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Infographic – U.S. Life Science Venture Activity Keeps Falling

Bar chart: U.S. life science venture investments by quarter

(Pitchbook/National Venture Capital Association)

15 July 2023. Investments in life science start-ups in the U.S. show continued declines into the second quarter of 2023, reaching levels not seen in four or five years. The investment market research company Pitchbook and National Venture Capital Association released the data this week in their quarterly venture monitor report.

The Pitchbook/NVCA data show life science entrepreneurs raising $7 billion in 421 deals from April through June 2023. While the $7 billion dollar raised is about the same as the $7.2 billion in the first quarter, those investment volumes are lower than any quarterly totals since 2019. And the 421 venture transactions are the lowest quarterly totals since mid-2018. For 2023 as a whole, life science start-ups in the U.S. so far raised $14.2 billion in 903 deals.

Venture investors this year are making fewer angel/seed and early-stage life science deals this year than last year. Angel, seed, and early-stage deals in the first half of 2023 account for a little more than half (52%) of all deals, compared to nearly six in 10 life science deals (59%) for all of 2022. For venture investing overall in the U.S., quarterly deal counts are generally stable since the second half of 2022, but investment dollar volumes have dropped steadily since 2021.

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