2018 StartUp Health Insights Global Digital Health Funding Report 2018 Midyear

© 2018 StartUp Health, LLC
STARTUP HEALTH INSIGHTS
Global Digital Health Funding Report
 
Data through June 30, 2018
Report is inclusive of publicly available seed, venture, corporate venture, and private equity funding.
Sign up to receive weekly funding insights at startuphealth.com/insider.
2018 Midyear
TM

ABOUT STARTUP HEALTH
Pages Topic
3 ………………………………………….…… Health Moonshots
4 ………………………………………….…… 2018 Midyear Summary
5-10 ………………………………………….…… Deals and Funding
11-15 ………………………………………….…… Global Funding
16-18 ………………………………………….…… Investors
19-23 ………………………………………….…… Segment Detail
24-27 ………………………………………….…… Health Transformers
28 ………………………………………….…… Methodology
In 2011, StartUp Health introduced a new model for
transforming health by investing in a global army of
coachable entrepreneurs who are committed to achieving
health moonshots. With the world’s largest digital health
portfolio (more than 240 companies spanning six
continents, 20 countries, and 70+ cities), StartUp Health is
mobilizing this rapidly growing army along with the world’s
‘batteries included’ leaders, innovators, and investors to
achieve 10 Health Moonshots, with a 25-year mission to
improve the health and wellbeing of everyone in the world.
Learn more about how to join the movement and support
Health Transformers at startuphealth.com.
StartUp Health Insights TM Contributors
2
Jennifer
Hankin
Mark
Liber
Anne
Dordai
Nicole
Kinsey
Tara
Salamone
Polina
Hanin
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 6/30/18 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. © 2018 StartUp Health LLC
Liz
Tucci

1
Access to Care Moonshot
Delivering quality care to everyone, regardless
of location or income
2
Cost to Zero Moonshot
Radically reducing the cost of care by a factor
of a million
3
Cure Disease Moonshot
Curing disease using data, technologies, and
personalized medicine
4
End Cancer Moonshot
Ending cancer as we know it
5
Women’s Health Moonshot
Prioritizing women’s health, including
preventive care and new research
6
Children’s Health Moonshot
Ensuring every child has access to quality care,
regardless of economic status
7
Nutrition & Fitness Moonshot
Providing access to a healthy environment and
supporting an active lifestyle
8
Brain Health Moonshot
Unlocking the mysteries of the brain to
improve health, wellness, and mental health
9
Mental Health & Happiness Moonshot
Connecting mind, body, and spirit in the pursuit
of happiness
10
Longevity Moonshot
Adding 50 healthy years to every human life
ON A MISSION TO ACHIEVE 10 HEALTH MOONSHOTS
At StartUp Health we believe that with the right mindset, a moonshot vision, and the spirit of an entrepreneur, anything is
possible. That's why we've brought together a new generation of entrepreneurs, investors, industry leaders, and government
organizations who are working on bold missions to transform health. Here are the 10 Health Moonshots around which StartUp
Health has focused its efforts. Each one can improve the wellbeing of at least one billion people.
3Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 6/30/18 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. © 2018 StartUp Health LLC

