Digital health funding broke all previous records in Q3, with 2017 YTD funding surpassing $9.0B. Assuming momentum continues through Q4, we’ll finish 2017 well past $10B, a significant signal of support for entrepreneurs working to achieve their Health Moonshots. Despite the headlines and uncertainty surrounding healthcare reform, investment into digital health companies continues to accelerate.

1. © 2017 StartUp Health, LLC
STARTUP HEALTH INSIGHTS
Global Digital Health Funding Report
Data through September 30, 2017
Report is inclusive of all publicly available seed, venture, corporate venture and private equity funding
Sign up to receive weekly funding insights at startuphealth.com
Q3 2017 YTD
TM

2. startuphealth.com/reports
ABOUT STARTUP HEALTH
Pages
2-3 ………………………………………….…………… About StartUp Health
4 ………………………………………….…………… Year to Date Summary
5-12 ………………………………………….…………… Deals and Funding
13-14 ………………………………………….…………… Geography
15-16 ………………………………………….…………… Investors
17-19 ………………………………………….…………… Health Transformers
20 ………………………………………….…………… Methodologies
Jennifer
Hankin
Polina
Hanin
Mark
Liber
Anne
Dordai
Nicole
Kinsey
Tara
Salamone
StartUp Health InsightsTM Contributors
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC 2
In 2011, StartUp Health introduced a new model for
transforming health by organizing and supporting a global
army of entrepreneurs called Health Transformers. With the
world’s largest digital health portfolio (200 companies
spanning 5 continents, 18 countries and 60+ cities), StartUp
Health is mobilizing this rapidly growing army along with the
world’s ‘batteries included’ leaders, innovators and investors
to achieve 10 Health Moonshots, with a 25-year mission to
improve the health and wellbeing of everyone in the world.
Learn more about how you can join this movement and
support Health Transformers at startuphealth.com.

3. startuphealth.com/reports
1
Access to Care Moonshot
Delivering quality care to everyone, regardless
of location or income
2
Cost to Zero Moonshot
Radically reducing the cost of care by a factor
of a million
3
Cure Disease Moonshot
Curing disease using data, technologies and
personalized medicine
4
Cancer Moonshot
Ending cancer as we know it
5
Women’s Health Moonshot
Prioritizing women’s health, including
preventive care and new research
6
Children’s Health Moonshot
Ensuring every child has access to quality care,
particularly in underserved areas
7
Nutrition and Fitness Moonshot
Providing access to a healthy environment and
support an active lifestyle
8
Brain Health Moonshot
Unlocking the mysteries of the brain to
improve health, wellness and mental health
9
Happiness and Mental Health Moonshot
Connecting mind, body and spirit in the pursuit
of happiness
10
Longevity Moonshot
Adding 50 healthy years to every human life
ON A MISSION TO ACHIEVE 10 HEALTH MOONSHOTS
One of the most exciting trends to emerge over the past few years is an ambitious generation of entrepreneurs, leaders and
investors focusing on bold Health Moonshots. StartUp Health is organizing and supporting its global army of Health
Transformers to focus on achieving these 10 Health Moonshots to improve the health and wellbeing of everyone in the world.
3Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

4. startuphealth.com/reports
4 Investors Bet on Personalized Future
Half of this years top deals are in personalized health
and patient/consumer experience, a clear signal that
investors are focused on a consumer-centric,
personalized future for health and wellness.
5 RiseoftheRest:SouthFloridaHeatsUp
With over $231M raised YTD, the Miami metro area is
back on the digital health funding map, another
example of the rise of emerging innovation hubs
across the country.
DEALS & FUNDING GEOGRAPHY INVESTORS
Digital health funding broke all previous records in Q3, with 2017 YTD funding surpassing $9.0B. Assuming
momentum continues through Q4, we’ll finish 2017 well past $10B, a significant signal of support for
entrepreneurs working to achieve their Health Moonshots. Despite the headlines and uncertainty surrounding
healthcare reform, investment into digital health companies continues to accelerate.
4
Q3 2017 YTD SUMMARY: MOMENTUM TO PASS $10 BILLION
1 AnotherRecord-BreakingYear
With $9B invested YTD, digital health funding is
$2.6B ahead of where it was at the end of Q3 2016,
and has already surpassed any total annual funding
amount on record.
2 Later-StageDealsIncrease
We’ve seen an increase in late-stage deals this year,
with 75% of sectors receiving funding in a series D
round or later, compared to only 50% at the end of
2016, showing a steadily maturing market.
3 DealSizesChargeUpwards
Average deal size increased from $14M in 2016 to
over $18M this year, signaling that investors are
willing to put more money into companies with clear
potential.
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

