Suki raises $70M to build out its AI voice assistant
The company will use the funding to broaden the scope of its AI, including new administrative tasks
Read more...A couple of months ago, a Rock Health report showed investments into digital health companies falling to a two-year low, a sign of a slowdown from the highs of the pandemic. And now it looks like the entire ecosystem is experiencing that same problem.
With $25.2 billion in August, global venture funding fell to its lowest point since exactly two years prior, when there was $22.4 billion invested in August 2020, according to data from Crunchbase News. The number is down 52% from $52.9 billion in August of 2021, and down 10% from the $28.1 billion raised in July of this year.
This is the second month in a row where VC dollars have dropped, after they fell 33% in July; the total drop in the last two months has been 40%.
When broken down by stage, the Crunchbase analysis found that it was the later stage companies that are being affected the most; in fact, early stage funding actually rose 25% from the previous month, growing from $9.3 billion to $11.6 billion. Year-to-year, early stage funding is down 35%, however.
The round that saw the least impact were Series A rounds, which Crunchbase found were flat year-to-year, while Series B round fell by 55% from August 2021, and Series C rounds were down 77%. Month-to-month, A and B rounds both rose, while funding to C rounds fell.
"This year started out quite well for Series B and C rounds, with more funding raised compared to 2021 in the earlier months. But then from March onward, Series C fundings trended well below 2021 amounts, and Series B fundings followed suit and were down more dramatically in July and August 2022," Crunchbase wrote.
Besides digital health, another sector that has seen a big drop are public cloud software companies, with funding down around 55% from August 2021.
(Image source: healthline.com)
The company will use the funding to broaden the scope of its AI, including new administrative tasks
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