During 2025, global healthcare and life sciences venture funding held steady at $50B across 1,197 rounds, with slightly fewer deals (-2.7%) but higher average sizes ($42M, +2.6%), reflecting a more selective, concentrated market. The U.S. led activity with $35.7B across 771 rounds, driven by the Bay Area ($11.3B) and Boston ($7.5B), while Other U.S. Areas collectively delivered 395 rounds and $13.4B, highlighting geographic diversification.
By subsector, biopharma remained the largest recipient at $26B (52%), while health services/IT/software grew to $12.6B, devices to $6.8B, and manufacturing, services, and healthcare AI/ML accelerated to $15.5B. Similar certainty was evident in several major rounds; Verdiva Bio raised $410M series A for obesity and cardiometabolic therapies, Tubulis $401M series C for ADC programs, MapLight $373M series D for CNS assets, Pathos AI $365M series D to expand its AI oncology platform, and Eikon Therapeutics $351M series D to advance its pivotal-stage clinical pipeline across 28 countries. Collectively, these financings highlight sustained focus on high-quality clinical assets, platform innovation, and scalable technology-enabled models.
In 2025, global healthcare and life sciences venture funding remained constant year over year at $50B across 1,197 rounds, compared with $50.1B across 1,230 rounds in 2024. Deal activity declined by 33 rounds (-2.7%), while total capital edged down by just $100M (-0.2%), indicating stable funding despite fewer transactions. Average deal size increased to approximately $42M per round in 2025, up from about $41M in 2024 (around +2.6%), reflecting more concentrated capital deployment. Across 2024 and 2025, the market recorded 2,427 rounds and $100.2B raised.
Healthcare and Life Sciences 2025 – Regional Venture U.S. Only
In 2025, U.S. healthcare and life sciences venture activity totaled 771 rounds and $35.7B raised, compared with global activity of 1,198 rounds and $50.1B, confirming U.S. as the primary source of venture capital and a substantial share of deal volume. Within the U.S., the Bay Area led with 190 rounds and $11.3B, followed by Boston with 115 rounds and $7.5B, reinforcing their status as the deepest and most established funding hubs. A secondary group of markets also showed meaningful activity, led by San Diego with 29 rounds and $2.2B, Philadelphia with 25 rounds and $800M, and Research Triangle Park with 17 rounds and $700M. Notably, Other U.S. Areas collectively accounted for the highest deal count at 395 rounds and the largest funding total at $13.4B.
Healthcare and Life Sciences by Subsector – Venture Totals
In 2025, global healthcare and life sciences venture funding totaled $50.1B, with capital concentrated in biopharma therapeutics and platforms ($26B, 52% of the total), followed by health services/IT/software ($12.6B, 25%) and devices ($6.8B, 14%). Manufacturing/service ($2.9B, 6%) and diagnostics ($1.7B, 3%) accounted for smaller shares. Compared with 2024’s $51.1B, overall funding was essentially flat, though the sector mix shifted; biopharma declined from $27.9B (55%) to $26B, while health services/IT/software grew from $9.4B (18%) to $12.6B, and devices increased from $4.8B (9%) to $6.8B, offsetting declines in diagnostics (from $3.3B to $1.7B), manufacturing/service (from $4.4B to $2.9B), and other healthcare/life sciences (from $1.3B to $0). Across 2024 and 2025, the sector raised $101.2B, with biopharma ($53.8B) and health services/IT/software ($22B) together representing roughly three-quarters of total funding, highlighting concentration in core biopharma innovation alongside growing investment in scalable care-delivery and software-enabled solutions.
Global Biopharma Therapeutics and Platforms – Venture Totals
In 2025, global biopharma therapeutics and platforms venture funding remained robust but slightly below 2024 levels, totaling $26B across 435 rounds, averaging $67M per round, compared with $27.9B across 460 rounds in 2024 (average $66M). This represents a decline of 25 rounds (-5.4%) and $1.9B (-6.8%) in total capital, while average deal size increased modestly. Across 2024 and 2025, the subsector completed 895 rounds and raised $53.8B.
Medical Devices and Diagnostics – Venture Totals
In 2025, global medical devices and diagnostics venture activity became more selective but higher value, with 232 rounds raising $8.5B, averaging $43M per round, compared with 2024’s 260 rounds and $8.2B (average $35M). This reflects 28 fewer rounds (-10.8%) but $300M more capital (+3.7%), driving a significant increase in average deal size (+$8M, +22.9%), indicating focus on larger, concentrated financings rather than spreading capital across deals. Across 2024 and 2025, the subsector completed 492 rounds and raised $16.7B.
