The Medical Alley Association announced today that, through three quarters, its member companies raised more than a record-breaking $1 billion in capital for the first time.
Last year, the association’s members raised more than $1 billion over the course of a full year, but this year, the 58 member companies took just three quarters to raisea total of $1,015,712,605. The digital health sector leads the way with more than $658.6 million, while medical device companies have brought in $315 million, according to a news release.
Additionally, a total of $759.3 million was raised in the third quarter alone, with Bright Health’s $500 million Series E financing lending a massive hand just before the end of the quarter. Before that, Preventice Solutions, CVRx and CardioMech had all established records for funds raised in a third quarter.
“During this pandemic, Medical Alley has been answering the call, delivering on our leadership position as the global epicenter of health innovation and care,” Medical Alley president & CEO Shaye Mandle said in the release. “Clearly, shattering another record for investment in Medical Alley health innovators demonstrates that the world increasingly looks to Medical Alley for today’s needs and to bring the future of healthcare forward.”