1
Late-StageInvestmentContinuestoGrow
4
HugeInternationalDeals
Early stage deals still dominate the market volume, but we
saw more series B deals (as a percentage of total deals) – and
larger series C and D deals – than ever. This resulted in a record
first half, with over $6B total raised.
Three of the top ten deals of the quarter involved companies
based outside the U.S. – Toronto, London, and Zhenjiang.
Zhenjiang makes its debut on our list of international hubs,
joining Stockholm and Tel Aviv as a top city to watch.
2
PowertothePatient
5
China’sFundingSurge
Patient empowerment sits at the top as the most funded
function (a company’s main activity/value driver), and patients
are the second most funded end user. Six out of eight top
investors made major investments in patient empowerment as
well.
China is proving to be the most consistent and well-funded
country in the international digital health market, with funding
totals in Beijing rivaling major U.S. cities. With well-resourced
players like Ping An committed to digital health investments, we
expect this trend to continue.
3
Less Time Between Early Raises
6
TopInvestorsCastaWiderNet
While seed and series A deals as a percentage of all deals
decreased, average time between these two rounds has also
decreased.
Nine of this year’s top ten investors are making deals at multiple
stages, and five are making deals at every stage. More investors
are keeping an eye out for transformative technology and
growth potential, regardless of deal size.
Deal volume continued to trend upwards through the first half of 2018, with a total of 414 deals. That's approximately
a 20% increase over the first half of 2017. International investments reached hundreds of millions of U.S. dollars for the
first time, and these funds are funneling to a broader range of cities than ever before. Globally, investors are on track to nearly
double their 2017 investments, demonstrating their long-term commitment as well as the overall growth potential in the
market. Together these trends confirm a heightened confidence in the sector.
4
2018 MIDYEAR SUMMARY
DEALS & FUNDING GLOBAL INVESTORS
SEGMENT DETAIL

2010 2011 2012 2013 2014 2015 2016 2017 2018 (YTD)
Q1 Q2 Q3 Q4
153
283
476
647
608
568
684
852
414
FUNDING SNAPSHOT: YEAR OVER YEAR
5
Deal Count
$1.9B
$2.1B
$1.9B
$891M
$591M
$516M$424M
$8.2B
$6.2B
$7.1B
$2.9B
$2.3B
$2.0B
$1.2B
$11.7B
$3.8B
Deal volume in 2018 is trending upwards, with 414 deals compared to 344 at this point last year. This is the largest deal
volume we’ve seen in the ﬁrst half of any year since we began tracking funding in 2010.*
DEALS & FUNDING GLOBAL INVESTORS
$3.1B
$6.1B (YTD)
*If Grail’s $914M raise in H1 2017 is removed from overall count, then the $6B raise this year would make it the largest half to date.
SEGMENT DETAIL

$.0B
$.5B
$1.0B
$1.5B
$2.0B
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 2015 2016 2017 2018 (YTD)
6
Funding includes Grail’s $914M Series B
FUNDING SNAPSHOT: MONTHLY COMPARISON
With exception of May 2017 and its $2.4B in funding, 2018 is showing very strong month-over-month growth over previous
years. Speciﬁcally, while there was a customary dip in funding in February and June, 2018 has seen a steady 21% growth
month over month.
DEALS & FUNDING GLOBAL INVESTORS SEGMENT DETAIL

FUNDING VELOCITY: FIVE THRIVING FUNCTIONS
7
The time between seed and series A funding has sped up, with the average time between rounds falling by 2.5 months to 15.7
months. Companies addressing admin workflow issues have proven to be the fastest, with new rounds taking just over a year
to raise. Companies addressing clinical workflow are taking almost six months longer on average to raise a series A.
.0%
.05%
.1%
.15%
0 8.333 16.667 25 33.333 41.667 50
Number of Months From Seed to Series A (2013-2018 Data)
Clinical Workflow
18.7 mo
Patient Empowerment
16.4 months
Wellness
16.1 months
Average Time From Seed to A Round
15.7 months
Admin Workflow
13.0 months
Personalized Health
18.5 months
Distribution

2010
2011
2012
2013
2014
2015
2016
2017
2018
0% 25% 50% 75% 100%
Seed Series A Series B Series C Series D Series E Series F + G + H
30% 29% 10%25%
*Deal count only includes seed though series H rounds and does not include venture rounds, accelerator funding, or growth equity.
Deal Count*
119
220
287
435
396
326
385
DEAL ACTIVITY BY STAGE
487
8
Seed and series A deals, historically dominating deal volume by percentage, are showing a 5% drop at the midyear mark.
The percentage of series B deals has made up the difference, with a 5% increase over 2017 levels.
236

