Venture & IPO – Medtech – Q1 2023

Venture IPO – Medtech – Q1 2023

The Medtech sector encompasses medical devices, diagnostics, and digital health solutions, playing a crucial role in healthcare. In Q1 2022, the medtech, devices, digital health therapeutics, and wearables sector experienced a strong opening with 95 funding rounds and a total raised amount of $3.0 billion. However, in Q2 2022, the number of funding rounds decreased to 60, although $1.5 billion was still raised. Q3 2022 saw a slight increase to 72 funding rounds, but the total amount raised dropped to $1.3 billion, reflecting investor caution. The last two quarters of 2022 witnessed a significant decline, with Q4 2022 having the lowest number of funding rounds, 57, and the lowest total amount raised, $1.0 billion. In Q1 2023, the number of funding rounds 59 and the total amount raised of $1.0 billion decreased, indicating a potential continuation of the funding slowdown in the new year.

Venture Totals


IPOs and Follow ons 1

The medtech, devices, digital health therapeutics, and wearables sector had consistent numbers of financings throughout the period, with seven financings in Q1 and Q3 of 2022, two in Q2, three in Q4 of 2022, and seven in Q1 2023. However, there were significant differences in the total funding raised. In Q1 2022, $326 million was raised, with $39 million from IPOs and $287 million from follow-ons. Q2 2022 saw a notable decrease to $76 million, including $16 million from IPOs and $60 million from follow-ons. Q3 2022 had the highest total funding of $692 million, all from follow-ons. Q4 2022 experienced a drop in follow-on funding to $159 million and no IPOs. Q1 2023 mirrored Q1 2022 with $326 million raised, including $39 million from IPOs and $287 million from follow-ons. The total funding raised over the last five quarters was $1.5 billion, with $95 million from IPOs and $1.4 billion from follow-ons.

Medtech vs Other Life Sciences Sectors

Medtech vs Other Life Sciences Sectors

In the life sciences industry, 248 funding rounds took place, accumulating a funding amount of $7.4 billion. Biopharma therapeutics and platforms secured the most significant funding among the sub-sectors, with $3.5 billion. Diagnostics, sequencing, ‘omics, and research tools received $1.3 billion, while medtech, devices, digital health therapeutics, and wearables obtained $1.0 billion. The remaining healthcare/life sciences sub-sector received $1.6 billion in funding.

IPO Totals 1

During Q1 of 2023, the life sciences industry witnessed three IPOs, with a combined value of $0.4 billion. Biopharma therapeutics and platforms accounted for the highest IPO value among the sub-sectors, reaching $0.2 billion. Other healthcare/life sciences sub-sectors also received $0.2 billion in IPO value. However, during this period, no IPO activity was recorded for medtech, devices, digital health therapeutics, wearables, diagnostics, sequencing, ‘omics, and research tools.

IPO and Follow on Issuances

During Q1, there were 65 financings in the medtech and Other Life Sciences industries. The cumulative value of IPOs amounted to $0.4 billion, while the value of follow-on offerings reached a substantial $6.9 billion.


  • In January 2023, Apic Bio, a developer of gene therapies for rare disorders, agreed to sell the rights to its experimental ALS treatment to UniQure, a biotech company. UniQure will pay $10 million upfront for worldwide rights to the treatment, now named AMT-162 (formerly APB-102). Apic may receive up to $45 million in additional payments if the therapy gains approval in the U.S. and Europe and achieves specific sales milestones. After FDA clearance for human testing, uniQure plans to initiate a Phase 1/2 trial for AMT-162 later this year.
  • In February 2023, Moderna partnered with LifeEdit Therapeutics to develop gene editing therapies using its mRNA platform. The collaboration will leverage LifeEdit’s proprietary gene editing technologies, including DNA base editors and RNA-guided nucleases. The aim is to treat rare genetic diseases by editing genes “in vivo” inside patients. Financial terms and specific therapeutic targets have not been disclosed. Moderna will fund the research and preclinical studies, and upon selecting a therapeutic target, it can assume control of the program for further development, manufacturing, and commercialization.
  • In March 2023, Vertex Pharmaceuticals and CRISPR Therapeutics entered a medtech deal where Vertex will license CRISPR’s gene editing technology for developing therapies targeting Type 1 diabetes. The agreement includes an upfront payment of $100 million to CRISPR, potentially an additional $230 million based on R&D milestones. This collaboration expands their existing partnership focused on finding a potential cure for sickle cell disease and beta-thalassemia.
  • In March 2023, PureTech Health sold some of its royalty rights to Royalty Pharma after a successful Phase 3 trial of Karuna Therapeutics’ schizophrenia therapy, KarXT. Royalty Pharma paid $100 million upfront and could provide up to $400 million in milestone-based payments to PureTech. This agreement grants Royalty Pharma a share of PureTech’s 3% royalty rights, while PureTech retains a 3.1% equity stake in Karuna and other payment rights. Karuna plans to seek FDA approval for KarXT in mid-2023 following significant symptom reduction observed in a trial involving 250 patients.


The medtech sector is poised for significant advancements in 2023. Gene therapies will remain a key focus,  as seen in deals involving Apic Bio, Vertex Pharmaceuticals, and Moderna. Collaboration and partnerships will drive innovation, with companies pooling resources to accelerate R&D. The industry will prioritize rare disorders and precision medicine to develop tailored treatments for individual patients. Regulatory progress and clinical trials will be crucial, with anticipated milestones such as trial results, regulatory approvals, and market launches. Overall, 2023 holds promise for groundbreaking developments in medtech.

All of this by stage, disease indication, modality, target…

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