There’s no secret behind why healthtech investment deals continued to roll in across several big deals in 2022.
As people live longer and standard of living rises, the strain on and, indeed, the necessity of improved healthcare has become increasingly apparent. Innovative devices, medicines, vaccines, procedures and systems are rapidly transforming modern medicine around the planet.
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The Covid-19 pandemic accelerated implementation of technology in healthcare – there were a remarkable 2,162 healthtech venture finance deals worth a total of nearly $60bn between 2020 and 2021, according to research and analysis firm GlobalData.
It’s not just vaccine technologies that have seen investment; medical software, personal mental health digital assistants and genetic engineering technologies have been common themes in venture funding in 2022. 2022 saw 755 venture deals worth a total $15bn – outlined below are the biggest 10.
Doctolib secured $549m in venture funding
Healthcare software provider Doctolib SAS garnered a $549m funding round in March 2022. The French startup company runs an online platform that supports caregivers (and patients) by increasing accessibility to healthcare professionals and providing a digital scaffold to book medical appointments.
Eurazeo led the raise. Other investors included General Atlantic and Bipifrance Participations. The deal brought Doctolib’s valuation to $6.4bn. It is already active across places like France, Germany, and Italy.
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By GlobalDataDoctolib CEO and co-founder Stanislas Niox-Chateau hoped the funding will create 3,500 new jobs across the three countries.
In January 2022, the company also acquired Tanker, an end-to-end encryption technology provider. Doctolib hoped the acquisition would enable it to safely store its 70 million patients’ records.
VulcanForms raised $355m
US-based VulcanForms, which builds and operates digital manufacturing infrastructure around laser printing technology, raised $355m in July last year. The deal was one of the biggest healthtech deals of 2022.
The investors behind the deal included Boston Seed Capital, D1 Capital, Standard Investments, Stata Venture Partners, Atlas Innovate, Industry Ventures, Simkins Family Foundation, Fontinalis Partners, and Eclipse Ventures.
The company has now been valued at over $1bn, putting it squarely in the unicorn club. VulcanForms empowers customer innovation in the medical, defence, electronics, aerospace and energy sector. Its digital production facilities use laser metal additive manufacturing systems.
Metallic bone and joint implants are just two of the healthtech applications of the company’s technology.
VulcanForms co-founder and CEO Martin C. Feldmann said: “By scaling advanced digital manufacturing, we can create a new era of US innovation and economic growth.”
DispatchHealth obtained $330m funding in November 2022
Optum Ventures led DispatchHealth’s $330m funding round last year. DispatchHealth offers same-day medical care at home by connecting patients across North America with relevant medical providers.
Humana, Silicon Valley Bank, Adams Street Partners The Olayan Group, Blue Shield of California, Questa Capital Management, Echo Health Ventures, and Pegasus Ventures also participated in the funding round. The startup had previously secured $136m in 2020 and $200m in 2021 respectively.
In a statement rounding off 2022, Phil Mitchell, chief medical officer for DispatchHealth, said: “DispatchHealth has the technological and clinical resources to provide in-home imaging and ultrasound, administer IVs, conduct 150+ different lab tests, manage medications and more. We can also monitor patients remotely and intervene as needed to provide virtual or in-person care.”
$270m in Series C financing for Kriya Therapeutics
Kriya Therapeutics, a synthetic biology and genetics company, raised $270m in Series C financing round last year. The company, based in California, USA, has built a fully integrated engine that provides customers with relevant knowledge, technology, and infrastructure to create novel gene therapies.
Patient Square Capital led the raise. Other backers participating in the raise included Bluebird Ventures, CAM Capital, Dexcel Pharma, Foresite Capital, JDRF T1D Fund, Lightswitch Capital, Narya Capital, QVT, and Transhuman Capital. The cash injection will help the company’s scaling plans and solidify its potential in the healthcare sector for having a controlling position in gene therapy.
“This financing will support our continued growth as we advance our diverse pipeline into the clinic and further scale our core platforms,” said Shankar Ramaswamy, MD, co-founder and CEO of Kriya.
In November 2022, Kriya acquired Redpin Therapeutics, adding finding therapies for diseases related to the nervous system to its portfolio.
Kallyope secured $236m Series D round
Kallyope, a biotechnology company that focuses on advancing understanding of the links between brain and the gut, secured $236m in Series D financing. Mubadala Investment led the raise.
“We are excited to work with the Kallyope team to advance their programs and, in this new frontier of drug discovery, ultimately improve human health,” said Ibrahim Ajami, head of ventures and growth at Mubadala Ventures.