Company Round Total Function
1 $300M Biometric Data Acquisition
2 $240M Clinical Workﬂow
3 $200M Biometric Data Acquisition
4 $165M Insurance
5 $146M Admin Workﬂow
6 $115M Research
7 $110M Insurance
8 $105M Population Health
9 $100M Education / Content
9 $100M Patient Empowerment
Grail closed another round this year, topping our midyear report for a second time. Nevertheless, the list is more diverse than
ever, representing eight out of ten functions – a company’s main activity/value driver – from insurance to population health.
THE 10 LARGEST DEALS OF 2018 (YTD)

Region
2018 YTD
Deal Count
2017 
Deal Count
1 SF Bay Area 77 151
2 New York City 46 82
3 Boston 24 32
4 Los Angeles 9 21
5 Austin 7 15
5 Chicago 7 26
7 Seattle 5 17
7 Baltimore 5 10
7 Philadelphia 5 14
7 Minneapolis 5 11
While many metro areas on our list are equalling their 2017 pace, Boston and Phoenix showed strong growth in the ﬁrst half
of 2018. San Francisco, New York, and Boston have dominated in funding deals and dollars, accounting for 78% of total
deals (146) and 81% of total dollars invested ($3.32B).
$117M
$634M
$498M
$56M
$2.2B
San Francisco
Bay Area
Denver
Phoenix
New York City
Boston
$165M
Chicago
$137M
Minneapolis /
St. Paul
(5 Deals)
(4 Deals)
(76 Deals)
(4 Deals)
(7 Deals) (46 Deals)
(24 Deals)
Austin
$107M
(7 Deals)
THE MOST ACTIVE U.S. METRO AREAS OF 2018 (YTD)
10
$93M
Baltimore
(5 Deals)
$109M
Los Angeles
(9 Deals)
* Map shows top 10 metro areas by total dollars (USD)

Region
2018 YTD
Deal Count
2017 
Deal Count
1 London 11 25
2 Bengaluru 10 20
3 Beijing 9 17
3 Stockholm 9 16
5 Toronto 8 20
5 Tel Aviv 8 20
5 New Delhi 8 10
8 Mumbai 6 10
8 Singapore 6 9
10 Shanghai 5 3
Beijing continues to be the epicenter of digital health in China, accounting for 40% of Chinese investments over the last ﬁve
years. In 2018, however, China is starting to see investor attention elsewhere. While four of the top ten international metro
hubs are Chinese cities, Beijing accounts for just 27%.
INTERNATIONAL METRO HUBS OF 2018 (YTD)
China
11
$173M
$141M
$75M
$78M
$171M
Toronto
London
Paris
Beijing
Hangzhou
$91M
Bengaluru
$116M
Tel Aviv
(11 Deals)
(8 Deals)
(4 Deals)
(10 Deals)
(9 Deals)
(1 Deal)
Zhenjiang
$100M
(1 Deal)
$105M
Shanghai
(5 Deals)
$69M
Stockholm
(9 Deals)
(8 Deals)
* Map shows top 10 metro areas by total dollars (USD)

THE TOP 10 INTERNATIONAL DEALS OF 2018 YTD
Company Total Raised Metro Area
1 $146M Toronto
2 $115M London
3 $100M Zhenjiang
4 Helian Health $75M Hangzhou
5 $66M Stockholm
6 (Yaoshibang)
$65M Guangzhou
6 $61M Beijing
6 $55M Leeds
9 $51M Bengaluru
10 $49M Dublin
New digital health innovation hubs continue to pop up across the globe, with Zhenjiang, China, joining mainstays Toronto and
London. Thirty percent of these international top deals were also on the overall top deals list including the major funding
rounds from the U.S.
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 6/30/18 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. © 2018 StartUp Health LLC 12

