CB Insights – State of Digital Health, Q1 2024

In the first quarter of 2024, global digital health funding rebounded, growing 48% compared to the previous quarter. However, funding was still down 12% compared to the same period in 2023 and 63% compared to 2022. Despite the increase in funding, the deal count in digital health fell to its lowest level since 2014. The average deal size in 2024 so far is $16.4 million, up 38% from 2023, driven in part by the resurgence of mega-round deals. The US saw a 44% quarter-over-quarter growth in digital health funding, with the majority of global deals and funding in Q1'24 coming from the US. The quarter also saw 6 out of 7 digital health mega-rounds in the US. While there were no new unicorns in Q1'24, Freenome added $1 billion to its valuation. Abridge saw the largest increase in disclosed valuation, reaching $850 million, a 350% increase from October 2023.