The Asia HealthTech Investment Landscape H1 2017 Report is based on a comprehensive funding analysis based on Galen Growth Asia unique HealthTech startup database, and estimates that venture funding of HealthTech companies in 2016 and H1 2017 almost reached the $4B mark, across over 240 deals. This clearly demonstrates that the Asia HealthTech sector is scaling fast!

1. HEALTHTECH
INVESTMENT
LANDSCAPE
INVESTMENT TRENDS
Key findings
Asia
China focus
Rest of Asia focus
ASIA
H1 2017

2. It is with great pleasure that we share with you our inaugural Asia HealthTech
investment landscape report which we hope you will find helpful.
This marks a significant milestone for the Galen Growth Asia team which has
diligently been building and curating the Asia HealthTech database so as to be
able to create a better understanding of the vibrancy of the ecosystem in the
region.
The Galen Growth Asia Analytics is a new value proposition with the goal to
provide the ecosystem stakeholders with the appropriate and necessary
insights to make informed business decisions.
We will also be launching an online version of our Galen Growth Asia Analytics
tool in November 2017 at our first-of-it's-kind HealthTech Investor Summit in
Singapore.
We would love to hear your opinion of the report, your ideas to improve it or
simply to share with us Asia HealthTech deal or transaction information. Please
contact us at: analytics@galengrowth.asia
JULIEN DE SALABERRY
galen growth asia
Co-founder,
Managing director
1©2017byGalenGrowthAsia-Allrightsreserved.

3. ABOUT US
In partnership with corporations, government organizations, startups and
key stakeholder groups, Galen Growth Asia is building an integrated
innovation network focused on HealthTech startups to innovate, disrupt
and solve our healthcare systems pain points.
Galen Growth Asia believes that HealthTech will play a central role in
addressing health system inefficiencies in an effective and efficient
manner and thus significantly improving the standard of healthcare in Asia.
Through our focus on enabling both social value and investing
opportunities, we mobilize thought leaders in healthcare and technology,
support innovators in HealthTech to inform their solutions and business
models, and provide valuable insights for business development and
investment opportunities.
ASIA'S HEALTHTECH CONNECTOR
galen growth asia2©2017byGalenGrowthAsia-Allrightsreserved.

4. ABOUT GALEN GROWTH ASIA
HEALTHTECH DATABASE
The Galen Growth Asia database is the only
comprehensive HealthTech database which
captures information about the growing Asia
startup HealthTech ecosystem.
The database captures numerous relevant data
points for each startup including funding and
performance information.
The full database and its analytics will be available
to the public in Q4 2017. Subscribe via our website
to receive further information.
THE ONLY DATABASE DEDICATED TO ASIA HEALTHTECH
galen growth asia
3000+
VENTURES
3000+
STARTUPS
3©2017byGalenGrowthAsia-Allrightsreserved.

5. IN 2016 AND 2017, ASIA HEALTHTECH HAS RAISED
MORE THAN
$3.8 BILLIONACROSS
240 DEALS

6. KEY FINDINGS
MORE DEALS THAN EVER
HEALTHTECH MATURES IN 2017
ASIA HEALTHTECH UNDISCLOSED
CHINA IS IN POLE POSITION
SERIES B STABLE WHILE SERIES A LOSE MOMEMTUM
FIVE HUBS ABOVE ALL
With 127 deals this year to June 2017, the
first half of 2017 counted more deals in Asia
HealthTech than any of the precedent years .
We project that by year end more than 270
deals will be closed, which is a 300%
increase on 2016.
2016 and 2017 saw a slow down in the
number of new HealthTech startups
incorporated whilst startups founded in 2014
and 2015 are raising greater rounds of
funding as they scale.
Amongst the 127 deals counted in H1 2017,
more than 20% remain undisclosed. While
80% of these undisclosed deals were early
stage investments, 20% were Series A
investments or higher.
In China, more money is being invested than
in any other country in Asia. The top 5
deals in China represent 30% of the
total investment in HealhTech in Asia. China
also represents 50% of all investments in
Asia.
Since Q3 2016, Series A stage investments
continue to lose share QoQ, with Series B
share growing from 8% in Q3 2016 to 18% in
Q2 2017.
India, China, Singapore, Indonesia and
Australia combined are home to 80% of all
HealthTech startups in Asia.
5©2017byGalenGrowthAsia-Allrightsreserved.