INTERNATIONAL SPOTLIGHT: CHINA
$36M
Chengdu
(2 Deals)
$105M
Shanghai
(5 Deals)
Funding Facts:
• $523M has been invested in mainland China
this year across 20 total deals.
• Beijing dominated funding for digital health in
China in 2016 & 2017, averaging $600M over
those years.
• Of total funding in China, only $141M was
invested in Beijing in 2018. Big money is
starting to spread into cities such as Chengdu,
Hangzhou, Zhenjiang, Shenzhen, and
Guangzhou as the country’s ecosystem
strengthens.
$0M
$150M
$300M
$450M
$600M
$750M
2013 2014 2015 2016 2017
$21M
$105M
$45M
$550M
$651M
Beijing Funding
13
$141M
$75M
Beijing
Hangzhou
(9 Deals)
(1 Deal)
Zhenjiang
$100M
(1 Deal)
$65M
Guangzhou
(1 Deal)
*Map contains funding for 2018 YTD

INTERNATIONAL SPOTLIGHT: FINLAND
$77M
Helsinki
(29 Deals)
$2M
Tampere
(3 Deals)
$8M
Espoo
(2 Deals)
Funding Facts:
• $17M has been invested in Finland this year
across six total deals (ﬁve in Helsinki), 17% of
Finland’s total funding since 2013 ($102M).
• Helsinki has historically carried Finland in
terms of deal count, averaging nine deals/year
since 2016, and funding. $43M was invested
here in 2017.
• 2017 saw the ﬁrst deal in Tampere, and we
have another three in 2018.
$0M
$10M
$20M
$30M
$40M
$50M
2013 2014 2015 2016 2017
$11M $10M
$5M
$15M
$43M
Finland Funding
14
$15M
Oulu
(2 Deals)
*Map contains funding from 2013-2018 YTD

Firm 2018 YTD Deals* 2017 Midyear Deals* Stage
Early Mid Late
1 10 4
2 9 6
3 8 4
4 6 0
5 5 1
5 5 4
5 5 3
5 5 2
5 5 0
THE MOST ACTIVE INVESTORS OF 2018 (YTD)
15
*Deal count excludes accelerator rounds
The top investors all made more investments in the ﬁrst half of this year than during the same period in 2017. Polaris makes
our list of most active investors for the ﬁrst time, while Greylock Partners makes a reappearance after being out of the top ten
for almost four years.

Khosla Ventures is the most active investor so far this year and has diversified its portfolio across seven of ten functions
(defined as a company’s main activity/value driver). Patient empowerment is the company function that has had the most
interest from the most active VCs.
Investors
THE TOP INVESTORS OF 2018 BY FUNCTION
16
Research
Biometric Data
Acquisition
Personalized
Health
Admin
Workflow
Patient
Empowerment
Population
Health
Wellness
Clinical
Workflow
Insurance

0
33
66
99
132
165
2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD
2 3 4 5 6+
1
There have been 754 unique investors in digital health so far in 2018, compared to 583 at midyear 2017. If historical trends
continue, those 754 unique investors will more than double by the end of the year.
174
284 299
488
611 647
921
1,247
757
InvestorCount
# of Deals by Investor
TOTAL INVESTORS YEAR OVER YEAR
Total Unique Investors
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 6/30/18 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. © 2018 StartUp Health LLC 17

Function Total Raised Deal Count Avg. Deal Size Median Deal Size
1 Patient Empowerment $1.04B 104 $11.8M $3.4M
2 Biometric Data Acquisition $1.02B 36 $31.0M $10.5M
3 Clinical Workflow $810M 74 $13.3M $5.4M
4 Admin Workflow $752M 63 $14.5M $4.8M
5 Wellness $542M 41 $14.3M $9.0M
6 Population Health $491M 19 $28.9M $20.0M
7 Research $484M 23 $22.0M $12.8M
8 Insurance $442M 9 $49.2M $28.3M
9 Personalized Health $423M 37 $12.8M $8.0M
10 Education $133M 8 $13.2M $16.2M
THE MOST ACTIVE FUNCTIONS OF 2018 (YTD)
18
Nearly every function (a company’s main activity/value driver) was spearheaded by a $100M deal, so it’s no surprise to see
average deal sizes largely diverging from median deal sizes. Despite not having any companies in the largest deals to date
this year, population health has attracted consistently large deals with a median deal size of $20M.

