StartupHealth-2019年Q3医疗保健初创企业投资报告（英文）-2019.10-20页.pdf

1 Issue 4 StartUp Health Magazine 1 2019 Q3StartUp Health InsightsA year-to-date report on health innovation and the health moonshots transforming the world.ABOUT STARTUP HEALTH INSIGHTS StartUp Health collects and shares market insights because these data points tell a critical part of the health innovation story.More than simply chronicling the flow of money,this report provides a glimpse into the overall progress of our health moon-shots.The story beneath the top-line figures opens up new challenges as well as oppor-tunities.Health moonshots require radical collaboration,so we encourage you to dig into this report and then bring your own in-sights to the table at .Report Authors Nicole Clark|Polina HaninContributors Anne Dordai|Jennifer HankinNicole Kinsey|Tara SalamoneDesign Logan Plaster-2019 StartUp Health Holdings,Inc.StartUp Health and Health Transformer and associated logos are registered trademarks of StartUp Health LLC.ABOUT STARTUP HEALTHStartUp Health is on a 30-year mission to collaborate with entrepreneurs to improve the health and wellbeing of everyone in the world.Since 2011,StartUp Health has been investing in a global army of entrepreneurs to achieve health moonshots and has the worlds largest health innovation portfolio with 300 companies across six continents and 24 countries.-Join the movement at Sign up to receive weekly funding insights at StartUp Health InsightsSTARTUP HEALTH INSIGHTSOverviewHealth Innovation Funding HighlightsKEY MARKETS SEE SPIKES IN FUNDINGIn the first three quarters of 2019,health innovation companies raised$10.4B.As is typical of this time of year,the third quarter saw a modest dip in funding.In fact,in seven of the past nine years,the third quarter was either flat or down from its preceding quarter.But this quarter offered multiple bright spots and exceptions.This quarter,funding in support of population health saw a jump of 200%,the highest of any function we track,bringing in over$720M in Q3 and$1.2B for the year.The Womens Health and Access to Care Moonshots continue to enjoy a steady surge of capital for the year$4.5B YTD for Access to Care and$295M YTD for Womens Health along with upticks in deal volume.This comes despite a politically charged time for both womens health rights and global debates over government-sponsored healthcare models.The Addiction Moonshot,which saw a funding increase of 223%.Two health moonshots were up on QoQ deal count:Cancer with a 113%increase in volume and Addiction with a 100%jump.Womens Health continued to lead from a YoY outlook,with funding up by 66%,and 65%more deals than this time last year.Access to Care is historically our most lucrative health moonshot by way of funding and deal count and remained so in Q3,raking in$1.5B across 101 deals.FUNDING FOR WOMENS AND CHILDRENS HEALTH HELPS NARROW INNOVATION GAPNot surprisingly,we continue to see high percentages of early stage deals in the Womens Health and Childrens Health Moonshots(71%).This is important evidence of an increase in R&D or product development in two arenas where both have historically been lacking.Were hopeful that this surge in funding will help narrow the health innovation gap for these patient populations.CANCER AND MENTAL HEALTH FUNDING MATURESEven though deal counts for Cancer(34 YTD)and Mental Health&Happiness(45 YTD)are less than our broader-defined moonshots like Access to Care(259 YTD),these two had the largest proportion of late-stage deals.This is good news.A concentration of Series D rounds and later indicate that the entrepreneurs fueling these health moonshots are taming the learning curve.Digital innovations like Calms meditation app and DNAnexus genomics research platform are maturing out of development mode and being brought to a global market.ADOPTING POPULATION HEALTH BEST PRACTICESPopulation health continued to be an increasingly-funded function,with a 22%increase in deals over the same quarter last year.To date this year,its brought in$1.2B,mainly due to Babylon Healths$500M round.This needs to be more than a fleeting trend.Population health initiatives can help direct large health systems which are historically keepers of unique and timely data on the most vulnerable patients to take a more strategic direction in how they manage health at a community levelCONCLUSIONThe new norm of quarterly megadeals,a break in the IPO drought,along with the typical uptick in health innovation capital during Q4,suggest that 2019 will continue strong and become the second most-funded year for health innovation,ever.3 3 Last quarter,we reported that 2019 was shaping up to be The Year of the Patient.This quarter,while total funding has taken its typical post-summer dip,were pleased to see that the soul of the health revolution the patient is still a market priority(this quarter,$420M was