We are cautiously optimistic the liquidity market is rebounding. This optimism is balance by the election cycle, which will likely create market volatility but overall we are bullish. The IPO has begun its recovery after a weak 2022 and 2023. According to a recent report from PWC, the second quarter of 2024 saw 20 IPOs, representing the highest number of IPOs since the fourth quarter of 2021. The first half of 2024 saw 35 IPOS with 17 of these representing venture backed companies, creating a much needed liquidity in the venture markets.
The M&A markets have remained somewhat sluggish as we start 2024. However, since top line growth in established companies is largely driven by acquisition versus internally developed technologies, we believe the opening of the M&A markets is on the horizon as well.
The FDA
Leans Into
AI In Healthcare
We've been investing in artificial intelligence (AI) powered companies for many years, prior to Capita3 and within our Funds I and II, and we're excited that AI is now being adopted.
Troy Tazbaz, Director, Digital Health Center of Excellence (DHCoE) in the U.S. Food and Drug Administration
recently published a blog article highlighting the promise of AI in healthcare. The FDA's support of these advances is critical as they are the key gatekeeper for launch of many of these key products.
In the blog, the DHCoE acknowledges the potential of AI to, “significantly improve patient care ... and accelerate and advance research in medical device development and drug discovery.” In addition, the FDA also states that "AI also has the potential to drive operational efficiency by enabling personalized treatments and streamlining health care processes."
Continuous Ecosystem Building
We continue expanding our brand awareness and network of healthcare experts, syndication partners, and institutional investors through speaking engagements and events.
Highlights include:
Capita3 partner Kathy Tune, spoke on the MedTech MVP Conference panel "Forecasting the Future: Leveraging Lessons from the Most Experienced Minds in Medical Device to Create a Viable Future.”
We will be networking with our healthcare venture capital colleagues. Thanks to Wilson Sonsini and JP Morgan for their sponsorship!
Private Equity Chicago Forum, Chicago
July 30-31
The forum brings together investors, funds, and advisers to discuss sectors, due diligence, and private equity investment opportunities in the US and around the world.
We will attend this week's event and look forward to meeting with women business leaders.
Portfolio Company Updates
Marani
Marani announced its acceptance into the Nvidia Inception accelerator program. The accelerator program is aimed at providing promising startups with the support needed to develop and deploy cutting edge AI-based applications. As a participant in the program, Marani will receive technical resources and exposure to a VC ecosystem interested in investing in AI-powered startups. Marani’s acceptance into the program builds on a substantial award it recently received from the Amazon Web Services’ $40 million Health Equity Initiative.
Intellihealth Rebrands as
FlyteHealth
Intellihealth announced a rebranding and is now known as FlyteHealth. As you will see in the announcement, the rebranding highlights the Company's mission of providing comprehensive obesity care and follows their oversubscribed $24M Series A in March.
FlyteHealth also recently announced the multi-year expansion of a contract to provide its obesity medicine program to State of Connecticut health plan members and retirees. This is a key step in FlyteHealth's expansion plans.
B.well's Leadership is Undeniable
Follow Imran Qureshi, B.well's chief technology officer as he shares his thoughts on AI and its use to improve patient care. The future looks bright! .
b.well Connected Health was recently named by Newsweek as one of the world’s best digital health companies. B.well was selected from over 3,000 companies. According to the Company - "Built on a growing network of over 60,000 live, consumer-mediated data connections, b.well leverages the industry’s richest set of longitudinal health data to unlock the value of truly personalized care."
b.well was also recognized in Gartner's Hype Cycle for Digital Care Delivery Including Virtual Care, 2024.