Application*
Total
Raised
Deal
Count
Average
Deal Size
Median
Deal Size
1 Diagnostic/Screening $979M 42 $23.3M $10.8M
2 Genomics $959M 17 $56.4M $31.8M
3 Clinical Decision Support $683M 33 $20.7M $6.6M
4 Care Coordination $668M 44 $15.2M $6.6M
5 Operational Management $518M 58 $8.9M $2.8M
THE MOST ACTIVE APPLICATIONS OF 2018 (YTD)*
19
StartUp Health
Company Spotlights:
* The application is the use cases for the Company's technology. Deals may be included in multiple applications.
For pharmaceutical companies that need a low cost, easy-
to-use diagnostic for endometriosis, Oratel Diagnostics'
saliva-based diagnostic technology can identify
endometriosis within 20 minutes.
Clinical Decision Support
For providers who need to improve quality outcomes,
@Point of Care is a clinical decision support tool that
delivers clinical knowledge support and allows patients to
share data with their clinician.
Diagnostics

End
User
Total
Raised
Deal
Count
Average
Deal Size
Median
Deal Size
1 Provider $2.9B 173 $16.6M $6M
2 Patient $2.1B 163 $13.0M $4.8M
3 Consumer $1.6B 119 $13.8M $7.5M
4 Pharma $540M 18 $30.0M $11.0M
5 Research $492M 26 $18.9M $10.0M
THE MOST ACTIVE END USERS OF 2018 (YTD)*
20
*The end user is the organization or individual who beneﬁts from the Company's value.
Deals may be included in multiple end user types.
StartUp Health
Company Spotlight:
For nearly 80% of the global population that struggles with
vitamin D insufﬁciency, SOLIUS is a medical experience that
uses advanced light science to strengthen the body’s
systems by stimulating the production of critical hormones
and peptides, including vitamin D.
Pharma
For pharmaceutical companies developing precision
medicine solutions, Sanguine partners with patients to
create Data-Integrated Patient Communities and uses AI to
match patients to clinical trials faster.
Consumer

Specialty
Total
Raised
Deal
Count
Average
Deal Size
Median
Deal Size
1 Specialty Agnostic $1.3B 108 $11.9M $4.2M
2 Administrative $908M 45 $20.2M $9.4M
3 Oncology $636M 12 $53.0M $43.5M
4 Genomics $634M 9 $70.4M $32.5M
5
Cardiology/
Cardiovascular
$338M 13 $26.0M $5.5M
THE MOST ACTIVE SPECIALTIES OF 2018 (YTD)*
21
*The speciality is the branch of medicine or disease the Company addresses. Deals may be included in multiple speciality types.
StartUp Health 
Company Spotlight:
For doctors looking to detect heart disease, the world’s
#1 cause of death and disability, eko.ai’s machine
learning based software eliminates the manual
processes and the expensive hardware.
Oncology
For employers that are spending millions of dollars per
year on cancer-related medical claims, MyPeople
Health's care management platform drives preventive
and proactive care among employees - reducing claim
costs and lost productivity.
Cardiology
** The “Specialty Agnostic” tag represents companies such as symptom checkers that focus on all specialties, rather than speciﬁc ones.

Technology
Total
Raised
Deal
Count
Average
Deal Size
Median
Deal Size
1 Web App $2.2B 185 $12.1M $4.0M
2 Mobile App $1.3B 131 $9.9M $5.0M
3 Analytics Tool $1.0B 79 $13.2M $6.0M
4 Genetic Sequencing $828M 12 $69.0M $33.0M
5
Hardware / Medical
Device
$590M 39 $15.1M $12.1M
THE MOST ACTIVE TECHNOLOGIES OF 2018 (YTD)*
22
* The technology is the delivery mechanism of a Company's value. Deals may be included in multiple technology types.
StartUp Health
Company Spotlight:
Hardware / Medical Device
Web App
For medical providers in Latin America who live by
paper records, Omnia Salud is an integrated billing,
scheduling, and EHR solution platform that fully
digitizes their practice.
For arthroscopic surgeons who struggle with
cumbersome wires and outdated technology,
ArthroFree is the world’s ﬁrst fully wireless,
minimally invasive camera that seamlessly
integrates into existing OR workﬂows.