7. THE ASIA HEALTECH REPORT
Is an analysis of
HealthTech investments
from over 21 countries in Asia
galen growth asia
3000+
VENTURES
FRONTIER MARKET
DEVELOPING MARKET
MATURE MARKET
1) Bangladesh
2) Bhutan
3) Cambodia
4) Laos
5) Myanmar
6) Nepal
1) China
2) India
3) Indonesia
4) Malaysia
5) Philippines
6) Sri Lanka
7) Thailand
8) Vietnam
1) Australia
2) South Korea
3) Hong Kong
4) Japan
5) New Zealand
6) Singapore
7) Brunei
6©2017byGalenGrowthAsia-Allrightsreserved.

8. ASIA
INVESTMENT
TRENDS

9. galen growth asia
3000+
ASIA HEALTHTECH KEY MARKETS
With 36 %, India is home to more HealthTech
startups than any other Asia country
Despite its size, Singapore is host to 12% of
Asia HealthTech startups driven by its ongoing
investments in tech innovation and its very
favorable economic and legal climate
Rest of Asia, combined, which includes
mature, developing, and frontier markets,
share 20% of the Asia HealthTech ecosystem
demonstrating the lack of an environment
condusive for HealthTech startups to grow
NUMBER OF HEALTHTECH
STARTUPS IN %
8©2017byGalenGrowthAsia-Allrightsreserved.

10. galen growth asia
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ASIA HEALTHTECH KEY CATEGORIES
*Not depicted are categories with a share of <4%
9©2017byGalenGrowthAsia-Allrightsreserved.

11. galen growth asia
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H1 2017 ASIA HEALTHTECH INVESTMENTS
SHARE BY COUNTRY
With 79% of all deals closed by value and 87%
of the total volume invested in H1 2017, China
and India recorded the majority of HealhTech
deals in Asia
Developed countries, Singapore, Australia,
South Korea and Japan, represent 17% of all
deals but only 13% of the total value invested
Though counting 37% fewer deals than in
Singapore, Australia’s total value invested was
42% higher
10©2017byGalenGrowthAsia-Allrightsreserved.

12. galen growth asia
ASIA HEALTHTECH FUNDING HISTORY
2016-2017
2017 HealthTech funding is on track
to exceed 2016
Through H1 2017, more than $1.2B has been
invested in 127 deals at a stable QoQ deal flow
rate
In comparison, H1 2017 saw more deals closed
than 2016 , however at a smaller deal value
At current pace, deal volume will grow by
151%, while value will close 7% ahead of 2016
totals
The higher deal count signals a vibrant Asia
HealthTech ecosystem
11©2017byGalenGrowthAsia-Allrightsreserved.

13. galen growth asia
3000+
QOQ ASIA HEALTHTECH FUNDING HISTORY
2016-2017
Deal volume accelerates while funding by
value weakens
On a quarterly basis, deal volume increased
by more than 200% between Q4 2016 and Q1
2017 and stabilized in Q2 2017
Funding by value in H1 2017 closed 20%
weaker year on year
A notable outlier deal in May 2016 was Ping
An’s $500M Series A investment in Good
Doctor
Most notable deal in H1 2017 is the $200M
Series D by Hao Daifu from Tencent Holdings
12©2017byGalenGrowthAsia-Allrightsreserved.

14. galen growth asia
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QOQ ASIA HEALTHTECH FUNDING DEAL SHARE BY STAGE
Q1 2016-Q2 2017
Seed stage deals level off while Series A
looses momentum
The volume of early stage deals maintains a
constant share exceeding 40% of all deals
The number of Series A stage deals slowed
while Series B deals reached an all-time high
*Early stage deals include Angel & Seed deals
13©2017byGalenGrowthAsia-Allrightsreserved.

15. galen growth asia
ASIA HEALTHTECH DEAL SIZE RANGES AND MEDIAN
H1 2016-H2 2017
2016 deal size exhuberance showing signs of
sobriety in 2017
Early and growth stage median deal size
stable for the last six quarters
Median deal size is expected to increase in
line with Series B and beyond stages growing
in value
14©2017byGalenGrowthAsia-Allrightsreserved.

