A comprehensive, data-driven look at global corporate venture capital activity in 2018.

1. 0@cbinsights
A comprehensive, data-driven look at global corporate
venture capital activity in 2018.
The 2018
Global CVC
Report

2. 1@cbinsights
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Summary of findings
Global CVC deal and dollar activity reached historic highs in 2018:
Funding increased significantly in 2018, increasing approximately
47% over 2017. Deals increased 32% over the same period. Q2’18
saw a record 757 CVC deals and $14.1B in funding.
35% increase in new CVC investors year over year: 264 new, unique
CVCs invested for the first time in 2018, up 35% from 2017.
GV was most active overall, CapitalG invested in the most unicorns:
Google Ventures was the most active CVC in 2018, while CapitalG
(Google Capital) invested in the most unicorns.
Internet, mobile, and healthcare saw funding and deal growth:
Internet deals backed by CVCs were up 36%, while funding was up
80%. Mobile deals increased by 18% in 2018, while funding was up
26%. Finally, healthcare deals increased by 23% and funding was up
by 51%.
China, Japan, India, and the UK deal activity reached new highs:
China deals backed by CVCs were up 54%, while funding was up 51%.
Japan deals increased by 101% in 2018, while funding was up 56%.
Deals in India increased by 20% and funding reached a high of $1.8B.
Activity in Europe and the UK was also up: CVC deals to European
companies were up 17%, while funding was up 74%. In the UK,
activity was up 39% and funding was up 92% year-over-year.
CVC deals and funding to US companies rebounds: Activity to US
companies jumped 11% to 1,046 deals, while funding increased by
28% to $26.5B – both record high totals.
California, New York, and Massachusetts reach new highs: In
California, CVC-backed deals and funding increased by 11%. In New
York, funding rebounded to a high of $3.2B, while deals remained
stagnant. CVC-backed funding to Massachusetts-based startups
exploded 76% to $4.1B.
CVC activity in AI and cybersecurity grows: In 2018, CVC deal
activity to AI, cybersecurity, and digital health reached all-time highs.
While CVC-backed funding to the AI and cybersecurity industries also
reached record highs, digital health funding hit a 3-year low.
GV is an active investor in AI, cybersecurity, and digital health: In
each of these emerging industries, Google Ventures is one of the
most active investors. Intel Capital was also one of the most active
investors in AI and cybersecurity.

6. 5@cbinsights
Contents
6
1 7
2 1
Global CVC Activity
Annual and Quarterly Activity
CVC Share of Total VC Activity
Average Deal Sizes
New and Early-Stage CVC Trends
Corporate Investment Trends
Most Active CVC Firms
Sector-Specific CVC Activity
Internet
Mobile
Healthcare
CVC Activity in Asia
Deal Share by Continent
Activity in China, Japan, and India
2 6
3 1
3 6
CVC Activity in Europe and the UK
European Activity
Deal Share by European Country
UK Activity
UK Deal Share by Stage
CVC Activity in the US
US Activity
Activity in California, New York, and Massachusetts
CVC Activity in Emerging Industries
AI Activity, Trends, and Most Active CVCs
Cybersecurity Activity, Trends, and Most Active CVCs
Digital Health Activity, Trends, and Most Active CVCs

7. 6@cbinsights
High flying growth in
corporate venture capital
G L O B A L C O R P O R A T E V E N T U R E C A P I T A L I N 2 0 1 8

8. 7@cbinsights 7
$52.95B
O F F U N D I N G A C R O S S
2,740 deals
I N 2 0 1 8
G L O B A L L Y , C O R P O R A T E V E N T U R E C A P I T A L G R O U P S P A R T I C I P A T E D I N

