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Venture capital deployed · 2026 YTD
Sector market cap
Largest raise · trailing 12mo
Catalysts ahead · next 12mo
Companies tracked
Mega-rounds ($200M+) dominate the past 12 months: Whoop Series G ($575M), Oura Series E ($900M), Verily Growth ($300M), Abridge Series E ($300M), Innovaccer Series F ($275M), and Commure Growth ($200M). Seed and Series A have nearly vanished. Median round size has shifted decisively upward, with late-stage firms capturing 75% of recent capital.
Capital is heavily concentrated in Series D through Growth rounds. Of the past 12 months' 24 dated rounds, 15 are Series D or later, three are Series C, two are Series B, and one is Growth-stage. Seed funding is absent. Early-stage operators are effectively shut out; growth and late-stage dominate.
Fidelity Management & Research Company leads two mega-rounds (Oura $900M, $200M). General Catalyst, Andreessen Horowitz, and TCV each anchored multiple Series D–E rounds. New entrant Goldman Sachs Alternatives led Aidoc Series E. Longtime players Kleiner Perkins and Greylock have gone quiet in 2025–2026 funding activity.
Health tech's regulatory moat is shifting from the model to the update: every retrain or cloud move may reset clearance.
Health tech's scarce asset is no longer model capability but the licensed, accountable human who signs off on it.
Pharma's AI labs are racing to prove efficacy before their capital burn reveals whether automation actually works.
The AI drug-discovery boom is masking a valuation crisis that will force consolidation before any real productivity gains materialize.
As of 2026-08-01