5. startuphealth.com/reports
DIGITAL HEALTH FUNDING SNAPSHOT: YEAR OVER YEAR
5
As we head into the final quarter of 2017, a new benchmark has been set in digital health, with funding
having already surpassed 2016’s year-end total. Q3 2017 is the largest third quarter on record, exceeding
last year’s Q3 by approximately $300M and catapulting this year’s totals to over $9B in funding.
DEALS & FUNDING GEOGRAPHY INVESTORS
158
288
501
661
602
538
632
530
Deal Count
2010 2011 2012 2013 2014 2015 2016 2017
YTD
Q1 Q2 Q3 Q4
$1.7B
$2.2B
$2.0B
$833M
$592M
$669M
$258M
$8.1B
$6.1B
$7.3B
$2.9B
$2.3B
$2.0B
$1.2B
$9.0B (YTD)
$2.5B
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

6. startuphealth.com/reports
$.0B
$.5B
$1.0B
$1.5B
$2.0B
$2.5B
2010 2011 2012 2013 2014 2015 2016 2017
$150M Series C
$37.5M Venture
$37.9M Venture
$394M Venture
$33M Series B
$31M Series A
$400M Series C
$500M Series C
R2 = 0.5564
$220M Series A
Good Doctor
$500M Venture
DIGITAL HEALTH FUNDING SNAPSHOT: MONTHLY COMPARISON
6
$500M Series A
$130M Series B
$914M Series B
While we tend to see funding totals dip during the summer months, an uptick in investment occurred in
August. This September was the strongest on record, largely due to the $280M series D round raised by Auris
Surgical Robotics, which is working towards the Cure Disease Moonshot.
$600M Venture$360M Series E
$280M Series D
DEALS & FUNDING GEOGRAPHY INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC
YTD

7. startuphealth.com/reports
$.0B
$.5B
$1.0B
$1.5B
$2.0B
$2.5B
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013 2014 2015 2016 2017 YTD
7
August and September were both decisive contributors to this year’s record level of funding. Almost $215M more was invested
in each of these months than in any other August or September to date.
Funding including GRAIL’s $900M Funding Round and Health Outcome’s $600M Funding Round
DEALS & FUNDING GEOGRAPHY INVESTORS
DIGITAL HEALTH FUNDING SNAPSHOT: MONTHLY COMPARISON
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

8. startuphealth.com/reports
Company Total Raised Subsector
1 $914M Big Data/Analytics
2 $600M Education/Training
3 $360M Personalized Health
4 $325M Wellness
5 $280M Medical Device
6 $250M Personalized Health
7 $231M EMR
8 $200M Patient/Consumer Experience
9 $165M Personalized Health
10 $161M Personalized Health
THE TOP 10 LARGEST DEALS OF 2017 YTD
A wide range of startups around the world are landing larger and larger deals, with companies like Auris, 23andMe and
WuXiNextCODE closing mega rounds in Q3 2017.
8
DEALS & FUNDING GEOGRAPHY INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

9. startuphealth.com/reports
THE TOP 10 MOST ACTIVE SECTORS OF 2017 YTD
9
Subsector Total Raised YTD Deal Count Avg. Deal Size
1 Big Data/Analytics $1.3B 44 $30.9M
2 Personalized Health $1.2B 41 $28.2M
3 Medical Device $1.0B 61 $17.0M
4 Patient/Consumer Experience $953M 121 $7.9M
5 Research $791M 28 $28.3M
6 Workflow $671M 89 $7.5M
7 Education/Training $632M 12 $52.7M
8 Wellness $631M 54 $11.7M
9 Population Health $570M 44 $13.0M
10 EHR $381M 9 $42.3M
Having received $585M+ in investments in Q3 alone, the digital med-device sector has rocketed up the list to $1B in total
funding year to date. It is also among the most active sectors by deal count. While big data/analytics still tops the charts for
total raised, the sector only recorded 13 deals, for a total of $138M in Q3 2017.
DEALS & FUNDING GEOGRAPHY INVESTORS
“The future is bright,
when it comes to how
we’re going to receive
care and how we’re
going to care for
ourselves.”
- Sathya Elumalai, Co-founder & CEO of Multisensor
Diagnostics, a StartUp Health company
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

10. startuphealth.com/reports
2010
2011
2012
2013
2014
2015
2016
2017
0% 25% 50% 75% 100%
Seed Series A Series B Series C Series D Series E Series F + G + H
28% 35% 10%21% 5%
*Deal count only includes Seed though Series H rounds and does not include venture rounds, accelerator funding or growth equity.
Deal Count*
123
227
307
445
396
311
362
Though 2017 has seen a slight decline in seed deals, there has been a surge in series C & D deals, which accounts for the
increase in deal size and total funding this year. Notably, Q3 2017 had the largest count of mid stage (32) and late stage (5)
deals than any other Q3 on record.
DEAL ACTIVITY BY STAGE
322 YTD
10
DEALS & FUNDING GEOGRAPHY INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