9. 8@cbinsights
CVC activity
surges globally
CVCs around the world
participated in 2,740
global deals worth $53B in
funding throughout 2018.
2018 CVC investment
activity increased 32%
over 2017 in terms of
deals completed, and 47%
in total capital invested.
The largest CVC-backed
deal was a $2B round to
trucking logistics company
Manbang Group backed by
capitalG.
Global CVC activity accelerates to all-time highs
Annual global disclosed CVC deals and funding, 2013 – 2018
Investment ($B) Deals
$10.6 $18.4 $31.3 $29.1 $36.1 $53.0
1,029
1,390
1,581
1,705
2,068
2,740
2013 2014 2015 2016 2017 2018

10. 9@cbinsights
2018 witnessed new quarterly deal and funding highs
Quarterly global disclosed CVC deals and funding, Q1 2014 – Q4 2018
Q2’18 deal and
dollar high
In the second quarter of
2018, deal activity jumped
38% over Q1’18 from 548
deals to 757 deals.
Q4’18 funding activity
matched the previous
record high of $14.1B in
Q2’18, increasing 5% over
Q3’18.
The largest CVC-backed
deal in Q4’18 was a $900M
Series H to Grab backed
by Yamaha Motor
Ventures.
$4.1
$5.5
$3.9
$4.9
$5.1
$7.7
$11.9
$6.6
$9.4
$5.9
$7.1
$6.7
$7.8
$9.4
$7.5
$11.5
$11.2
$14.1
$13.5
$14.1
312
336
378 364 355
403
436
387
415 410
463
417
507 499 512
550
548
757
727 708
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2014 2015 2016 2017 2018
Investment ($B) Deals

11. 10@cbinsights
CVC contribution to the overall VC ecosystem grows
CVC participation in VC-backed deals, 2013 – 2018
CVCs participate
more in overall VC
ecosystem
CVC investors participated
in 23% of all VC-backed
deals throughout 2018,
which increased by 3
percentage points over
2017.
This continues a trend of
growth for CVC deal share
as a percentage of overall
VC deal activity.
This share has grown by 7
percentage points since
2013.
84% 81% 81% 80% 80% 77%
16% 19% 19% 20% 20% 23%
2013 2014 2015 2016 2017 2018
CVC-Backed Non-CVC Backed

12. 11@cbinsights
Average CVC deals continue to outsize average VC deals
Average CVC and traditional VC deal sizes, 2013 – 2018
Average CVC deal
sizes reach all-
time high in 2018
In 2018, the average CVC
deal size reached an all
time high of $26.3M,
exceeding the former peak
of $24.1M in 2015.
Similarly, the average VC
deal size (that didn’t
include CVC participation)
reached an all-time high of
$21.8M, growing 35% over
2017.
$8.5
$12.8
$16.5
$13.1
$16.1
$21.8
$13.6
$17.1
$24.1
$21.1
$22.1
$26.3
2013 2014 2015 2016 2017 2018
Average CVC Deal Size ($M) Average VC Deal Size ($M)

13. 12@cbinsights
Swarm of new CVC groups are investing for the first time
New CVC firms investing for the first time, 2013 – 2018
Starting a CVC
firm is now in
vogue
264 newly active CVC
firms invested for the first
time in 2018. There were
35% more new CVC firms
in 2018 compared to 2017.
New CVCs include
Coinbase Ventures,
Maersk Growth, and
Porsche Ventures, among
others.
In total, approximately 773
CVCs were active in 2018.
64
82
104
133
195
264
2013 2014 2015 2016 2017 2018

14. 13@cbinsights
More CVCs are investing at the seed stage
Total CVC firms participating in seed rounds, 2013 – 2018
Early-stage
companies attract
CVC investors
In 2018, 332 unique CVC
groups participated in at
least one seed financing
round. This represents a
25% increase over 2017.
Series A participation also
grew by 31%, from 320
CVC investors in 2017 to
419 CVC investors in
2018.
111
141
174
196
265
332
2013 2014 2015 2016 2017 2018

