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Venture Capital Fundraising in Healthcare Remains Healthy; Silicon Valley Bank Releases 15th Edition of Healthcare Investments and Exits Report

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Silicon Valley Bank's latest Healthcare Investments and Exits Report reveals that venture capital investment in healthcare reached $23 billion in 2024, up from $20 billion in 2023. Artificial Intelligence emerged as a dominant force, particularly in biopharma, capturing 30% of total healthcare investment.

The biopharma AI sector experienced remarkable growth, with investments exceeding $5.6 billion in 2024, marking a 300% increase from 2023 and surpassing 2021 figures by nearly $2 billion. Notably, 71% of biopharma AI investments came from mega deals exceeding $100 million.

The report highlights several key trends: seed rounds represented 40% of all deals, with 35% of companies receiving seed funding utilizing AI. Valuations showed a 1.5x median increase for companies raising after down rounds. While healthtech focuses on proven companies, diagnostics/tools sector shows promise in liquid biopsies and precision diagnostics, and the device sector sees potential revival through hospital-focused innovations.

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AI-generated analysis. How Rhea-AI works. Not financial advice.

Positive

  • Healthcare VC investment increased 15% YoY to $23 billion in 2024
  • Biopharma AI investment surged 300% to $5.6 billion in 2024
  • Seed round valuations increased 1.5x median after down rounds
  • AI adoption in seed-funded companies increased from 25% to 35% YoY

Negative

  • IPO activity expected to remain subdued in 2025
  • Device startup space experiencing slowdown
  • New healthtech startups face pressure to prove themselves quickly

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New report finds $5.6 billion invested in biopharma AI in 2024

SAN FRANCISCO, Jan. 8, 2025 /PRNewswire/ -- Venture Capital (VC) investment in healthcare grew to $23 billion in 2024, from $20 billion in 2023, as artificial intelligence (AI) clearly established product fit in the healthcare sector, according to the latest market insights report from Silicon Valley Bank (SVB), a division of First Citizens Bank. AI continues to take center stage, especially across biopharma, with 30% of healthcare investment in 2024 going to companies leveraging AI.

With more than $5 billion in 2024, investment in biopharma AI was the story of the year. The sector saw a 300% increase in investment since 2023, surging past 2021 total capital invested by nearly $2 billion. Investment was largely driven by mega deals, with deals over $100 million accounting for 71% of total 2024 investment in biopharma AI, according to the report.

"In 2025, we could see a steady yet modest increase in both the volume and value of investments across various healthcare sectors," said Jackie Spencer, Head of Relationship Management for Life Science and Healthcare Banking at Silicon Valley Bank and author of the annual Healthcare Investments and Exits Report. "However, despite this growth, IPO activity is likely to remain subdued as market conditions continue to stabilize and investors remain cautious. Advancements in AI are poised to revolutionize drug development and clinical trial management, driving efficiencies, precision, and speed in bringing new therapies to market."

SVB's 2025 Healthcare Investment and Exits report analyzes and predicts trends for venture capital investing, fundraising, and exits across healthtech, biopharma, diagnostics/tools (dx/tools), and device sectors in the US.

Key report findings:

  • Seed Rounds: Seed rounds rose to 40% of all deals as investors look forward. Among all companies receiving a seed deal in 2024, 35% are leveraging AI – up from 25% in 2023.
  • Biopharma: With AI-driven protein design gaining momentum and results from clinical trials for AI-designed drugs on the way, excitement for biopharma AI is expected to remain high.
  • Valuations: Valuations saw a 1.5x median increase among companies raising after a down round.
  • Healthtech: With notable raises going to companies with proven track records and strong histories, a new crop of healthtech startups must prove themselves quickly.
  • Dx/Tools: Investments are slowly rising. Liquid biopsies and precision diagnostics companies are showing strength, combining their close relationship to the success of precision therapy with a relatively untapped potential to collect and aggregate data.
  • Device: Hospitals might turn out to be the key to reviving a slow device startup space, with new IPOs largely focused on the acute care space. Advances in imaging and monitoring tech are restoring interest that's been lost from wearables and home care.

Learn More
Access SVB's 2025 Healthcare Investments and Exits report here: Healthcare Investments and Exits Report | Silicon Valley Bank

To share its deep industry knowledge, SVB develops various insights reports focused on sectors spanning the innovation economy. For the complete library of SVB's signature research reports, please visit Market Research Industry Trends & Insights | Silicon Valley Bank (svb.com) 

About Silicon Valley Bank 
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.

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SOURCE Silicon Valley Bank

FAQ

How much was invested in healthcare VC funding in 2024?

Venture capital investment in healthcare reached $23 billion in 2024, increasing from $20 billion in 2023.

What percentage of healthcare investment went to AI companies in 2024?

30% of total healthcare investment in 2024 went to companies leveraging AI technology.

How much did biopharma AI investment grow in 2024?

Biopharma AI investment grew by 300% in 2024, reaching over $5.6 billion, surpassing 2021 figures by nearly $2 billion.

What percentage of seed-funded companies used AI in 2024?

35% of companies receiving seed funding in 2024 were leveraging AI, up from 25% in 2023.

What was the median valuation increase for companies raising after down rounds?

Companies raising after down rounds saw a 1.5x median increase in valuations.

What percentage of biopharma AI investment came from mega deals in 2024?

71% of total 2024 investment in biopharma AI came from deals over $100 million.