Inside the White House with D.C.'s most wired reporter. Sign up for Mike Allen's Axios AM.

Stories

Venture capital loves health care

Health care companies have already raked in more than $23 billion in venture capital funding this year — more than they collected in all of 2017, according to the latest figures from Pitchbook, which tracks VC investments.

The winners: Pharmaceuticals and biotechnology make up the lion’s share of those investments, with more than $14 billion. That’s more than they’ve collected in any previous year.

The big picture: Health care — biotechnology in particular — is attracting just as much cash as the buzziest sectors of the tech industry.

  • The life sciences sector attracted more early-stage VC funding in the third quarter than the burgeoning artificial intelligence industry.
  • Two of the four biggest early-stage deals of the quarter were for biotech companies. The other two were for software for autonomous vehicles.