Funds backed by drugmakers remain visible contributors to the venture world, but several of the big corporate names seem to have reined in spending.
Venture capital firms invested a record $16.8bn in private drug developers globally in 2018, but signs of a cooling are clear.
Investors swerve traditional medical devices in favour of artificial intelligence-enabled diagnostics.
Private biotechs received almost $4bn in venture financing in the third quarter, as the healthy financing climate showed few signs of deteriorating.
The first quarter of this year saw more venture funding raised by medical device groups than any other period since 2010.
Private drug developers raised a record $8.5bn in the first half of 2018, amid a surge in mega rounds.
Cell and gene therapy companies dominate the first quarter, but companies outside these fashionable areas are finding it harder to charm VCs.
In terms of venture financing, activity in 2017 outpaced that at the height of the biotech boom in 2015, with 68 biotechs attracted rounds of $50m or more.
In a truly extraordinary year, the top 10 venture rounds made up more than half of the total invested.