StartUp Health Insights 2017

Report includes publicly available seed, venture, corporate venture, and private equity funding
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
StartUp Health deal StartUp Health insight private equity funded venture corporate venture StartUp Health LLC
Report includes publicly available seed, venture, corporate venture, and private equity funding
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
StartUp Health deal StartUp Health insight private equity funded venture corporate venture StartUp Health LLC
 2018 StartUp Health, LLC
STARTUP HEALTH INSIGHTS 
Global Digital Health Funding Report

Data through December 31, 2017 
Report is inclusive of all publicly available seed, venture, corporate venture, and private equity funding 
Sign up to receive weekly funding insights at startuphealth.com
2017 Year End Report
TM
ABOUT STARTUP HEALTH
Pages
Topic
2-4 . StartUp Health Moonshots
5 . Year End Summary
6-18 . Deals and Funding
19-20 . Geography
21-23 .
Investors
24 . Outlook
25-27 . Health Transformers
28 . Methodology
In 2011, StartUp Health introduced a new model for 
transforming health by organizing, supporting, and 
investing in a global army of entrepreneurs called Health 
Transformers. With the world's largest digital health 
portfolio (200+ companies spanning six continents, 19 
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
Polina  
Hanin
Mark  
Liber
Anne  
Dordai
Nicole  
Kinsey
Tara  
Salamone
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
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, 
particularly in underserved areas
7
Nutrition & Fitness Moonshot 
Providing access to a healthy environment and 
support 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
Now that the power of health moonshot thinking is becoming ingrained in the public consciousness, there will be a new 
generation of entrepreneurs, investors, industry leaders, and governments who start dreaming of bigger and bolder missions 
to reimagine what's possible.
3
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
4
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
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
4 Rise in Deals of All Sizes
The continued funding growth of 2017 produced a record 
numbers of deals of all sizes, from the most $1M deals to 
date to the most $100M deals to date. Capital is available at 
every stage for entrepreneurs with strong value propositions.
5 Surging Series Bs
The median Series B deal size has steadily risen over the 
past four years, and reached $15M across 94 deals in 2017 
compared to 80 in 2016. With previous year's funding 
concentrated in early-stage deals, we're seeing an uptick in 
later-stage investments, a sign of a maturing sector. 
6 Global Opportunity on the Rise
For the first time as a part of a StartUp Health Insights 
Report, we're sharing the most active international metro 
areas of the year. The top five areas span across countries 
and continents, an indication of the global opportunity for 
entrepreneurs and investors alike in digital health.
As predicted, digital health investment reached new heights in 2017 with $11.5B in funding across 794 deals. Looking beyond the 
numbers provides insight into a sector transitioning to a more mature phase. Deal activity at the early stage has fueled a startup 
wave and a maturing market with more later-stage opportunities is attracting new investment globally. 2018 is poised to be a 
dynamic year in terms of digital health funding activity, M&A and breakout successes, and experimentation paving the way for 
new advancements.
5
2017 YEAR END SUMMARY
1 Largest Year Ever Recorded
With over $11.5B of capital pouring into the sector 
globally, 2017 was the most funded year to date, 
surpassing 2016 by almost $3.5B. We are looking 
forward to seeing what this capital brings in 2018.
2 Most Funded Q4 on Record
Q4 2017 was the largest fourth quarter on record with 
$2.3B of funding across 227 deals. Both November and 
December had the largest amount of funding we have ever 
seen before, with December almost doubling its average 
funding amounts of past years.
3 What "Early-Stage Slump"?