16. CHINA
INVESTMENT
TRENDS

17. galen growth asia
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QOQ CHINA HEALTHTECH FUNDING HISTORY
Investments continue to strengthen in 2017
Despite weakening in Q2 2017, investments by
value in China remain strong
Q2 2016 significantly exceeds Q2 2017 driven
by one outlier deal namely the Good
Doctor $500M Series A
Deal count has increased by more than 60% in
H1 2017 compared to H1 2016
16©2017byGalenGrowthAsia-Allrightsreserved.

18. galen growth asia
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QOQ CHINA HEALTHTECH FUNDING DEAL SHARE BY STAGE
Q1 2016-Q2 2017
Growth stage funding remains strong in 2017
Venture funding by value for Series B rounds
and above increases to 40% in total for Q2 2017,
up from 33% and 25% in the preceding two
quarters
Series A and Series B stages remain the most
prominent venture rounds for the third
consecutive quarter
17©2017byGalenGrowthAsia-Allrightsreserved.

19. galen growth asia
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H1 TOP 5 CHINA HEALTHTECH DEALS
18©2017byGalenGrowthAsia-Allrightsreserved.

20. REST OF ASIA
INVESTMENT
TRENDS
(excluding China)

21. galen growth asia
3000+
QOQ REST OF ASIA HEALTHTECH FUNDING HISTORY
Investment by value experienced strong
growth
Funding in H1 2017 rockets, growing by 450%
year on year when compared to H1 2016
Deal volume grew to an all-time high of 38
investments in Q2 2017, a threefold increase
on Q2 2016
20©2017byGalenGrowthAsia-Allrightsreserved.

22. galen growth asia
3000+
QOQ REST OF ASIA HEALTHTECH FUNDING DEAL SHARE BY STAGE
Q1 2016-Q2 2017
Rest of Asia investments begin to mature
with HealthTech startups continuing to raise
early stage funding, stabilizing the share in
excess of 60% since Q2 2016
2017 already recorded more growth and late
stage funding rounds than 2016 in total,
indicating that rest of Asia is starting to mature
Early state funding rounds continue to
represented the lion share of investments
made
21©2017byGalenGrowthAsia-Allrightsreserved.

23. galen growth asia
3000+
H1 2017 TOP 5 REST OF ASIA HEALTHTECH DEALS
22©2017byGalenGrowthAsia-Allrightsreserved.

24. METHODOLOGY
WHAT WE DEFINE AS HEALTHTECH
WHAT WE TRACK IN OUR REPORT
HealthTech defines the intersection
between healthcare and technology and
is also referred as digital health.
HealthTech does not include Biotech,
such as protein research or
pharmaceuticals, and also does not
include MedTech, such as devices that
are implented into the body.
Galen Growth Asia tracks venture funding
amongst other key data for HealthTech
startups in Asia. Countries that are
included are (in alphabetical order)
Australia/New Zealand, Bangladesh,
Bhutan, Brunei, Cambodia, China
(mainland), Hong Kong, India, Indonesia,
Japan, Laos, Malaysia, Myanmar, Nepal,
Philippines, Singapore, South Korea, Sri
Lanka, Taiwan, Thailand, and Vietnam.
HOW DO WE TRACK FUNDING
WHERE WE GET OUR INFORMATION
FROM
LEXICON
Galen Growth Asia is tracking all
undisclosed and disclosed rounds in
Asia, including early-stage funding.
Funding data includes, different types
of venture funding events and
acquisition transactions. The funding
data is based on startup direct
reporting, publicly available resources,
such as press releases, and news.
YoY: Year on year
HoH: Half-year on half-year
QoQ: Quarter on quarter
23
This report is provided for informational
purposes and was prepared in good faith
on the basis of public information
available at the time of publication
without independentverification.
Galen Growth Asia does not guarantee or
warrant the reliability or completeness of
the data nor its usefulness in achieving
any particular purposes.
Galen Growth Asia shall not be liable for
any loss, damage, cost or expense
incurred by reason of any persons use or
reliance on this report. This report is a
proprietary aggregation of publicly
available data and shall not be
forwarded or reproduced without
the written consent of Galen Growth Asia
IMPORTANT INFORMATION
©2017byGalenGrowthAsia-Allrightsreserved.

25. One last
thing,
don't miss:

26. Thank you
We hope you liked this report and
that our HealthTech passion has
contaminated you :)
CONNECT
SHOUTOUT
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Contact Galen Growth Asia:
ResearchManager
Dario Heymann
analytics@galengrowth.asia
www.linkedin.com/company/galen-growth-asia
@GalenGrowthAsia
www.galengrowth.asia