STARTUP HEALTH COMPANY MERGERS & ACQUISITIONS
23
September
2017
acquired by
January
2017
acquired by
October
2016
acquired by
July
2016
acquired by
May
2016
acquired by
March
2016
acquired by
June
2016
acquired by
May
2015
acquired by
March
2014
acquired by
October
2013
acquired by
July
2013
acquired by
April
2017
merged with
October
2016
merged with
October
2016
acquired by
December
2017
merged with
December
2017
acquired
April
2018
acquired by
June
2018
acquired by
June
2018
acquired

STARTUP HEALTH’S GROWING ARMY

25
ARMY OF HEALTH TRANSFORMERS BY HEALTH MOONSHOT
Women’s Health
Access to Care Cure Disease Longevity
Cost to Zero
Nutrition & Fitness
Mental Health & Happiness
End Cancer
Children’s Health
Brain Health

26
JOIN THE MOVEMENT
Meet the entrepreneurs transforming health on StartUp Health HQ.
Join today at hq.startuphealth.com

Sectors:
• We have a broad view of digital health and believe that the current trend is a
cross-pollination of technology and data with all aspects of health and
healthcare. StartUp Health InsightsTM tracks companies that enable health,
wellness and the delivery of care through data/analytics, sensors, mobile,
internet-of-things, 3D printing, genomics, and personalized medicine.
• StartUp Health tracks companies based on their Health Moonshot, function,
applications, specialties, technology types, and end users. Investments in each
of these tags are not mutually exclusive, as deals are tagged with multiple
Moonshots, applications, specialties, end users, and technology types, based on
the company’s focus.
• These categorizations fall into The StartUp Health Moonshot ID to help define
each company:
• To achieve the MOONSHOT in SPECIALTY, COMPANY provides END USER
with a FUNCTION TECHNOLOGY for APPLICATIONS.
Stage of Funding:
• StartUp Health InsightsTM records only publicly available data on cash for
equity investments as the cash is actually received by the company. StartUp
Health InsightsTM is inclusive of accelerator, pre-seed, seed, venture, corporate
venture, and private equity funding.
• Early stage: The company has raised a Seed or Series A round
• Mid stage: The company has raised a Series B or Series C round
• Late stage: The company has raised a Series D or other growth equity round
• StartUp Health also tracks accelerator rounds and other financings into
privately-held entities (e.g. “unnamed” venture rounds, strategic investments,
growth equity, and private equity).
• In tabulating deal activity by stage we excluded rounds not clearly associated
with a specific stage.
Sources:
• Funding data is from StartUp Health InsightsTM, the most comprehensive
funding database for digital health, and managed by the StartUp Health team.
Information, data, and figures represent only publicly available data.
• Data for acquisitions slide was provided by a range of sources including StartUp
Health InsightsTM, CrunchBase, AngelList, and news reports.
• StartUp Health works to ensure that the information contained in the StartUp
Health InsightsTM Report has been obtained from reliable sources. However,
StartUp Health cannot warrant the ultimate validity of the data obtained in this
manner. All data is subject to verification with the venture capital firms and/or
the investee companies. Results are updated periodically. Therefore, all data is
subject to change at any time.
• If you find an error please let us know so we can correct it.
This report is provided for informational purposes and was prepared in good faith on the
basis of public information available at the time of publication without independent
veriﬁcation. StartUp Health does not guarantee or warrant the reliability or
completeness of the data nor its usefulness in achieving any particular purposes.
StartUp Health shall not be liable for any loss, damage, cost, or expense incurred by
reason of any persons use or reliance on this report. This report is a proprietary
aggregation of publicly available data and shall not be forwarded or reproduced without
the written consent of StartUp Health.
METHODOLOGIES

2018 StartUp Health Insights Global Digital Health Funding Report 2018 Midyear

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