2025 Q1全球数字健康状态

State ofDigital Health Global | Q1 2025 Global data and analysis on dealmaking, funding,and exits by private market digital health companies Makesmartertech decisions. Our platform will help youdiscover, understand, andmanageyour response to emerging tech. Make confidenttech decisions that drive growth, improve operations, andbeat the competition with CB Insights. ▮▮▮▮IIIITry our platform–free!Sign up for a free trial “Steal” our data. Download the underlying data in this report. If you createany analysis or visualizations with this data, send it ourway and you could be featured in the CBI newsletter.@ us on social–LinkedIn X (Twitter)Instagram TL;DRYour rundown ondigital healthin Q1’25 $5.3B 27% 60% 46% Uptick in M&A exitsin Q1’25. 6 New digital healthunicorns. Mega-rounds’ shareof digital healthfunding in Q1’25. Digital healthfunding in Q1’25, thehighest since Q2’22. Of funding went toAI-focusedcompanies. AI startups raised $3.2B inQ1—60%ofalldigital healthfunding,upfrom41% in2024. Mega-rounds ($100M+deals)totaled$2.5B across11 deals—more than doubleQ4’24’s total. M&Aactivity surged 27%QoQto 51deals, the highestlevelsince Q1’23 Thisincrease was driven entirelyby US companies, while M&Ain Europe and Asia declined. Equity funding surged 47%QoQin Q1’25—thestrongest showing sinceQ2’22—even as deal volumedeclined 9%. Q1’25saw 6 newunicorns—more than all of 2024andthe mostina single quartersince Q2’22. Deal volume rose6%QoQ,even asoverall dealsdeclined. Top-funded areasincluded AI-derived smallmolecule drugs and clinicaldocumentation tools. These rounds captured 46%of all digital health funding,the highest share sinceQ4’21.AI-focused startupssecured 8 of these 11deals,including Isomorphic Labs,Truveta,and Innovaccer. Half leverageAIforproviderworkflows, includingHippocratic AI (patientfollow-up),Abridge (clinicaldocumentation), andOpenEvidence(decisionsupport).OpenEvidencehitunicorn status with just 21employees. This consolidation pushedthe global median deal sizefrom $5.4M to $6.4M,reflecting investorpreference for later-stagestartups with regulatorymilestones and scalable AIplatforms. The quarter featured two$1B+acquisitions:CentralReach($1.6B)andAlto Pharmacy($1.5B),highlighting renewed buyerinterest in scaled platformswith proprietary data. See the data→ See the data→ See the data→ See the data→ See the data→ TL;DRState ofDigital Health Digital healthequity fundingup 47% asinvestorsconcentratecapital TL;DRState ofDigital Health Mega-roundsdrive 46% ofdigital healthfunding, led byAI startups TL;DRState ofDigital Health AI startupspulled in 60% ofQ1’25 digitalhealth funding Quarterly share of digital healthfunding going to AI companies TL;DRState ofDigital Health US companiesfuel a Q1’25M&A resurgence TL;DRState ofDigital Health More unicornsare born inQ1’25 than inall of 2024 ContentsState of Digital Health Global Trends11 Investment Trends12Unicorns35Exit Trends41Investors45 Geographic Trends49 US50Silicon Valley56New York60Boston64Asia68Europe74United Kingdom80 Global Trends Investment Trends State of Digital Health|Global Trends|Investment Trends Annual equity funding & deals State of Digital Health|Global Trends|Investment Trends Quarterly equity funding & deals State of Digital Health|Global Trends|Investment Trends Funding & deals by global region in Q1’25 State of Digital Health|Global Trends|Investment Trends Percent of quarterly deals by global region State of Digital Health|Global Trends|Investment Trends Percent of quarterly deals by investor group State of Digital Health|Global Trends|Investment Trends Annual average & median deal size State of Digital Health|Global Trends|Investment Trends Annual median deal size by global region State of Digital Health|Global Trends|Investment Trends Annual median deal size by investor group State of Digital Health|Global Trends|Investment Trends Quarterly funding & deals from mega-rounds (deals worth $100m+) State of Digital Health|Global Trends|Investment Trends State of Digital Health|Global Trends|Investment Trends Quarterly mega-round deals by global region State of Digital Health|Global Trends|Investment Trends Quarterly mega-rounds as percent of funding State of Digital Health|Global Trends|Investment Trends Annual percent of deals by deal stage State of Digital Health|Global Trends|Investment Trends Regional deal share by deal stage in Q1’25 State of Digital Health|Global Trends|Investment Trends Annual median funding by deal stage Global: Top Series A deals in Q1’25 Global: Top Series E+ deals in Q1’25 Unicorns Quarterly new & total unicorns (private companies valued at $1b+) State of Digital Health|Global Trends|Unicorns New & total unicorns by global region in Q1’25 State of Digital Health|Global Trends|Unicorns Quarterly new unicorns by global region Global: Top unicorn births in Q1’25 Global: Top unicorns by valuation in Q1’25 Exit Trends Quarterly exits St