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A sudden increase in seed and series A funding bodes well for the year ahead.
But financing sizes have grown by a similar amount on both sides of the Atlantic.
Many corporate-backed funds remain enthusiastic venture investors, but some might be hitting the brakes.
With a record $7.1bn raised in the first quarter the cash available to private drug developers shows no signs of drying up.
In terms of private investments, 2020 was the year of the liquid biopsy.
Private biotechs attracted more venture cash in 2020 than in any other year of the current cycle.
The newest player in corporate financing, Intuitive, intends to deploy its fund with surgical precision.
Venture cash raised by private drug developers dipped slightly after two record-breaking quarters, but the party is far from over.