The tech industry warned of an early-stage slump in the 
second half of 2017, but digital health investment 
remained active. While median deal size has decreased at 
Seed and Series A, we are seeing higher deal counts 
across all stages yielding more investment activity. Expect 
more VC debate about whether or not this is beneficial.
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
2010
2011
2012
2013
2014
 2015
2016
2017
Q1
Q2
Q3
Q4
FUNDING SNAPSHOT: YEAR OVER YEAR
6
155
284
477
647
596
550
658
794
Deal Count
$1.4B
$1.7B
$1.7B
$627M
$603M
$459M
 $288M
$8.2B
$6.2B  
$7.2B  
$2.9B
$2.3B
$2.0B
$1.2B
$11.5B
$2.3B
2017 was the most active year for digital health funding to date with more than $11.5B invested across a record-setting 794 
deals. Q4 2017 also had record-breaking numbers, surpassing $2B across 227 deals (the most ever in one quarter). Given the 
global market opportunity, increasing demand for innovation, wave of high-quality entrepreneurs flocking to the sector, and 
early stage of this innovation cycle, we expect plentiful capital in 2018. 
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
$.0B
$.5B
$1.0B
$1.5B
$2.0B
$2.5B
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2013
2014
2015
2016
2017
7
Funding includes GRAIL's $900M Series B
FUNDING SNAPSHOT: MONTHLY COMPARISON
May and September of 2017, at ~$2B and $1.5B respectively, included multiple $100M+ deals, which powered 2017's record 
numbers. We expect to continue to see large deals in 2018 as more companies mature. 
"We're entering a second wave of health innovation, where new business 
models, exciting technologies, and exciting leaders will emerge." 
-Unity Stoakes, Co-Founder & President, StartUp Health
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
Number of Months from Seed to Series A (2013-2017 Data)
FUNDING VELOCITY: FIVE THRIVING SECTORS
8
.0%
.06%
.12%
.18%
0
14
28
42
56
70
Big Data / Analytics 
15.0 mo
Medical Device  
18.0 mo
Clinical Decision Support 
21.6 mo
Avg. time from Seed to A Round* 
17.2 mo
Patient / Consumer Experience  
17.5 mo
Personalized Health 
17.8 mo
Big data / analytics companies raised A rounds the fastest, while clinical decision support (CDS) companies had the longest 
interval between Seed and Series A rounds, on average. For CDS companies, this is a > 6.5-month increase in time between 
rounds since 2016. We'll be watching this closely next year in the face of the FDA's recent decisions around CDS regulation. 
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
2016
2015
2013
2014
FUNDING VELOCITY: SEED TO SERIES A BY YEAR
9
2017
# of Months0
10
20
30
40
50
60
Max = 87 months
Max = 64 months
In 2016 and 2017, the median length of time to raise a Series A round was ~13 months. Entrepreneurs should closely consider 
the increasing time its taking to raise capital and its variability as they put their financial plans together. In 2017, it took 
companies an average of 3 months longer to go from Seed to Series A.
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
2010
2011
2012
2013
 2014
2015
2016
2017
0%
25%
50%
75%
100%
Seed
Series A
Series B
Series C
Series D
Series E
Series F + G + H
29%
36%
9%
20%
4%
*Deal count only includes Seed though Series H rounds and does not include venture rounds, accelerator funding or growth equity.  
 Deal Count*
122
221
288
436
390
315
368
Early stage deals continue to hold steady at 65% of total deal activity, though Series A has increased its share for the third 
year in a row and Seed rounds have the lowest percentage of total deals since 2014. Series D deal count doubled since last 
year to 4% of all deals in 2017.
DEAL ACTIVITY BY STAGE
462
10
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
Deal Count0
10
20
30
40
50
60
Series C
Deal Count0
30
60
90
120
150
Series B
Deal Count0
30
60
90
120
150
Seed
2014
2015
2016
2017
MEDIAN ROUND SIZE: FUNDING ROUND COMPARISON
11
Median deal size for Seed and Series A rounds dropped more in line with 2015 levels of $1.7M and $6.5M, respectively. 
Though the median deal size has decreased, we're seeing more deals at these stages than ever before, another indicator 
there is not yet an "early stage slump".
Deal Count0
30
60
90
120
150
Series A
$2M