15. 14@cbinsights
Corporate investing off the balance sheet sky rockets
Annual global disclosed CVC and corporate-backed deals, 2013 – 2018
Corporates are
more involved
than CVCs
Investment from
corporates (directly off the
balance sheet) reached an
all-time high of 3,820
deals in 2018, 33% higher
than the 2,881 deals in
2017.
Deals with both corporate
and CVC participation also
reached an all-time high of
563 deals, 34% higher than
the 420 deals in 2017. 117
178 257 297 420
563
729
1067
1490
2012
2881
3820
912
1212
1324 1408
1648
2177
2013 2014 2015 2016 2017 2018
Corporate-backed only BothCVC-backed only

16. 15@cbinsights
Rank CVC Investor Select 2018 Investments
1 Alector, Brandless, Collective Health, GitLab, Intercom, Lime, Relay
Therapeutics, Tamr, Yesware
2 Docker, Measurabl, Quovo, SessionM
3 CloudGenix, DataRobot, Good Data, Syntiant,
4 Pear Video, Yunding Network Technology, Xgimi
5 Bellen Chemistry, Phoenix Travel Worldwide, Zuoyebang
6 FiNC, Origami, solarisBank, Tamr, WHILL
7 Benson Hill Biosystems, Kallyope, Relay Therapeutics,
Skyhawk Therapeutics
8 Lunit, TimeTree, WONDERS
9 CureApp, Plaid, WealthNavi
10 CassTime, UniCareer, XPeng Motors,
Google Ventures was the most active in 2018
GV (Google Ventures) was
once again the most active
CVC, investing in over 70
unique companies in 2018.
Salesforce Ventures was
the second most active
CVC in 2018 (moved up
from 3rd in 2017), followed
closely by Intel Capital (2nd
in 2017).
Baidu.Ventures and
Legend Capital rounded
out the top 5.

17. 16@cbinsights
CapitalG invested in more unicorns in 2018
Rank CVC Investor Select 2018 Investments
1
Convoy, Crowdstrike, Freshworks, Gusto,
Looker, Manbang, Oscar, Robinhood, UiPath
2 GitLab, Lime, Intercom
3 Graphcore, Jfrog
3 Luckin Coffee, Jolly Information Technology
3 Deezer, Monzo
3 SenseTime, Viva Republica
CapitalG (Google Capital)
was the most active
investor in unicorn
companies (companies
valued at $1B+) in 2018,
backing 9 companies.
GV followed with 3, while
Dell Technologies Capital,
Legend Capital, Orange
Digital Ventures, and
Qualcomm Ventures
rounded out the top 5,
each making 2 unicorn
investments in 2018.

18. 17@cbinsights
Sector-specific trends: growth in
internet, mobile, and healthcare
G L O B A L C O R P O R A T E V E N T U R E C A P I T A L I N 2 0 1 8

19. 18@cbinsights
Record CVC activity to the internet sector
Annual global disclosed CVC activity to the internet sector, 2013 – 2018
CVCs invest
heavily in internet
startups
CVC deals to companies in
the internet sector grew by
36%, from 879 deals to
1,199 deals, year-over-
year.
Funding also grew by 80%
from $11.8B in 2017 to
$21.2B in 2018. This jump
can be attributed to an
increase in larger deals,
including a $1B deal to
virtual hospitality company
Oyo Rooms.
Investment ($B) Deals
$4.3 $7.6 $13.5 $12.5 $11.8 $21.2
430
594
708
782
879
1,199
2013 2014 2015 2016 2017 2018

20. 19@cbinsights
CVC funding to mobile reaches deal and funding highs
Annual global disclosed CVC activity to the mobile sector, 2013 – 2018
Mobile continues
to attract CVCs
CVC investment to mobile
companies increased from
352 deals in 2017 to 415
deals in 2018, or 18%.
Funding participation also
exceeded the previous
high of $7.6B in 2015,
reaching $9B in 2018. This
was a 26% increase over
2017.
The increase in funding
was driven by large rounds
raised by GO-JEK and
Grab.
$1.7 $3.6 $7.6 $4.9 $7.1 $9.0
224
277 281 275
352
415
2013 2014 2015 2016 2017 2018
Investment ($B) Deals

