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RISINGECOSYSTEMS


GLOBALOUTLOOK


CMR Surgical’s Martin Frost: “Those of us helping to build healthtech businesses today have a lot to thank the early pioneers who helped build the Cambridge Science Park in 1970”


increased deal flow since 2015. Since then, Edinburgh’s firms have raised a collective $84.24m across 32 deals.


Accelerators Although VCs play a pivotal role in the emergence of healthtech hubs, accelerators are often the first point of contact for founders seeking fund- ing and other assistance. Sergey Musienko, the chief exec-


utive of London-based Atlas Biomed, a biomedical tech company develop- ingmolecular genetics and bioinfor- matics, said: “The university spin-off route is themost typical way for a start-up to secure funding, but it’s also the hardest as it involves under- standing a customer’s perspective and their needs, assessing market demand, validating the technology, hiring a team, and raisingmoney.” The UK is no stranger to the


world tech stage. Its relatively relaxed regulatory environment and high concentration of corporates, talent and world-leading universities have helped cement its prowess in almost every tech vertical. Although


healthtech is no exception, Brexit could easily dampen themood. “TheUKis still the place to be for


healthtech.However, potential limita- tions in a flexible exchange with Europe in future are a concern. This might turnout to be a rate-limiting factor,” said Konrad Dobschuetz, head of digital innovation, customer solu- tions, and Biome LeadUKat Novartis.


NewYorkandTelAviv On a global scale, North America is the most popular destination for VC healthtech investment. According to PitchBook, stateside companies attracted a staggering $26.5bn from Q1 2019 to date. Meanwhile, European healthtech companies raised a respectable $5.3bn, and Asian counterparts received $5.5bn. NewYork and Londonmay domi-


nate the space in North America and Europe, but Mark Tluszcz, chief exec- utive of early-stage VC firmMangrove Capital Partners, says Tel Aviv sits comfortably alongside them. Primarily knownfor its AI and cyber security expertise, Tel Aviv is


February/March 2021 www.fDiIntelligence.com


making waves in healthtech. A report by Invest In Israel claims that the country’s share of investment in the space grew significantly between 2014 to 2019, from1.5% of global investments in digital health to 4.5%. Healthy.io, which developed an image-recognition app to help with diagnosis, has so far received $90m, and is just one of the hundreds of healthtech outfits based in the city.


The recipe for success London, Cambridge, Oxford and NewYorkmay well be the blueprint for healthtech success, but invest- ment is bolstering the development of rising ecosystems elsewhere. Every hub is uniquely different in


its size, maturity and expertise, but the recipe for success remains unchanged. A steady supply of talent, academic research, corporate part- nerships, funding and a favourable regulatory environment are the key differentiators in a hub’s longevity.■


Yessi Bello-Perez is the co-host of the Rising Ecosystems podcast on fdiintelligence.com


17


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