$1M

$0
Median Deal Size$9M

$6M

$3M

$0
Median Deal Size$15M

$10M

$5M

$0
Median Deal Size$27M

$18M

$9M

$0
Median Deal SizeMedian Funding Amount
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
Funding$0M
$10M
$20M
$30M
2014
2015
2016
2017
Overall Median Deal Size
Median Seed
Median Series A
Median Series B
Median Series C
Median Series D
MEDIAN ROUND SIZE: ROUND COMPARISON
12
Median deal size is incrementally increasing year over year, propelled by a boost in Series B and Series D deal sizes. Since 
2014, overall median deal size has increased by 22.7% - from $4.4M to $5.4M. The heft of the later stage deals is 
substantially countered by the number of early stage deals, which keeps the overall median deal size on track for early 
stage innovation.
*Overall average deal size is inclusive of all tracked round types. 
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
Frequency of Deal Size0
25
50
75
100
125
150
175
200
225
$1M
$5M
$10M $25M $50M $100M $150M $200M $250M $300M $350M $400M $450M $500M $750M $1.0B
2014
2015
2016
2017
$360M
$914M
$325M
ROUND SIZE FREQUENCY: FUNDING GIANTS
13
* Outcome Health's $600M Round is not included  this list.
Despite more dollars per deal going into later stage investments, there was an increased frequency of all deal sizes in 
2017, highlighting that investor interest remains strong at all stages. Meanwhile, Peloton, Guardant Health and Grail 
comprise the list of "Funding Giants"* raising over $300M in 2017.
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
Company
Total Raised
Subsector
1
$914M
Big Data / Analytics
2
$360M
Personalized Health
3
$325M
Wellness
4
$280M
Medical Device
5
$250M
Personalized Health
6
$231M
EMR
7
$200M
Patient / Consumer Experience
8
$165M
Personalized Health
9
$161M
Personalized Health
10
$161M
Wellness
THE TOP 10 LARGEST DEALS OF 2017
Over 26% of the total investment dollars in 2017 went into the 10 companies below. Four of the 10 top deals fall under the 
personalized health sector.* 
14
   
   
   
   
   
   
   
   
   
   
* Outcome Health's $600M Round is not included in this list.
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
Company
Amount
Sector
Notable Investor
$4.7M
Personalized Health
$7.4M
Population Health
$3.5M
Population Health 
undisclosed
Patient / Consumer 
Experience
undisclosed
$17.0M
Clinical Decision Support
$5.0M
Big Data / Analytics
STARTUP HEALTH PORTFOLIO: 2017 FEATURED DEALS
15
As a whole the StartUp Health portfolio raised nearly $200M in 2017, across all rounds from Seed to Series C. The five 
largest investments into StartUp Health portfolio companies this year totaled $37.6M, from a diverse group of investors 
including Safeguard and Digitalis.
"We need to bring back humanity to 
the system. I think that that could 
have a profound impact on quality 
of life, quality of care, reducing the 
hospitalization time, just the 
ramifications for that are hard to 
even imagine." 
-Jo Schneier, CEO & Co-Founder, Cognotion
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
    Subsector
Total Raised
Deal Count
Avg. Deal Size
Median Deal Size
1
Patient / Consumer Experience
$1.64B
191
$9.3M
$4.0M
2
Personalized Health
$1.59B
71
$25.7M
$4.0M
3
Big Data / Analytics
$1.39B
56
$26.7M
$5.7M
4
Medical Device
$1.37B
72
$20.2M
$6.4M
5
Wellness 
$1.12B
77
$16.5M
$3.6M
6
Workflow
$1.07B
161
$7.5M
$3.1M
7
Research
$933M
38
$24.6M
$10.0M
8
Education / Training
$730M
17
$48.7M
$5.2M
9
Population Health
$696M
56
$13.4M
$6.2M
10
EHR
$404M
12
$33.6M
$7.9M
THE TOP 10 MOST ACTIVE SECTORS OF 2017
16
   
   
   
   
   
   
   
   
   
