2026年第一季度医疗科技风险投资和私募股权投资趋势

EMERGING TECH RESEARCH Medtech VC andPE Trends VC and PE activity across the medtech ecosystem REPORT PREVIEWThe full report is availablethrough the PitchBook Platform. Contents Medtech landscape3 Institutional Research Group Quarterly analysis4 Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com Key takeaways4 Adi GeorgeAssociate Data Analystpbinstitutionalresearch@pitchbook.comPublished on May 13, 2026 VC activity4 References Medtechlandscape Quarterly analysis Key takeaways VC activity Q1 2026 overview •Q1 2026 medtech VC funding moderated after reaching a multiyear high of $16.1 billion in 2025.Deal counts were down 3.7% YoY from initially reported Q1 2025 results. Deal value was down 17.1% YoY from initially reported year-ago results on fewer larger transactions.1However, VC exit activitywas robust with $4.1 billion in exits in the quarter compared to $9.1 billion for all of 2025. The After reaching a three-year high of $16.1 billion in 2025, VC deal values took a breath in Q1 2026without a plethora of outsized deals that marked 2025. VC exit activity, however, was robust in thequarter with $4.1 billion in exits putting us on pace to surpass 2025’s $9.1 billion tally by 80.2%.Total transaction count at 208 is comparable to the initially reported Q1 2025 number of 216 (down •PE deal count at 26 in the quarter was 40.9% lower than initially reported deal counts in Q1 2025with PE deal values down 45.5% from initial reports in the year-ago quarter.2However, PE exitactivity was solid with 11 announced exits compared to 37 in all of 2025, although deal values Segment investment levels •VC exits were led by the $2.2 billion IPO of EdgeMedical, the surgical robotics company in January. Surgical devices & tools remained an area of significant strength with $1.6 billion in capital raised,which is well above the post-COVID rebound quarterly average of $1.1 billion, although down from a $2billion all-time high in Q4 2025. Activity continues to be concentrated in the high-growth cardiovascular •The BCI race continues to accelerate. Merge Labs entered the fray in January 2026 with a $252million seed round from backers Bain Capital and OpenAI. Late-stage VC deals were led by the$230 million Series C round by Science, which is commercializing a brain-computer-interface QUARTERLY ANALYSIS While remote monitoring & portable care continues to capture the smallest share of total medtechinvestment in Q1 2026, it continued to relatively outperform in the quarter with $475.3 million incapital raised, which was 30.6% above its post-COVID rebound historical quarterly average. Remote Spiro Medical raised a $67 million Series A for the development of pulmonary neuromodulationtreatment for severe asthma. China-based BCIFlex raised a $43.1 million early-stage round for the Late-stage VC deals were led by the $230 million Series C ($1.5 billion post-money valuation) roundby Science, which is commercializing a brain-computer-interface retinal implant, PRIMA. Scienceis backed by Khosla Ventures, Lightspeed Venture Partners, Y Combinator, IQT, and Quiet Capitalamong others. Endogenex raised a $138 million Series C led by Arboretum Ventures, Hatteras Venture The diagnostics & life sciences space remained under pressure in 2025, and the trend continuedin Q1 2026, with total investment of $559.2 million, 32.9% below the post-COVID rebound quarterlyaverage and 29% lower YoY. Deal count fell 15.4%. Conditions reflect the continued weak investment Imperative Care, a developer of the Zoom Stroke System for clot removal, raised a $100 million venturegrowth funding round (convertible debt). The deal was led by Elevage Medical Technologies andPerceptive Advisors. Insulin pump manufacturer Kaleido raised a $98 million venture-growth round ina $98 million Series D round led by Health Innovations, EQT Life Sciences, and Innovation Industries. Merge Labs joined the BCI party in January 2026 with a $252 million seed round from backers BainCapital and OpenAI at an $850 million post-money valuation (OpenAI CEO Sam Altman is one ofseveral co-founders of Merge). The company’s less invasive approach uses molecules and ultrasoundinstead of electrodes to avoid implants into brain tissue. Temple (remote monitoring & portable care) Exit activity premium. One smaller deal that we believe has been underappreciated for its broader significance isthe $272 million acquisition of the radiology AI company, Gleamer, by RadNet, the publicly-traded and The medtech exit environment remained strong in early 2026, with six IPOs in the quarter—three inChina, two in South Korea, and one in the US. China-based EdgeMedical went public in January with a$2.2 billion IPO for the laparoscopic surgical robotics company. SpyGlass Pharma, a vision company PE activity Medtech PE deal activity in Q1 2026 was on par with the quarterly pace seen in 2025 with 26announced deals in the quarter, while PE exit activity was more robust