11. startuphealth.com/reports
Funding($M)
$0M
$13M
$25M
$38M
$50M
2014 2015 2016 2017 YTD
Avg. Deal Size Avg. Seed Avg. Series A Avg. Series B Avg. Series C Avg. Series D
AVERAGE ROUND SIZE: A YEARLY COMPARISON
“Digital health today reminds me of
’94 internet. It’s early - the pipes are
still being connected, the business
models are in flux and armies of
future Jeff Bezoses are in their
garages leading us into an exciting
new future. While there’s already
been years of hard work and billions
invested, it’s the essential foundation
for extraordinary leaps forward."
- Unity Stoakes Co-Founder and President, StartUp Health
11
Average round size continues to grow, a trend driven by the increase in both the amount and size of later-stage deals.
Series D funding rounds are steadily getting bigger, a sign that more companies are maturing. On average, series D rounds
were $113M in Q3 2017.
DEALS & FUNDING GEOGRAPHY INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC
*Overall average deal size is inclusive of all tracked round types.

12. startuphealth.com/reports
Digital health market maturation is a continuing trend, with nearly all sector segments seeing series A investment activity in
Q3 2017. A few sectors are also seeing notable deal volume at the series B level, including patient/consumer experience,
medical devices and population health.
47%
Patient/Consumer Experience
Wellness
Personalized Health/Quantified-Self
Big Data/Analytics
Medical Devices
Clinical Decision Support
E-Commerce
21 26 10 3 3 0
17 19 5 4 0 0
12 7 11 6 4 1
11 14 6 2 1 0
6 12 9 1 1 0
5 12 9 4 1 0
4 7 4 3 3 2
5 4 4 5 1 0
2 4 2 0 1 0
0 3 4 1 1 0
4 1 1 0 0 0
2 1 1 0 0 0
Workflow
Research
Population Health
EHR
Education/Training
Seed Series A Series B Series D Series E-H
SECTOR MATURITY MAP 2017
More funding activity Less funding activity
12
Series C
DEALS & FUNDING GEOGRAPHY INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

13. startuphealth.com/reports
$119M
$778M
$539M
$138M
$3.4B
San Francisco
Bay
Seattle
San Diego
New York City
Boston
$231M
Miami
$197M
Minneapolis/ St. Paul
$223M
Denver
(8 Deals)
(12 Deals)
(101 Deals)
(9 Deals)
(5 Deals)
(2 Deals)
(37 Deals)
(23 Deals)
Los Angeles
$267M
(11 Deals)
Chicago
$737M
(14 Deals)
Though Q3 deals have propelled metro areas like Chicago and Miami up the list, deal volume continues to be strongest in the
Bay Area and the Northeast regions. Emergent hubs Seattle, Denver and Minneapolis/St. Paul continue to see deal volume,
though of these, only Seattle recorded multiple deals this quarter.
THE MOST ACTIVE US METRO AREAS OF 2017
13
DEALS & FUNDING GEOGRAPHY INVESTORS
* Map shows Top 10 Metro Areas by Total Dollars
Region
Midyear
Deal Count YTD
1 SF Bay Area 65 101
2 New York City 22 37
3 Boston 13 23
4 Chicago 5 14
5 Seattle 7 12
6 Los Angeles 8 11
7 Philadelphia 6 10
8 San Diego 7 9
9 Baltimore 3 8
9 Austin 7 8
9 Minneapolis 7 8
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

14. startuphealth.com/reports
NOTABLE GLOBAL ACTIVITY IN 2017
$100M Venture
$200M Venture
$85M Venture
$30M Venture
$60M Series B
$50M Venture
$55M Series D
$40M Venture
Canada
United Kingdom
Switzerland
Israel
India
China
China
Australia
Global investment in digital health is robust, with several significant deals occurring in Europe, Asia and Australia this year.
China boasts five of 2017’s top 12 international deals, including Ankon Technologies’ huge Q3 venture round.
DEALS & FUNDING GEOGRAPHY INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC 14

15. startuphealth.com/reports
Firm 2017 YTD Deals* Stage
Early Mid Late
1 8
2 7
2 7
2 7
2 7
3 6
3 6
3 6
3 6
3 6
3 6
THE TOP INVESTORS OF 2017 YTD
New investors continue to pour money into digital health, notably F-Prime, which made five investments in Q3 2017.
Although new firms continue to appear, many on the list are regulars, demonstrating confidence in the industry among
investors.
DEALS & FUNDING GEOGRAPHY INVESTORS
15Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC
*2017 YTD deal counts excludes accelerator rounds

