Healthcare IT companies raised $1 billion in venture capital in Q2 down slightly from the $1.3 billion raised in Q1 but up significantly from the $451.3 million raised in Q4 2022. Unsurprisingly, a lot of these investments were made in companies offering generative AI products. Another key trend was increasing cash flow to remote patient monitoring startups, likely caused by expanded reimbursement for these services.
This week, Abbott announced its plans to acquire Bigfoot Biomedical a startup selling a “smart” insulin pen cap, which collects data from a user’s CGM to help them calculate the right dose. Most analysts were unsurprised to hear of the acquisition given that the two companies have been collaborating for more than six years, but they said the deal reinforces the steady pace of digital innovation in the diabetes care space.
During past recessions, the healthcare sector remained relatively immune to economic downswings but things are different now that a sweeping labor shortage and lower patient volumes have been added to the mix.
The recent surge in generative artificial intelligence (AI) technology is boosting the tech industry after growth slowed across the sector earlier this year. As federal interest rates rose and the tech industry was coming off a pandemic-induced high, the once vibrant sector suffered through lower earnings and layoffs throughout the year. Ali Javaheri, an associate…
The largest US online grocery-delivery company could publicly file its plans for an IPO with the US Securities and Exchange Commission as soon as next week, said the people, who asked not to be identified because the information was private. Instacart, which had previously considered a direct listing, is planning a traditional IPO on the Nasdaq, the people said.