21. 20@cbinsights
Healthcare might be the next big opportunity for CVCs
Annual global disclosed CVC activity to the healthcare sector, 2013 – 2018
CVCs pour money
into healthcare
Deals with CVC-
participation to healthcare
companies increased by
23% YoY to 298 in 2018.
Funding also increased,
growing 51% from $7.2B in
2017 to $10.9B in 2018.
This increase in funding
was primarily driven by
large rounds to Moderna
Therapeutics, Samumed,
and Relay Therapeutics.
Investment ($B) Deals
$2.3 $2.8 $5.2 $5.4 $7.2 $10.9
151
184
211 214
243
298
2013 2014 2015 2016 2017 2018

22. 21@cbinsights
Asia becomes a
CVC powerhouse
R E G I O N A L C O R P O R A T E V E N T U R E C A P I T A L I N 2 0 1 8

23. 22@cbinsights
Asia continues to close gap on North American deal share
Annual global CVC deal share by continent, 2013 – 2018
CVC deals to Asia
may overtake
North America
Asia attracted 38% of all
CVC deals in 2018, up
from 31% in 2017.
European deal share fell to
a 3-year low of 17% in
2018, while North
American deal share also
receded to an all-time low
of 41%.
In Q3’18, Asia overtook
North American deal share
for the first time.
64% 61% 61%
55%
48%
41%
19% 22% 22%
25%
31%
38%
16% 15% 16% 19% 19% 17%
2013 2014 2015 2016 2017 2018
North America Asia Europe Other

24. 23@cbinsights
CVC activity to China reaches new deal and funding high
Annual disclosed CVC funding to China, 2013 – 2018
Chinese startups
attract more CVC
interest than ever
before
CVC deals to Chinese
companies grew 54%
between 2017 and 2018,
growing from 228 to 351.
Funding also grew 51% in
2018, from $7.2B to
$10.8B.
In 2015, approximately
$3B in funding can be
attributed to two rounds
raised by Didi Chuxing.
Investment ($B) Deals
$0.3 $1.1 $7.0 $3.5 $7.2 $10.8
29
82
112
127
228
351
2013 2014 2015 2016 2017 2018

25. 24@cbinsights
Japan continues to attract CVC activity
Annual disclosed CVC funding to Japan, 2013 – 2018
Japan may soon
match China’s
annual CVC deals
Deals to Japanese
companies more than
doubled between 2017 and
2018. Deals increased
101% from 158 to 317
year-over-year.
Funding also grew
significantly, up 56% YoY
from $0.9B to $1.4B. The
largest deal in 2018 was a
$63M Series A to wealth
management platform
Folio.
Investment ($B) Deals
$0.1 $0.2 $0.3 $0.5 $0.9 $1.4
70
103
90
92
158
317
2013 2014 2015 2016 2017 2018

26. 25@cbinsights
India continues to steadily attract CVC investment
Annual disclosed CVC funding to India, 2013 – 2018
CVCs continue to
see promise in
Indian startups
Indian deals with CVC
participation increased
20%, from 59 deals in
2017 to 71 deals in 2018.
Funding also grew slightly
from $1.6B in 2017 to
$1.8B in 2018. The largest
deal in 2018 was a $1B
Series E to Oyo Rooms.
The company has raised a
total of $1.5B+ since
2012.
Investment ($B) Deals
$0.1
$0.6 $0.4 $0.4 $1.6 $1.8
18
31
27
40
59
71
2013 2014 2015 2016 2017 2018

27. 26@cbinsights
Funding rebounds
in Europe and the UK
R E G I O N A L C O R P O R A T E V E N T U R E C A P I T A L I N 2 0 1 8

28. 27@cbinsights
Europe witnesses CVC funding rebound and deal highs
Annual disclosed CVC funding to Europe, 2013 – 2018
Europe continues
to attract CVC
investment
CVC deals to European
companies increased by
17% in 2018 over 2017,
from 399 to 468.
Funding also increased,
growing 74% from $3.2B in
2017 to $5.5B in 2018.
This increase in funding
was primarily driven by
large rounds to companies
like Graphcore, N26, and
Monzo.
$1.1 $1.4 $3.0 $3.4 $3.2 $5.5
160
212
259
327
399
468
2013 2014 2015 2016 2017 2018
Investment ($B) Deals

