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国际资讯投融资

2016-2017:数字健康融资连创新高

2016年,数字健康创企交易量出现四年来首次下降。然而,全球对该领域的资金支持却连续七年有所增长,而这在很大程度上得益于奥斯卡健保(Oscar Health Insurance)和平安好医生数轮相当可观的融资。

此外,数字健康创企2017年开局强劲。上周,上门送药平台Capsule获2000万美元A轮融资;远程医疗平台Lemonaid Health在A轮融资中募得资金1100万美元。诺华投资基金(Novartis Venture Funds)参与了Lemonaid的融资轮,印证了制药巨头越来越押注数字健康创企的趋势。

我们利用CB Insights数据分析了数字健康领域年度及季度交易与资金趋势。我们将数字健康定义为健康领域以软件作为公司产品核心的企业,包括单不限于移动健康、远程医疗、基因组学及电子医疗记录,剔除了医药品、机械设备与医院系统。

截至2017年5月22日,全球流入数字健康企业的股权融资达413起,总额36.7亿美元。照此速率,2017年有望达成1000余起交易,总额也有望突破94亿美元,创下5年总融资峰值。

迄今为止,本年几宗最大的交易有GRAIL的9.14亿美元B轮融资,投资方包括亚马逊与ARCH Venture Partners;Modernizing Medicine的2.14亿美元股权融资,投资方为Warburg Pincus;以及腾讯控股为好大夫2亿美元的注资。

按季度看,融资量翻了一番,2016年第四季度为12亿美元,2017年第一季度增长至24亿美元。交易量在2016年末有所回升,而在2017年第一季度却有所下降,为255起。

总的来说,数字健康创企交易量在2016年第一季度呈上行趋势,然而2016年第二及第三季度却磕磕绊绊,交易量大幅回落。2016年第四季度有所上升,2017年第一季度再次略有下降。

2017年数个值得注意的交易有:健康数据与云计算平台Nuna融资9000万美元;癌症诊断创企Freenome融资6500万美元;由Warburg Pincus牵头,为健康管理公司Alignment Health注资1.15亿美元。

数字健康仍是一个成长中的行业,迄今脱颖而出者相对较少。然而,早期投资轮(种子及A轮)在中交易量中占比仍然最大,投资者似乎依旧保持乐观。过去四年,在所有数字健康创企交易中,早期交易份额未跌至57%以下。

与此同时,中期(B轮及C轮)自2013年起一直为11%左右。2017年,中期交易量占全球总交易量的11%。

晚期融资轮(D轮与E轮)在2014年触及8%的高点后呈现下行趋势。迄今,5%为晚期融资轮。

Deals to digital health startups fell for the first time in 4 years in 2016. Global funding into the sector, however, grew for the 7th straight year in large part due to sizable rounds to Oscar Health Insurance and Ping An Haoyisheng.

And 2017 is off to a strong start. This past week has seen the $20M Series A of medication delivery service Capsule and the $11M Series A of online prescription platform Lemonaid Health. Novartis Venture Funds participated in Lemonaid’s round, echoing the trend of pharmaceutical giants making increasingly more bets on digital health startups.

Using CB Insights data, we analyzed deal and dollar trends on an annual and quarterly basis to the digital health sector. We define digital health as companies in the healthcare space that use software as a central piece of the company’s product offering, including but not limited to mobile health, telemedicine, genomics, and electronic medical records. Products like pharmaceuticals, mechanical devices, and hospital systems are excluded.

Annual deals and dollars

Global equity funding to digital health companies has reached $3.67B in 2017 YTD (5/22/17) over 413 deals. At the current run rate, 2017 is on track to reach over $9.4B in funding across over 1000 deals, a potential 5-year high in total funding.

The largest deals of the year so far include GRAIL‘s $914M Series B from investors including Amazon and ARCH Venture Partners, Modernizing Medicine‘s $214M equity raise from Warburg Pincus, and Hao Daifu‘s $200M Series D from Tencent Holdings.

Quarterly financing trends

On a quarterly basis, funding saw a 100% increase from $1.2B in Q4’16 to $2.4B in Q1’17. Deal flow, which picked up at the end of 2016, fell slightly in Q1’17, landing at 255.

In general, deals to digital health startups trended up through Q1’16. However, the sector has been on rocky footing lately with Q2’16 and Q3’16 seeing big drops in deal flow. In Q4 deals pushed back up, then declined again slightly in Q1’17.

A few notable deals that occurred in Q1’17 include the $90M raise of health data and cloud computing platform Nuna, the $65M raise of cancer diagnostics startup Freenome, and the $115M raise of population health management company Alignment Health led by Warburg Pincus.

Deal share by stage

Digital health is still a maturing sector with relatively few break out exits to date. However, investors appear to remain optimistic as early-stage rounds (seed & Series A) continue to receive the largest share of deal flow. In the past 4 years, early-stage deal share has not dropped below 57% of all deals to digital health startups.

Meanwhile, mid-stage deals (Series B & C) have hovered around 11% since 2013. In 2017 YTD mid-stage deals have occupied 11% of global deal share.

Since hitting a high of 8% in 2014, late-stage rounds (Series D & E+) have also trended down. In 2017 YTD, 5% of all deals to digital health startups have been late-stage rounds.


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