Currencies And Conversions
The U.S. attracts the largest share of global digital health funding. To keep funding amounts consistent for analytical and reporting purposes, we convert all disclosed funding amounts announced in other currencies into U.S. dollars using the OANDA exchange rate on the announcement date. For example, a €20 million funding round announced on July 14, 2026, is converted to US$22.8 million using the OANDA exchange rate on that same date.
How We Use And Define VC Investment Stages
In the reports we publish at the end of each quarter, we categorize funding by stage: Angel Funding, Pre-Seed, Seed Funding, Series A, Series B, Series C, Series D, Series E, and later-stage rounds.
VC investments have a long time horizon and are generally locked in until a liquidity event (such as an acquisition or initial public offering).
Average VC Funding Deal Size Calculation
For example, Q1 (Jan to March) recorded 300 VC funding deals. Of these 300, 250 were disclosed funding deals and 50 were undisclosed.
The below table shows how the average VC funding deal size is calculated.
| Average Funding Deal Size Calculation | Disclosed Funding Amount | Number of Deals |
|---|---|---|
| Disclosed VC funding deals | $2.5 billion | 250 |
| Undisclosed VC funding deals | — | 50 |
| Total VC funding deals recorded | — | 300 |
Average Funding Deal Size = Disclosed Funding Amount Number of Disclosed Deals
Average Funding Deal Size = $2.5 billion 250 deals = $10 million
VC Funding Include and Exclude Criteria
Excluded: Grants & Awards are not venture capital (VC) funding.
Excluded: VC Funding Commitments are excluded. A VC Funding commitment is included only after an official announcement confirms that the financing transaction has closed.
Included: VC Funding
- Pre-Seed
- Seed Funding
- Series A
- Series B
- Series C
- Series D
- Series E
- Series F
- Series G
- Series H & Next Rounds.
- Undisclosed* means VC funding stage is not disclosed.
*Undisclosed includes all VC funding rounds that do not have a disclosed funding stage listed above. Undisclosed will include below funding types.
- Equity Funding
- Growth VC Funding
- Follow-on VC Funding
- Strategic VC Funding
- Minority VC Investment
Angel Funding: Angel investors are high-net-worth individuals. Angels typically invest in early funding rounds, including pre-seed, seed, and Series A rounds.
Apart from VC funding, we track other types of funding, including debt financing, IPOs, and post-IPO financing.
- Debt funding (or debt financing) is included if the transaction is debt, a loan, or venture debt.
- IPO: IPO is included if it is completed, listed, and trading.
- Post-IPO: Public market financing is included only if the transactions are completed.
When we use the term Corporate Funding in our reports or news, it includes VC funding, debt funding, IPOs, and post-IPO funding.