Manufacturing, Services, and Healthcare AI/ML – Venture Totals
In 2025, global venture funding for manufacturing, services, and healthcare AI/ML accelerated, totaling 530 rounds and $15.5B raised, with an average of $35M per round, up from 510 rounds and $14.1B in 2024 (average $32M). This represents a 20-round increase (+3.9%) and a $1.4B rise in capital (+9.9%), while average deal size grew $3M (+9.4%), reflecting both broader activity and larger, more confident investments. Across 2024 and 2025, the segment completed 1,040 rounds and raised $29.6B.
Prominent Global Healthcare and Life Sciences Venture Funding – 2025
Verdiva Bio – Series A – $410M – January 2025
Verdiva Bio Limited launched as a clinical-stage biopharmaceutical company focused on obesity, cardiometabolic disorders, and related complications. The company is developing a broad portfolio of next-generation oral and injectable therapies with best-in-class potential, including once-weekly oral GLP-1 and oral amylin candidates for weight loss and maintenance. Its pipeline is supported by a differentiated, clinically validated proprietary oral delivery technology designed to enable patient-friendly dosing, improved scalability, and broader patient access. Verdiva was launched with an oversubscribed $410M series A financing, co-led by Forbion and General Atlantic, with participation from RA Capital Management, OrbiMed, Logos Capital, Lilly Asia Ventures, and LYFE Capital.
Tubulis – Series C – $401M – October 2025
Tubulis announced the second and final closing of its series C financing, bringing the round to €344M (US $401M). The financing was led by Venrock Healthcare Capital Partners, with new investors including Fidelity Management & Research Company, Janus Henderson Investors, Blackstone Multi-Asset Investing, Wellington Management, and Ascenta Capital. Existing investors participating in the round included Nextech Invest, EQT Life Sciences, Frazier Life Sciences, Andera Partners, Deep Track Capital, Bayern Kapital, Fund+, High-Tech Gründerfonds (HTGF), OCCIDENT, and Seventure Partners. The proceeds will support the initiation of pivotal trials for lead antibody drug conjugate candidate TUB-040, expansion into earlier lines of treatment in ovarian cancer, and development of combination regimens and additional solid tumor indications. The capital will also advance the broader pipeline, including clinical-stage ADC TUB-030 and multiple preclinical programs.
MapLight Therapeutics – Series D – $372.5M – July 2025
MapLight Therapeutics announced an oversubscribed $373M series D financing, co-led by Forbion and Life Sciences at Goldman Sachs Alternatives, with participation from new investors including Sanofi, accounts advised by T. Rowe Price Investment Management, Inc., and Avego BioScience Capital. The round also included strong support from existing investors such as funds managed by Novo Holdings, 5AM Ventures, and Blue Owl Healthcare Opportunities. The proceeds will advance MapLight’s lead program, ML-007C-MA, through ongoing Phase 2 trials in schizophrenia and Alzheimer’s disease psychosis, and support evaluation in additional indications. Funding will also be used to progress the broader clinical and preclinical pipeline, reinforcing MapLight’s focus on differentiated central nervous system therapies.
Pathos AI – Series D – $365M – May 2025
Pathos AI announced a $365M series D financing, valuing the company at approximately $1.6B post money. The funding supports the expansion of its AI-enabled platform for oncology drug development and the advancement of its clinical stage pipeline, alongside continued investment in its proprietary oncology-focused AI foundation model. As part of this next phase, Pathos is building what it describes as the largest multimodal foundation model in oncology, integrating clinical, molecular, and imaging data to improve asset selection, clinical trial design, biomarker discovery, and therapeutic development. The financing marks a key milestone as the company scales its technology-driven approach to accelerate oncology innovation and bring new therapies to patients more efficiently.
Eikon Therapeutics – Series D – $350.7M – February 2025
Eikon Therapeutics announced the initial closing of a $351M series D financing, bringing total private capital raised since its 2019 founding to more than $1.1B. The round was led by existing investors, with participation from new investors, reflecting continued support from a broad syndicate of mutual funds, sovereign wealth funds, and healthcare and technology-focused venture firms. The proceeds will support the advancement of Eikon’s pivotal stage clinical pipeline and early development programs, enabled by its proprietary single-molecule tracking technology. Clinical studies underway in 28 countries across 5 continents.
