6 health systems continue to fuel IT startups — including a record-setting Q3

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Health systems' venture arms are among the biggest investors in the digital health space, according to an Oct. 28 report by CB Insights.

Five insights:

  1. General Catalyst was the biggest investor of digital health companies, backing 14 startups in the third quarter. 

  2. Health systems and their venture arms were in the top 10 health IT investors spots. Milwaukee-based Froedtert, Seattle-based Providence Ventures, Pittsburgh-based UPMC Enterprises, Long Beach, Calif.-based MemorialCare Innovation Fund, Phoenix-based Banner Health and Nashville, Tenn.-based HCA Healthcare each backed two companies in the third quarter.

  3. The largest equity deals in the third quarter were Cityblock Health, Olive and XtalPi, which all raised $400 million in series D funding.

  4. Year-to-date funding for digital health companies has surpassed that of 2020, with $39.6 billion raised in the first nine months of 2021. Digital health companies raised $31.1 billion in 2020.

  5. Digital health deals set a record with 727 deals recorded in the third quarter of 2021. The previous record was 701 in the second quarter of 2021.

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