   
Contrary to what the average deal size may show, median deal sizes are hovering between $4-6M. The biggest surprises are 
workflow and research, with median deal sizes of $3M and $10M, respectively.
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
Compared to the end of 2016, we saw a huge push towards early stage funding in workflow, with its Seed and Series A deal 
counts doubling from 12 Seed and 15 Series A in 2016 and to 25 and 30 in 2017, respectively.
47%
Patient / Consumer Experience
Medical Devices
Population Health
Wellness
Research
Education / Training
Clinical Decision Support
35
38
17
6
4
0
26
32
11
4
0
0
13
17
9
4
1
0
12
9
12
9
4
2
6
15
9
4
1
1
6
17
9
1
1
0
7
12
9
4
3
2
9
6
6
5
2
1
4
3
1
1
0
0
2
6
4
3
2
0
2
1
1
0
0
1
1
3
5
1
1
0
Workflow
Personalized Health
Big Data / Analytics
E-Commerce
Seed
Series A
Series B
Series C
Series E-H
MARKET MATURITY MAP 2017
More funding activity
Less  funding activity
17
EHR
Series D
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
For the first time since we began tracking digital health funding in 2010, we are seeing double-digit deal counts at the  
Series B stage in the 12 subsectors we track, with the exception education and training. Over half of the subsectors have 
also seen double-digit Series C activity, another sign of the maturing landscape which we expect to continue in 2018.
47%
Patient / Consumer Experience
Medical Devices
Personalized Health
Wellness
Research
Clinical Decision Support
190
146
70
28
10
2
131
141
74
28
4
5
101
85
38
15
7
1
69
67
49
34
16
9
67
66
46
20
11
11
58
72
45
35
17
7
49
86
49
11
5
3
34
42
22
14
7
3
31
45
24
8
4
1
32
36
19
5
2
4
30
22
15
6
8
5
25
18
18
13
9
7
27
11
5
6
2
2
Workflow
Big Data / Analytics
Population Health
EHR
Seed
Series A
Series B
Series C
Series E-H
MARKET MATURITY MAP DEALS SINCE 2010
More funding activity
Less  funding activity
18
E-Commerce
Series D
Education / Training
DEALS & FUNDING
OUTLOOK
GEOGRAPHY
INVESTORS
Diagnostics
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
Region
1H '17
Deal Count
Total '17  
Deal Count
1 SF Bay Area
65
126
2 New York City
26
63
3 Boston
13
29
4 Los Angeles
10
21
5 Chicago
5
20
6 San Diego
8
16
7 Seattle
7
14
8 Philadelphia
6
12
9 Austin
5
11
9 Denver
5
11
INVESTORS OUTLOOK
$258M
$1.0B
$651M
$338M
$3.8B
San Francisco 
Bay Area
Denver
San Diego
New York City
Boston
$776M
Chicago
$273M
Minneapolis / 
St. Paul
(10 Deals)
(11 Deals)
(126 Deals)
(16 Deals)
(20 Deals)
(63 Deals)
(29 Deals)
Los Angeles 
$308M
(21 Deals)
DEALS & FUNDING
GEOGRAPHY
THE MOST ACTIVE US METRO AREAS OF 2017
   
   
   
   
   
   
   
   
   
   
19
$234M
Miami
(3 Deals)
$155M
Seattle
(14 Deals)
* Map shows Top 10 Metro Areas by Total Dollars (USD)
Nearly every most active US metro area, with the exception of San Francisco and San Diego, doubled the number of deals 
between the first and second half of the year. The big growth in the second half of the year was in Chicago (nearly tripling its 
deals) and New York and Boston (each increasing by ~30%).
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
Beijing leads the pack with the amount of dollars invested, though it falls into the middle with total deal counts. The last half 
of the year has significantly increased in investment deals, with Tencent being one of the most active investors in 
international companies.
INTERNATIONAL METRO HUBS 2017
China
20
$189M
$647M
$114M
$85M
$183M
Toronto
London
Hong Kong
Beijing
Stockholm
$155M
Bengaluru
$146M
Tel Aviv
(22 Deals)
(15 Deals)
(4 Deals)
(17 Deals)
(15 Deals)
(15 Deals)
Paris 
$116M
(11 Deals)
$115M
Shanghai
(3 Deals)
$208M
Haifa
(3 Deals)
(17 Deals)
* Map shows Top 10 Metro Areas by Total Dollars (USD)
Region
1H '17
Deal Count
Total '17  
Deal Count
1 London
9
22
2 Tel Aviv
9
17
2 Bengaluru
7
17
4 Stockholm
9
15
4 Toronto
6
15
4 Beijing
3
15
7 Paris
2
11
8 New Delhi
5
9
8 Berlin
1
9
10 Singapore
4
8
   
   
   
   
   
   
   
   
   
   
INVESTORS OUTLOOK
DEALS & FUNDING
GEOGRAPHY
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
THE MOST ACTIVE INVESTORS OF 2017
   
   
   
   
   
   
   
   
21
   
*Deal counts excludes accelerator rounds 
   
   
DEALS & FUNDING GEOGRAPHY
INVESTORS OUTLOOK
   
Khosla Ventures and GE Ventures were once again part of the top three most active investors as they were in 2016, though 
their deal count decreased. Familiar VCs like Sequoia, NEA, Norwest, and Safeguard all increased their deal activity 
substantially year over year.  
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
Firm
2017 Deals*
2016 Deals*
Stage
Early
Mid
Late
1
10
15
2
9
5
2
9
18
2
9
5
2
9
5
6
8
3
6
8
4
6
8
4
9
7
7
9
7
5
9
7
2
9
7
4
0
15
30
45
60
75
90
105
120
135
150
2010
2011
2012
2013
2014
2015
2016
2017
2
3
4
5
6+
21 firms invested in more than 6 deals for the year, doubling since 2016 and on par with 2015 activity. With a 37% increase in 
total investor count, 2017 brought an exciting increase in new investors into the digital health space.  
 