29. 28@cbinsights
UK, Germany, and France attract most CVC in Europe
Annual CVC European deal share by country, 2013 – 2018
UK bolsters
European CVC
Approximately 26% of CVC
money funneled into
Europe in 2018 was issued
to companies based in the
UK. This represented an
all-time high for the
country – 26% of European
deal share.
Germany and France also
received a significant
amount of the CVC
investment to Europe in
2018 at 19% and 12%,
respectively.
19% 23% 22% 23% 22% 26%
22% 19% 18% 21% 22% 19%
8% 7% 12%
16% 17% 12%9% 8%
8%
5%
9%
7%4% 3%
3%
3%
4%
6%
5% 5%
8%
6%
8%
6%
33% 36%
28% 27%
18% 24%
2013 2014 2015 2016 2017 2018
UK Germany France Switzerland Spain OtherSweden

30. 29@cbinsights
UK CVC funding rebounds, nearly doubling year-over-year
Annual disclosed CVC funding to the UK, 2013 – 2018
UK CVC activity
continues to grow
CVC activity to UK-based
startups grew by 39%,
from 87 deals in 2017 to
121 deals in 2018.
Funding also grew
drastically, up 92% year-
over-year. The $1.7B in
2018 funding comes a
year after a 3-year low of
only $900M in 2017.
The largest deal in 2018
was a $200M Series D to
AI chipmaker Graphcore.
$0.3 $0.5 $1.5 $1.2 $0.9 $1.7
31
48
57
74
87
121
2013 2014 2015 2016 2017 2018
Investment ($B) Deals

31. 30@cbinsights
Early-stage CVC investment to UK startups remains strong
Annual CVC UK deal share by stage, 2013 – 2018
2013 – 2018
CVCs provide
an early-stage
foundation in UK
Though early-stage CVC
investing (seed + Series A) to
UK companies in 2018 was
lower than 2017, it still made
up 45% of total deal share
throughout the UK.
There was also a jump in
other deals (unattributed
rounds, corporate minority
stakes, etc.), which may be a
result of newly established
CVCs investing for the first
time.
23% 25%
33% 30% 28%
21%
26% 25%
31%
26% 29%
24%
23% 19%
13%
16%
22%
21%
10% 10%
13%
9%
6%
7%
6%
8%
3% 3%
5%
4%
2%
4%
1%
1%
19%
10% 12% 11%
21%
2013 2014 2015 2016 2017 2018
Series DSeed Series A Series B Series C OtherSeries E+

32. 31@cbinsights
US CVC activity showing
signs of acceleration
R E G I O N A L C O R P O R A T E V E N T U R E C A P I T A L I N 2 0 1 8

33. 32@cbinsights
CVC activity to US startups reaches new highs
Annual disclosed CVC funding to the US, 2013 – 2018
US continues to
see more CVC
activity
CVC funding to US companies
received record funding,
growing 28% from $20.7B in
2017 to $26.5B in 2018.
The US also saw more deal
activity than ever before,
growing from 945 deals in
2017 to 1,046 deals in 2018,
up 11%.
Funding was bolstered by
deals to companies like
Moderna and Snowflake. $8.4 $14.4 $19.4 $19.1 $20.7 $26.5
643
831
927 903
945
1,046
2013 2014 2015 2016 2017 2018
Investment ($B) Deals

34. 33@cbinsights
California CVC deals rebound as funding reaches high
Annual disclosed CVC funding to California, 2013 – 2018
California draws
the most CVC
activity in the US
CVC funding to California-
based companies reached
$14.3B in 2018, an all-time
high, growing 11% from
$12.9B in 2017.
Deals in the state finally
rebounded from the 4-year
low of 460 deals in 2017.
Deal activity grew 11%
year-over-year, reaching an
all-time high of 509 deals
in 2018.
$5.2 $9.5 $11.1 $9.4 $12.9 $14.3
337
464 475 462 460
509
2013 2014 2015 2016 2017 2018
Investment ($B) Deals

