Q3 Fundraising Recap

One major bright spot of 2020 emtech: It’s already the largest-ever funding year for digital health, according to data from seed fund Rock Health. As of Q3, health tech startups have snagged $9.4 billion so far this year—compared to $8.2 billion in all of 2018.

One of last quarter’s top “megadeals”? Ro, a digital elective care provider, raised $200 million at a reported $1.5 billion valuation.

Other ~dolla dolla bill~ news:

Electric vehicles: WM Motor, a leading Chinese EV startup backed by Baidu and Tencent, raised a $1.47 billion Series D.

EV batteries: Northvolt, a Swedish lithium-ion battery maker, raised a $600 million private placement. Investors included Goldman Sachs, Volkswagen, and Spotify founder Daniel Ek.

Biotech: XtalPi, an American-Chinese biotech startup specializing in AI-assisted drug discovery, raised a $319 million Series C. Investors included SoftBank’s Vision Fund, Tencent, and Morningside.

Connected fitness: ICON, a Utah-based connected fitness equipment and software company, raised $200 million in growth equity funding. It’s now valued at over $7 billion.