01 33 SPAC, 5
5
Q1 00000000000000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Digital Health 99

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
14 VC United States
1 General Catalyst 9 VC China
2 Sequoia Capital China 9 Asset/investment management United States
2 Tiger Global Management 8 VC United States
4 Khosla Ventures 7 VC United States
5 SOSV 7 VC United States
5 F-Prime Capital 6 VC China
7 Qiming Venture Partners 6 VC United States
7 OrbiMed Advisors 6 Angel United States
7 Gaingels 6 VC United States
7 Insight Partners
100
State Of Healthcare | Collection Spotlights | Digital Health