35. 34@cbinsights
CVC activity to New York startups remains stagnant
Annual disclosed CVC funding to New York, 2013 – 2018
CVC funding to
NY reaches high,
deals remain level
New York CVC funding
rebounded 78% in 2018 to
$3.2B. In addition, 2018
funding exceeded the
previous 2016 high of $3B.
Deal activity remained
stagnant at 137, just 1 deal
higher than 2017, and 6 deals
lower than the record 143
deals in 2016.
The largest CVC-backed NY
deal in 2018 was a $225M
deal to UiPath.
$0.9 $1.0 $2.1 $3.0 $1.8 $3.2
74
95
112
143
136
137
2013 2014 2015 2016 2017 2018
Investment ($B) Deals

36. 35@cbinsights
Massachusetts CVC funding surges, deals grow steadily
Annual disclosed CVC funding to Massachusetts, 2013 – 2018
MA CVC activity
bolstered by big
healthcare deals
CVC funding to
Massachusetts grew 76%
year-over-year, from $2.4B
in 2017 to $4.1B in 2018.
This was due to a number
of mega-rounds ($100M+)
to healthcare companies
like Moderna, Relay, TCR2,
Iora, and Constellation.
Deals also reached an all-
time high of 110 deals in
2018.
$0.9 $1.0 $2.1 $1.9 $2.4 $4.1
73
79
99
87
104
110
2013 2014 2015 2016 2017 2018
Investment ($B) Deals

37. 36@cbinsights
AI, cybersecurity, and
digital health attract CVCs
G L O B A L C O R P O R A T E V E N T U R E C A P I T A L I N 2 0 1 8

38. 37@cbinsights
AI sees record activity driven
by more opportunities in Asia
G L O B A L C O R P O R A T E V E N T U R E C A P I T A L I N 2 0 1 8

39. 38@cbinsights
AI startups continue to attract CVC investment
Annual disclosed CVC funding to AI startups, 2013 – 2018
AI deals and
dollars reach
record high
AI deals with CVC
participation grew 27% to
291 in 2018, up from 230
deals in 2017.
Funding with CVC
participation was also up
19% from $4.2B in 2017 to
$5.1B in 2018.
The largest AI deal of
2018 was a $620M deal to
Chinese facial recognition
startup SenseTime.
$0.3 $0.8 $1.1 $2.1 $4.2 $5.1
35
89
103
161
230
291
2013 2014 2015 2016 2017 2018
Investment ($B) Deals

40. 39@cbinsights
Asia becomes a focus for CVCs investing in AI
Annual global CVC AI deal share by continent, 2013 – 2018
Asia becomes AI
hotbed for CVCs
CVC deal share to AI
startups in Asia may soon
overtake deal share to
North America.
In 2018, deal share to AI
startups in Asia grew 13
percentage points to 42%.
This is the second straight
year of double digit deal
share growth for the
continent.
Meanwhile, deal share to
North America has
plummeted.
94%
75% 77%
71%
55%
44%
6%
16% 14%
17%
29%
42%
8% 9% 12% 14% 13%
2013 2014 2015 2016 2017 2018
North America Asia Europe Other

41. 40@cbinsights
Most active CVC groups in AI during 2018
Baidu Ventures
invested most in
AI in 2018
With 13 unique AI
investments in 2018, Baidu
Ventures was the most active
CVC in the space.
The Beijing-based CVC was
followed by Intel Capital and
SBI Investments, both of
which had 12 unique AI
investments in 2018.
M12 and GV followed with 11
and 10 unique investments,
respectively.

