2026年一季度健康科技风险投资趋势（英）2026

EMERGING TECH RESEARCH Healthtech VC Trends VC activity across the healthtech ecosystem The full report is availablethrough the PitchBook Platform. Contents Healthtech landscape3 Institutional Research Group Quarterly analysis4 Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com Key takeaways Adi George VC activity Associate Data Analystpbinstitutionalresearch@pitchbook.comPublished on April 30, 2026 Healthtech VC deal summary References32 Healthtechlandscape Infrastructure& complianceEHRs & clinicalinformationOperations Quarterly analysis WHOOP’s $575 million Series G (potentially crossover) round at a $10.1 billion post-money valuation,which followed peerŌura’s $907.7 million Series E raise at an $11 billion post-money valuation inOctober 2025. The next-largest deal was the $250 million Series D round for OpenEvidence at a $12billion post-money valuation in January, which followed a $200 million Series C round at a $6 billionpost-money valuation last October. Oviva’s $220 million Series D round in January was the third-largestVC deal in the quarter. Key takeaways •Healthtech VC funding continues to be robust, with startups raising $4.6 billion in Q1 2026 (up25.4% YoY) and on pace to surpass the $16.5 billion raised in 2025. Deal volume rose even moreimpressively during the period (up 35.5% YoY), totaling 397 in the quarter. •The median pre-money valuation continues to climb, reaching $32.5 million in Q1 2026, up from$30 million in 2025 and $22 million in 2024 as AI’s influence remains dominant. The median dealsize in the quarter was $4 million, down from $5.8 million in 2025 and $5.6 million in 2024. Key pre-seed/seed deals Modulus Health led healthtech pre-seed/seed deals with a $50 million raise involving AndreessenHorowitz, General Catalyst, and Lightspeed Venture Partners. Modulus is an AI-powered clinicalmonitoring solution integrated with physician care. •In Q1 2026, VC exit count and value were down significantly (-43.6% and -67.2% YoY, respectively)after exit count hit an all-time high of 147 in 2025. PE exit activity in healthtech was light at only oneexit, though its $5 billion value puts the sector on pace to surpass 2025’s $12.2 billion in PE exits. AMI raised a $1 billion seed round in January. Although AMI is not categorized as a healthtechcompany in our dataset because it is building next-generation foundation models, it has a significanthealthcare focus. AMI was co-founded by Yann LeCun; Michael Rabbat, Ph.D.; and Alexandre Lebrun(also a co-founder of Nabla). According to AMI’s website, the company’s goal is to “build intelligentsystems that understand the real world.”1The website says, “AMI will advance AI research and developapplications where reliability, controllability, and safety really matter, especially for industrial processcontrol, automation, wearable devices, robotics, healthcare, and beyond.” The website further statesthat “Action-conditioned world models allow agentic systems to predict the consequences of theiractions, and to plan action sequences to accomplish a task, subject to safety guardrails.” Lebrunbecame the CEO of AMI while also serving as chief AI scientist and chair of Nabla. In December 2025, •YoY growth in TTM deal count was highest in operations (up 102.4%), followed by infrastructure &compliance (up 48.8%), analytics (up 48.7%), EHRs & clinical information (up 30.7%), and digital care& treatments (up 26.4%). YoY growth in TTM deal value was highest in sport & wellness (142.5%),operations (134.4%), infrastructure & compliance (91.6%), and analytics (up 71.1%). VC activity Healthtech startups raised $4.6 billion in VC funding during the first quarter of 2026, up from $3.7billion in VC funding during the first quarter of 2025, 25.4% higher YoY. The largest Q1 deal was Nabla announced an exclusive partnership with AMI to pioneer the next era of agentic healthcare AI.As a result of the partnership, Nabla will gain first access to AMI’s world model technologies with thegoal of becoming the first to bring US Food and Drug Administration-certifiable agentic AI systemsto healthcare. Key late-stage VC deals Oviva led late-stage VC deals with a $220 million Series D round in January. Oviva is a Swiss-basedvirtual weight-related conditions clinic operating in the UK, Germany, and Switzerland with over 1million patients across Europe.3Behavioral health continues to be a hot category, representing twoof the three largest late-stage VC rounds in the quarter. Talkiatry raised a $210 million Series D led byPerceptive Advisors at a $1.4 billion post-money valuation in February. The company is a 100% virtualpsychiatry provider with over 3 million visits completed.4The teletherapy & behavioral health providerGrow Therapy raised a $150 million Series D round led by TCV and Goldman Sachs Asset Managementat a $3 billion post-money valuation in early March. The company offers digital tools for providermatching, appointment scheduling