176
286
299
492
601
635
865
1,203
Investor Count# of Deals by Investor
NUMBER OF INVESTORS YEAR OVER YEAR
Total Investors
22
DEALS & FUNDING GEOGRAPHY
INVESTORS OUTLOOK
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
2017's top investors participated in 5 different sub-sectors on average. While some continue to show faith in the sector with 6 
or 7 investments, such as Khosla and NEA, others, such as Accel Partners, have focused their interests on 3 or 4 sectors.
InvestorsTHE TOP INVESTORS OF 2017 BY SECTOR
23
Research
E-Commerce
Medical  
Device
EHR
Personalized 
Health
Big Data/ 
Analytics
Patient/ 
Consumer  
Experience
Wellness
Clinical 
Decision 
Support
Workflow
Population  
Health
"There are data silos that exist in healthcare that we'd 
love to see broken down. Empowerment for both patients 
and providers will allow for a more modern experience." 
-Andrei Zimiles, CEO & Co-Founder, doctor.com
DEALS & FUNDING GEOGRAPHY
INVESTORS OUTLOOK
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
2018 PREDICTIONS
24
DEALS & FUNDING GEOGRAPHY
INVESTORS OUTLOOK
US policy will begin to catch 
up to digital health innovation. 
With the recent FDA regulations on software 
as a medical device (clinical decision support), 
and CPT code 99091 (reimbursement for remote 
monitoring), we're seeing regulators recognizing the 
promise of certain technologies and incentivize 
providers to use it for the betterment of patient care.
First strides have been made in 2017, and 2018 holds 
much promise for not only continued innovation in 
these areas, but more widespread *adoption* of 
digital health clinically.
-Mark Liber, Moonshot Academy Team 
StartUp Health
connected consumer to create powerful health platforms that move beyond trendy 
apps and trackers. Vertical and point-solutions have paved the way for more robust 
horizontal innovations that will deliver proven outcomes with compelling business 
models. If you're going to compete in 2018, the price of admission just went up.
-Unity Stoakes, Co-Founder & President, StartUp Health
Wearables, nearables, apps and digital diagnostics
will start to leverage the streams of health data made possible by the
I'm excited to see two big 
technologies transform health 
care. AI and blockchain are setting 
the foundation for the future of 
Health Care. I predict that by the 
end of 2018, we will see major roll 
outs and adoption of health care 
blockchains.
-David Sarabia, Founder 
inRecovery
-Natalie Hodges, MD, Co-Founder & CMO 
PreventScripts
will enable the massive scale of patient interventions 
by digital health companies. 2018 is the year of the 
scalable intervention, the greatest cost savings of all 
being the Prevention Intervention.
I hope that the pressure
of MACRA will compel providers into an urgent 
proactive state of mind in their thinking about
patient population based care. I expect that competitive 
pressure on our vendors to expand their respective API's
1
There is finally recognition  
that most money that flows through 
healthcare flows through services. 
Technology is great, but in healthcare 
there is a need for technology to 
integrate well, mostly through the 
delivery of clinical and administrative 
services.
-Lisa Suennen, Managing Director 
GE Ventures
While we don't think bots are going  
to replace doctors anytime soon, we are bullish that AI and  
machine learning are going to go from an R&D project to meaningfully 
improving cancer diagnostics, pathology and image recognition. We think 
that training data sets and technical capabilities have gotten to the point 
where new products will be created that begin to make a difference.
-Bob Kocher and Bryan Robers, Partners 
Venrock Capital
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
STARTUP HEALTH COMPANY MERGERS & ACQUISITIONS
25
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
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
STARTUP HEALTH'S GROWING ARMY
26
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
27
Check out healthtransformer.co, the digital magazine 
featuring the people and trends transforming health!
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC
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 and genomics and personalized medicine. 
 StartUp Health tracks companies based on their sectors, subsectors and 
specialties. Investments in subsectors and specialties are not mutually exclusive, 
as deals are tagged with multiple subsectors and specialties based on the 
company's focus.  
 Q2 of 2015 brought with it an extensive database quality assessment.  A new 
system was implemented allowing StartUp Health to track innovation with 
enhanced granularity.  Additionally, gaps in funding data were researched and 
added into our database enabling us to identify fundings previously unaccounted 
for in previous reports.   
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 incubator 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
28
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 12/31/17 on seed (incl. accelerator), venture, corporate venture and private equity funding only.  2018 StartUp Health LLC