Through Q3 of 2021 more than $20 billion invested in Digital Health, 40% more than all of 2020.
Whether you are a company seeking funding or an investor evaluating deal flow, the health tech market has never been hotter.
DexCare, the digital care operating system that was spun out of Providence Health last March, has raised $50 million in series B funding for its platform that manages health system capacity and demand.
Providence Health’s Digital Innovation Group initially developed the DexCare platform in 2016 to support patient acquisition and navigation. Now, the artificial intelligence-driven platform provides those services to multiple health systems.
Transformation Capital led the series B round, with participation from Kaiser Permanente, Providence Ventures, Mass General Brigham, Define Ventures, Frist Cressey Ventures and SpringRock Ventures.
If you’ve been following our updates, you know 2021 was a (the!) year for digital health venture funding: In July, we reported that the year had already topped all of digital health’s previous annual funding records with six months left to go. While it may feel like old news to share just how momentous 2021 was, our updated funding graphs—with extended axes just to capture 2021’s growth—speak for themselves.
However, beneath the chart-topping numbers are signals of something deeper. 2021’s funding frenzy was, at points, both the cause and effect of bigger shifts within healthcare. Specifically, the sector experienced major changes to its infrastructure, business models, and talent pool that will make downstream effects in 2022 inevitable.
In this piece, we’ll review 2021’s funding environment with a focus on the underlying changes beneath the surface’s venture stats. We’ll place our bets on how the digital health landscape will move throughout 2022—and where there might be tremors ahead.
Funding announcements in health innovation have been coming in hot and fast these days. It’s easy to lose perspective about where we’ve come from and where we’re going. This 2021 midyear StartUp Health Insights Report (something we’ve been doing for a decade) is an essential opportunity to step back, take a beat, and view the market with a longer lens. What’s the 10,000-foot view? We also take this opportunity to look at funding trends from a health moonshot perspective. Are we investing in the tools and services that will increase access to care, cure disease, lower cost, and achieve the other global goals that can improve the lives of billions of people? Let’s look at the numbers.
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