Kallyope said it would use the funds to develop its therapeutic platform, called Klarity, and to advance its clinical trials pipeline. This will add to previous funding in 2018 and 2020.
This latest financial injection brings the total funding raised by the New York biotechnology company to nearly $480m.
Lyra Health netted $235m
Lyra Health’s valuation rose to $5.5bn after the healthtech company secured $235m in a funding deal in 2022.
Dragoneer led the raise. Salesforce Ventures and Coatue also participated in the rond. Lyra Health provides mental health solutions in the workplace through in-person and virtual services.
“With this additional capital, Lyra will have the opportunity to further distinguish itself as the leader in mental health domestically and expand internationally to address a global need,” said Marc Stad, founder and managing partner at Dragoneer.
More than 180 companies – including eBay, Zoom, and Starbucks – have partnered with Lyra Health to improve employee mental health benefits. The company says it have helped more than 10 million people.
In September 2022, Lyra Health deepened its investment in specialised care for children and young adults by introducing new services for whole family mental health care.
Reify Health raised $220m in Series D financing
Reify Health secured one of the biggest funding deals of the healthtech industry in 2022. The Series D raise was worth $220m. The startup had previously raised capital in 2018 and 2021. Reify Health’s valuatuon reached a $2.2bn on the back of the raise.
Altimeter Capital and Coatue co-led the raise. Dragoneer Investment Group, ICONIQ Growth, Adams Street, and Battery Ventures also participated in the raise.
Lack of diversity and representation are common limitations in clinical trials; Reify Health aims to use the financing to accelerate improvements in these parameters.
The venture operates through two businesses: OneStudyTeam and Care Access. The former provides clinical optimisation software, and the latter streamlines clinical trial infrastructure.
Enable Injections bagged $215m in huge 2022 healthtech deal
Healthtech company Enable Injection secured a $215m Series C funding deal in 2022.
The venture manufactures wearable drug delivery systems. Its lead product is called Enable enFuse, a disc that can transfer the required amount of drug into a patient’s body through a button-operated needle.
Magnetar Capital led the raise. Other backers included GCM Grosvenor, Squarepoint Capital, Woody Creek Capital Partners, Cincinnati Children’s Hospital Medical Center, CincyTech, Cintrifuse and Ohio Innovation Fund.
The 2022 deal will enable the healthtech firm to take a wide-ranging foothold in wearable medtech devices. The market is growing increasing as hospitals aim to cut down on clinic occupancy and, ultimately, healthcare costs. Enable Injections’ and similar companies’ devices provide patient flexibility to achieve this.
“This financing will provide additional resources to onboard important new pharma partner programs and accelerate our commercialisation programmes and platforms with existing pharma partners,” said Tim Flaherty, EVP and CFO of Enable Injections.
Synthego took $200m in Series E financing
California-based biotechnology company Synthego raised $200m in a Series E round of financing. Synthego specialises in genomic engineering – as in manipulating DNA for medical benefits – and equips scientific industries with research, target validation and clinical trials for this.
CRISPR-based gene editing is a type of tool used in scientific research to target ways of treating diseases. Synthego will use the proceeds of the funding, led by Gigafund, to scale and optimise this specific type of genetic engineering technology. According to Synthego, it held the largest annual global CRISPR conference and is one of the leading players in CRISPR-based therapies.
“CRISPR has become a powerful discovery tool, and the field is now at an inflection point. The promise of translating insights into clinical applications to treat a myriad of serious diseases, including cancer and genetic disorders, is within reach,” said Paul Dabrowski, co-founder and CEO of Synthego.
However, 2023 didn’t start so well for Synthego. The company cut 20% of its staff in January, joining the long list of tech companies to suffer through huge layoffs over the past year.
DNAnexus accrued $200m in venture financing
Genetic data and analysis company, DNAnexus, snagged $200m in a financing deal led by Blackstone Growth in 2022.
The company, which provides cloud-based analysis software for genetic data, achieved a $600m valuation on the back of the raise.
Northpond Ventures, GV, Perceptive Advisors, Innovatus Capital Partners, Foresite Capital also participated in the deal. Financing will help global growth and support AI technology on the software.
Alan secured $193m in Series E funding
Alan, a personal health company, added $193m to its coffers in a Series E funding round last year. Alan’s valuation jumped to $2.84bn, following the deal.
Teachers’ Venture Growth and Ontario Teachers’ Pension Plan Board co-led the raise. Coatue, EXOR, Dragoneer, Index, Lakestar, Ribbit Capital, and Temasek also participated.
Alan currently insures over 350,000 people with its health insurance contracts, across France, Spain, and Belgium.
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