Healthcare and life sciences venture funding dollar totals returned higher in 2024 to reverse the 2-year downturn. DealForma tracked strong confidence in investments into AI-driven drug discovery, obesity therapeutics, radiology, and precision medicine. Xaira Therapeutics secured $1 billion (Series A in April) to develop AI-powered cancer treatments. Radiology Partners raised $720 million (Private, February) for growth and debt restructuring. Kailera Therapeutics launched with $400 million (Series A in October) to advance GLP-1-based obesity treatments licensed from Jiangsu Hengrui. Mirador Therapeutics raised $400 million (Series A in March) to develop precision therapies for immune-mediated diseases.
During 2024, global healthcare and life sciences raised $48.4 billion across 1157 rounds, surpassing the $40.4 billion raised in 2023, though 2023 saw slightly more rounds at 1194. Together, these two years generated $88.8 billion from 2351 funding rounds.
Healthcare and Life Sciences Venture Fundings by Subsector
During 2024, global healthcare and life sciences venture fundings amounted to $48.4 billion, led by biopharma therapeutics and platforms at $27.0 billion, followed by manufacturing/service at $12.8 billion, devices at $4.7 billion, diagnostics at $2.9 billion, and other HC/LS at $1.1 billion.
By comparison, 2023 totaled $40.4 billion, with biopharma therapeutics and platforms again topping the chart at $23.2 billion, supported by manufacturing/service at $10.9 billion, devices at $3.9 billion), diagnostics at $2.2 billion, and other HC/LS at $0.1 billion. The sector’s total reached $88.8 billion over 2 years.
Healthcare and Life Sciences Venture Funding by Regional Hubs
Between 2023 and 2024, the Bay Area led U.S. healthcare and life sciences funding with $18.7 billion raised across 312 rounds, trailed by Boston at $15.8 billion (253 rounds). San Diego followed at $5.2 billion, while Philadelphia, Research Triangle Park, and other U.S. areas contributed smaller but notable amounts. The US closed 1,118 deals for $47.5 billion, accounting for most of the $65.4 billion raised in 1,797 global rounds, reinforcing its position as a key driver.
Top Venture Fundings in 2024
Xaira – Series A – $1B – April 2024
Xaira Therapeutics secured $1 billion in series A to advance AI-driven cancer therapeutics. Backed by ARCH Venture Partners and Foresite Capital, alongside F-Prime, NEA, Sequoia Capital, Lux Capital, Lightspeed, Menlo Ventures, Two Sigma Ventures, and SV Angel, the company emerged from six months in stealth mode. Xaira integrates AI, ML, proteomics, and bioinformatics to tackle hard-to-drug cancer targets, refining its AI and foundation models through lab and clinical data.
Radiology Partners – Private – $720M – February 2024
Radiology Partners, the most extensive radiology practice in the U.S., raised $720 million in growth equity (February 2024), 140% above its original $300 million target amid strong investor interest. The El Segundo, California-based firm, also completed debt restructuring, significantly reducing liabilities and extending maturities to 2028-2030. Over $500 million of the new capital will fuel growth and innovation in diagnostic technology.
Kailera Therapeutics – Series A – $400M – October 2024
Kailera Therapeutics launched with $400 million in series A funding (October 2024), acquiring ex-China rights to four GLP-1 drug candidates from Jiangsu Hengrui Pharmaceuticals. Led by former Cerevel CEO Ron Renaud, its lead asset, KAI-9531, is an injectable GLP-1/GIP dual agonist that showed intense phase 2 results for obesity and Type 2 diabetes in China. Kailera’s pipeline includes oral and injectable GLP-1-based therapies, positioning it as a rising player in obesity treatment.
Mirador – Series A – $400M – March 2024
Mirador Therapeutics launched with $400 million in series A funding (March 2024) to develop precision medicines for immune-mediated inflammatory and fibrotic diseases. Led by CEO Mark McKenna and former Prometheus Biosciences executives, the company leverages Mirador360, a development engine designed to accelerate multiple programs. The funding was led by ARCH Venture Partners, with contributions from OrbiMed, Fairmount, Fidelity, Farallon Capital, Point72, TCGX, and Invus, positioning Mirador as a key innovator in immune disease therapeutics.
Also check out Venture Activity In Global Healthcare & Life Sciences – 2023