42. 41@cbinsights
Cybersecurity draws steady
CVC investment in the US
G L O B A L C O R P O R A T E V E N T U R E C A P I T A L I N 2 0 1 8

43. 42@cbinsights
Cybersecurity steadily attracts CVC investment
Annual disclosed CVC funding to cybersecurity startups, 2013 – 2018
Cyber attracts
consistent CVC
investment
2018 was a banner year
for cybersecurity
companies attracting CVC
investment.
In total, 112 deals were
made, 19 deals more than
in 2017.
In addition, funding grew
to $2.2B after a year of
little growth. 2018 funding
closed 42% higher than the
year prior.
$0.4 $0.8 $1.3 $1.4 $1.5 $2.2
32
57
66
91 93
112
2013 2014 2015 2016 2017 2018
Investment ($B) Deals

44. 43@cbinsights
North American cybersecurity maintains CVC dominance
Annual global CVC cybersecurity deal share by continent, 2013 – 2018
Cyber startups in
Asia start to
attract more CVC
interest
Though North American
cybersecurity companies
are attracting less of the
overall CVC deal share
than in years prior, deal
share remained steady
year-over-year at 65%.
Asian cybersecurity
companies attracted
slightly more of the overall
pot with 22%, 2 percentage
points higher than in 2017.
88%
81% 81%
73%
65% 65%
9%
7% 11%
18%
20% 22%
12% 6% 9%
15% 13%
2013 2014 2015 2016 2017 2018
North America Asia Europe Other

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Most active CVC groups in cybersecurity during 2018
Intel Capital
invests most in
cyber during 2018
With 6 unique
cybersecurity investments
in 2018, Intel Capital was
the most active CVC in the
space.
Intel was followed by
Singtel Innov8 and GV,
both of which had 5 unique
cyber investments in 2018,
then by GE Ventures and
Dell Technology Capital,
which both had 4.

46. 45@cbinsights
Digital health continues growth
thanks to more activity in Asia
G L O B A L C O R P O R A T E V E N T U R E C A P I T A L I N 2 0 1 8

47. 46@cbinsights
CVC investment to digital health startups inches higher
Annual disclosed CVC funding to digital health startups, 2013 – 2018
Digital health CVC
funding hits low,
deals hit high
CVC-backed deals to
digital health companies
broke from a recent
plateau, reaching 192
deals in 2018. This is a
roughly 39% spike from
the 138 deals in 2017.
However, total CVC
funding to digital health
companies dropped
slightly, from $3.4B in
2017 to $3.2B in 2018.
$0.5 $1.3 $1.9 $3.3 $3.4 $3.2
55
81
131 128
138
192
2013 2014 2015 2016 2017 2018
Investment ($B) Deals

48. 47@cbinsights
Digital health companies in Asia start to attract CVCs
Annual global CVC digital health deal share by continent, 2013 – 2018
Asia may soon
overtake North
American share
In 2018, Asia accounted
for 38% of total CVC-
backed deals to digital
health companies. This
was 7 percentage points
higher than the year prior.
As a result, North
American CVC-backed
digital health deal share
fell 7 percentage points to
41%.
Europe and others regions
remain relatively stagnant.
64% 61% 61%
55%
48%
41%
19% 22% 22%
25%
31%
38%
16% 15% 16% 19% 19% 17%
2013 2014 2015 2016 2017 2018
North America Asia Europe Other

49. 48@cbinsights
Most active CVC groups in digital health during 2018
GV leads the way
in digital health
during 2018
With 10 unique digital
health investments in
2018, Google Ventures
(GV) was the most active
CVC in the space.
Alphabet’s venture arm
was followed by Baidu
Ventures, which had 6
unique digital health
investments, then by SBI
Investments, GE Ventures,
and Illumina Ventures,
which each had 5.
Baebies
Kallyope
Luna DNA
Genome Medical
Stilla Technologies

50. 49@cbinsights
This report only includes investment by
CVC funds, which are defined as separately
demarcated corporate investment vehicles.
Corporates making strategic investments
directly and related analysis are not
included, with the exception of page 14. For
questions regarding this methodology,
please reach out to info@cbinsights.com.
R E P O R T M E T H O D O L O G Y

51. 50@cbinsights
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