invested into health innovation companies with a focus on patient empowerment).At$10.4B in funding year to date,were also on par to have the second most-funded year for health innovation,ever.Here are our topline takeaways:2 StartUp Health Insights 3 3$1.1B$2.1BQ1 Q2 Q3 Q4 2010201120122013201420152016201720182019YTDThis year to date,health innovation com-panies have raised$10.4B,trailing 2018 by 10%.Year over year,deal counts trailed by 13%.A majority of third quarter deals were early-stage,producing a lower median deal size of$4.2M,when compared to$8.1M the same time last year.In the U.S.,the research health func-tion produced four deals in our top deals list,while non-U.S.metro areas focused on population health and refining clinical workflows.We believe the year will end strong,and likely be on par with 2018s record-breaking numbers.For two reasons:1)In the last two years,funding spiked from October to November,surpassing YTD to-tals from prior years;and 2)with quarterly mega deals becoming a new norm in this maturing market,we expect to see several Q4$100M+raises top off funding.Largest U.S.Deals Q3CompanyAmountFunction1Capsule$200MPatient Empowerment 2Freenome$160MResearch3Recursion Pharma$121MResearch4VillageMD$100MPopulation Health5HiFiBiO Therapeutics$67MResearch6One Drop InforMed Data Systems$40MPatient Empowerment 7Notable Labs$40MClinical Workflow8Insilico Medicine$37MResearch9Exo Imaging$35MPersonalized Health10Ginger.io$35MWellnessLargest Non-U.S.Deals Q3STARTUP HEALTH INSIGHTS/THE MARKETFunding DEAL COUNT152287474641610565869556Total Funding$2.2B$2.3B$7.1B$6.2B$8.2B$14.6BCompanyAmountFunction1Babylon Health$550MPopulation Health2AllinMD$100MAdmin Workflow3Healthy.io$60MBiometric Data Acquisition4Intorem S.A.$43MResearch5AlayaCare$39MClinical Workflow6Synyi$36MClinical Workflow7AMBOSS$33MEducation+Content8Huimei Healthcare$30MAdmin Workflow9Keranova$26.5MClinical Workflow10MDClone$26MPopulation HealthTHE STORY$714M$538M$773M$2.0B$2.8B$1.8B$2.4B$4.9B$2.5B$11.7B679776Source:StartUp Health Insights| based on publicly available data through 9/30/19 on seed(incl.accelerator),venture,corporate venture,and private equity funding only.Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.$250M$10.4BYTDSTARTUP HEALTH INSIGHTS/THE MARKETInvestorsSource:StartUp Health Insights| based on publicly available data through 9/30/19 on seed(incl.accelerator),venture,corporate venture,and private equity funding only.Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.4 StartUp Health Insights 5 5 5 *StartUp Health does not lead rounds.Most Active Investors 2019 YTD2019 YTD Deals2018 Total Deals 1 StartUp Health1310 2 Khosla Ventures1014 2 F-Prime Capital Partners1011 4 Y Combinator87 4 GV86 6 Optum Ventures74 7 Echo Health Ventures66 7 DCVC65 7 Sequoia Capital64 7 ARCH Venture Partners64 7 Maverick Capital 64 7 Tencent63Access to CareCost to ZeroCure DiseaseCancerWomensHealthChildrensHealthNutrition&FitnessBrain HealthAddictionMental Health&HappinessLongevityTHE STORY With 1,061 total investors,2019 investor count so far is 87%of the total 2018 number.StartUp Health held the top place as the most ac-tive investor with 13 deals YTD.In a single quarter,Khosla Ventures and F-Prime doubled their investments from H1 2019.With the exception of last year,since we started tracking health innovation funding in 2010,corporate VCs have been included in this list,with Optum Ventures and Echo Health Ventures making a re-appearance.StartUp Health ranked as the most diverse investor,with eight of the 11 health moonshots represented this year,while Khosla Ventures and Y Combinator invested in seven.The Access to Care Moon-shot held the top spot with the most investors for the year at 504,with Cost to Zero,the next largest pool of investors,trailing at 409.Total Investors YoY#OF DEALS BY INVESTOR 2 3 4 5 6+TOTAL UNIQUE INVESTORS 299495616643123512192019 YTD201820172016201520142013201210619228040120INVESTOR COUNT1404 StartUp Health Insights 5 5 STARTUP HEALTH INSIGHTS/THE MARKETHubs of InnovationMost Active Metro Areas in the United States68549213THE STORY As the year progressed,the San Francisco Bay Area,Boston and New York continued to hold their posi-tions as the top three most funded U.S.cities.San Francisco is on track to meet,if not beat,its funding from last year.And other established health hubs like Chicago,Salt Lake City,Seattle and Columbus are already ahead of their 2018 totals.With one quarter to go,were excited to see whether Top 10 entrants from last year,like Nashville and Austin,will make an appearance on this list.City/RegionFunds Raised2019 YTD Deals2018 Deals 1San Francisco Bay Area$2.7B 971392New York City$1.2B56973Boston$734.3M34444Chicago$354.1M16135Salt Lake City$282.6M636Seattle$145.5M15147Denver$118.8M1278Los Angeles$81.0M18299Columbus$75.2M3610Boulder$69.0M 3-10Source:StartUp Health Insights| based on publicly available data through 9/30/19 on seed(incl.accelerator),venture,corporate venture,and private equity funding only.Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.7 5 6 Issue 4 StartUp Health MagazineMost Active Non-U.S.Metro Areas523149THE STORY In Q3,four of the top ten metro areas were in China.Thats worth noting given recent reports that the worlds second largest economy is expanding at its slowest pace since the 1990s.Beijing and Bangalore remained on par with last years Q3 funding,and oth-er top cities like Paris and Tel Aviv are already ahead of last years totals.Beijings healthy spike in funding from last quarter tied it with London this quarter as the most-funded non-U.S.health hubs.City/RegionFunds Raised2019 YTD Deals 2018 Deals1Beijing,China$725.4M10202Paris,France$394.0M8 73Tel Aviv,Israel$181.9M12104Bangalore,India$178.1M7155London,U.K.$129.9M13206Guangzhou,China$103.0M237Hangzhou,China$100.0M228Warsaw,Poland$93.5M2-9National Capital Region,India$84.9M61310Zhejiang,China$80.0M1-6107Source:StartUp Health Insights| based on publicly available data through 9/30/19 on seed(incl.accelerator),venture,corporate venture,and private equity funding only.Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.STARTUP HEALTH INSIGHTS/THE MARKETHubs of Innovation6 StartUp Health Insights8 7 STARTUP HEALTH INSIGHTSThe Quest to Achieve Health MoonshotsAt StartUp Health,we believe that radical collaboration around audacious heatlh goals will change the world.Here are the health moonshots that we are currently working towards,and which we use to categorize the market.AccesstoCareCost toZeroCureDiseaseEndCancerWomensHealthChildrensHealthNutrition&FitnessBrainHealthAddictionMentalHealth&HappinessLongevity$1.7B$444.1M$82.8M$244.3M$937.8M$95.3M$295.1M$1.0B$2.9B$3.6B$4.5B2019 Q3 Funding by Health Moonshot(YTD)Deal CountAccess to Care Moonshot Together we can deliver quality care to everyone,regardless of location or incomeCost to Zero Moonshot Together we can reduce the cost of care to“zero”Cure Disease Moonshot Together we can rid the world of disease End Cancer Moonshot Together we can end cancer as we know itWomens Health Moonshot Together we can improve the health of every woman,closing the gender gapChildrens Health Moonshot Together we can ensure that every child has access to quality care Nutrition&Fitness Moonshot Together we can ensure access to food,water and a healthy lifestyle Brain Health Moonshot Together we can unlock the mysteries of the brain to improve health and wellnessMental Health&Happiness Moonshot Together we can connect mind,body and spirit in the pursuit of wellbeingAddiction Moonshot Together we can end addiction and the opioid epidemicLongevity Moonshot Together we can add 50 healthy years to every human lifeSource:StartUp Health Insights| based on publicly available data through 9/30/19 on seed(incl.accelerator),venture,corporate venture,and private equity funding only.Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.7 2591941353428194117745698 Issue 4 StartUp Health MagazineSTARTUP HEALTH INSIGHTS/HEALTH MOONSHOTSAccess to CareTop Deals 2019 YTDCompanyRound SizeFunction01Babylon Health$550MPopulation Health02Tencent Trusted Doctor$250MPersonalized Health03Capsule$200MPatient Empowerment 04Doctolib$170MPatient Empowerment 05Waterdrop$145MInsurance06Hims$100MPatient Empowerment Deal CountQ32019$1.6BQ2 2019$1.7BQ12019$1.3BQ42018$1.2BQ32018DollarsRoundsInvestment Spectrum22 Deals($295.9M)6 Deals($128.4M)77 Deals($1.2B)12 Deals($195.5M)38 Deals($356.9M)43 Deals($688.2M)21 Deals($451.6M)26 Deals($866.7M)9 Deals($275.1M)5 Deals($40.8M)Frequency of Deal Size*Under$1M$1M$5M$5M$10M$10M$25M$25M$50M$50M$100M$100M+3755413722185Number of Deals By Round*SeedSeries ASeries BSeries CSeries DSeries E or laterTHE STORYFunding for the Access to Care Moonshot continued to climb with a YoY increase of 20%in funding and a 34%increase in deal count.As the moonshot that represents the widest range of health functions,we were pleased to see a balance of early-to late-stage deals.65%of deals YTD are early-stage and 30%are mid-stage,indicating that innovation is alive and well in this health moonshot.That funding majority was an-chored by two Q3 mega deals,both of which made it into our top deals list,including Babylon Healths$550M raise,whose deal accounts for 35%of total funding for this health moonshot.How Funding Is Balanced Across 10 Functions Deal CountWellnessResearchPatient Empowerment Biometric Data AcquisitionAdmin WorkflowClinical WorkflowPersonalized HealthPopulation HealthInsuranceEducation+Content Q22018$1.1B$2.2B*Deals that were not associated with a specific round are not included in this particular breakdown.*Raises without a publicly disclosed dollar amount are counted in the total number of deals,but not represented in frequency of deal size analy