16. startuphealth.com/reports
The biggest investors of 2017 have invested across a broad spectrum of digital health sectors. Of these, Khosla Ventures leads
the group, having invested in seven sectors this year. Other investors appear to be taking a more focused approach. Y
Combinator, for example, has invested in only three sectors -- all in Q3 of this year.
Investors
THE TOP INVESTORS OF 2017 BY SECTOR
16
Workflow Research E-Commerce
Medical
Device
Population
Health EHR
Clinical
Decision
Support
Personalized
Health/
Quantified-self
Big Data/
Analytics
Patient/
Consumer
Experience
Wellness
DEALS & FUNDING GEOGRAPHY INVESTORS
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

17. startuphealth.com/reports
STARTUP HEALTH COMPANY MERGERS & ACQUISITIONS
September 2017
acquired by
January 2017
acquired by
October 2016
acquired by
July 2016
acquired by
May 2016
acquired by
March 2016
acquired by
June 2016
acquired by
May 2015
acquired by
March 2014
acquired by
October 2013
acquired by
July 2013
acquired by
April 2017
merged with
October 2016
merged with
October 2016
acquired by
17Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

18. startuphealth.com/reports
STARTUP HEALTH’S GROWING ARMY
18Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

19. startuphealth.com/reports 19
Read HEALTH TRANSFORMER, the digital magazine
featuring the people and trends transforming health!
Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC

20. startuphealth.com/reports
Sectors:
• We have a broad view of digital health and believe that the current trend is a
cross-pollination of technology and data with all aspects of health and
healthcare. StartUp Health InsightsTM tracks companies that enable health,
wellness and the delivery of care through data / analytics, sensors, mobile,
internet-of-things, 3D printing and genomics and personalized medicine.
• StartUp Health tracks companies based on their sectors, subsectors, specialties
technology type and end user. Investments in subsectors and specialties are
not mutually exclusive, as deals are tagged with multiple subsectors and
specialties based on the company’s focus.
• Q2 2015 brought with it an extensive database quality assessment. A new
system was implemented allowing StartUp Health to track innovation with
enhanced granularity. Additionally, gaps in funding data were researched and
added into our database enabling us to identify fundings previously unaccounted
for in previous reports.
• Q3 2017 also brought with it an extensive database and global industry review.
A new database was implemented allowing StartUp Health to track funding
records and investors from around the world more efficiently. Any inaccuracies
were corrected with the transition of systems.
Stage of Funding:
• StartUp Health InsightsTM records only publicly available data on cash for
equity investments when the cash is actually received by the company. StartUp
Health InsightsTM is inclusive of accelerator, pre-seed, seed, venture, corporate
venture and private equity funding.
• Early stage: The company has raised a seed or series A round
• Mid stage: The company has raised a series B or series C round
• Late stage: The company has raised a series D or other growth equity round
• StartUp Health also tracks incubator rounds and other financings into privately-
held entities (e.g. “unnamed” venture rounds, strategic investments, growth
equity and private equity).
• In tabulating deal activity by stage we excluded rounds not clearly associated
with a specific stage.
Sources:
• Funding data is from StartUp Health InsightsTM, the most comprehensive
funding database for digital health, and managed by the StartUp Health team.
Information, data and figures represent only publicly available data.
• Data for acquisitions slide was provided by a range of sources including StartUp
Health InsightsTM, CrunchBase, AngelList and news reports.
• StartUp Health works to ensure that the information contained in the StartUp
Health InsightsTM Report has been obtained from reliable sources. However,
StartUp Health cannot warrant the ultimate validity of the data obtained in this
manner. All data is subject to verification with the venture capital firms and/or
the investee companies. Results are updated periodically. Therefore, all data is
subject to change at any time.
• If you find an error please let us know so we can correct it.
This report is provided for informational purposes and was prepared in good faith on the
basis of public information available at the time of publication without independent
verification. StartUp Health does not guarantee or warrant the reliability or
completeness of the data nor its usefulness in achieving any particular purposes.
StartUp Health shall not be liable for any loss, damage, cost or expense incurred by
reason of any persons use or reliance on this report. This report is a proprietary
aggregation of publicly available data and shall not be forwarded or reproduced without
the written consent of StartUp Health.
METHODOLOGIES
20Source: StartUp Health Insights | startuphealth.com/insights Note: Report based on public data through 9/30/17 on seed(incl. accelerator), venture, corporate venture and private equity funding only. © 2017 StartUp Health LLC