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 REPORT PREVIEWThe full report is availablethrough the PitchBook Platform. Contents Healthtech landscape3Quarterly analysis4Key takeaways4VC activity4Healthtech VC deal summary31 Institutional Research Group Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com Adi GeorgeAssociate Data Analystpbinstitutionalresearch@pitchbook.comPublished on April 30, 2026 32 Healthtech 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 $12 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 deal 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 clinical •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 one 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 develop •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%), 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 QUARTERLY ANALYSIS 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 the 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% virtual Key early-stage VC deals Qualified Health raised successive Series A and B rounds in March: a $100 million Series A roundat a $660 million post-money valuation in early March, followed by a $125 million Series B in lateMarch. Qualified Health is a public benefit corporation that provides an end-to-end, enterprise-wide AI Key venture-growth deals Doctronic closed a $40 million Series B in February at an estimated $206 million post-moneyvaluation, bringing its total capital raised to $65 million. Doctronic is a New York City-based AI-nativehealthcare startup that has positioned itself as the leading consumer-facing “AI doctor” platform inthe US. Founded in 2023 by Dr. Adam Oskowitz (a practicing University of California, San Francisco, WHOOP led venture-growth deals with a $575 million Series G round led by Collaborative Fund ata $10.1 billion post-money valuation. The company’s health-tracking wearable offers a continuousunderstanding of sleep, strain, stress, and recovery to balance training and reduce injuries andoffers guidance to adjust behavior to improve performance and health. The company generated QUARTERLY ANALYSIS medical AI search engine, and patient documentation tools to allow doctors to make more evidence-based decisions and improve patient outcomes. In February, Garner Health raised $118 million at a $1.4 Exit activity After a record number of VC exits in 2025, VC exit activity took a breather in Q1 2026 with only 22exits, putting the annual pace at 88, compared with 147 exits in 2025. Exits continue