The Midwest Healthcare Growth Capital Report compiles data from Pitchbook, SEC Filings, company press releases, news items and regional Midwest organizations. Regional organizations participating in the 2017 Midwest Healthcare Growth Capital Report include Michigan Venture Capital Association (MI), Medical Alley (MN), MATTER (IL), BioGenerator (MO), BioCrossroads (IN), Wisconsin Technology Council (WI), Innovation Works and Pittsburgh Life Sciences Greenhouse (Western PA), BioOhio, Rev1Ventures, CincyTech, and JumpStart (OH).
The regions identified are based on the Combined Statistical Areas as defined by the U.S. Office of Management and Budget.
The report details investments in three biomedical sectors: medical device, biotechnology and pharmaceuticals, and healthcare IT/software and services. Sectors are defined by the FDA’s definitions of Medical Device and Drug Establishments (Biotech and Pharmaceuticals). Sector assignment for combination products is determined by the product’s primary mode of action. Health IT/Software and Services includes software related to EMRs, coding services, communication, payment processing, educational tools, business operation/automation tools, mobile apps that are not used in diagnosis or in the cure, mitigation, treatment, or prevention of disease; and distributors and suppliers.
Investments include seed, venture, individual and group angel funding, private equity, bridge funding, convertible debt, foundation funding with an equity component, strategic and corporate investment, secondary offerings and PIPEs. Funding is broken into three main categories: Seed (includes: Accelerator/ Incubator, Friends and Family, and Seed), Early (includes: Early stage VC, Series A, and Series B) and Late (includes: Later stage VC, PE Growth & Expansion, PIPE, Series C, Series D, etc.). Convertible debt, Angel, and Undisclosed funding rounds are included within one of these three categories based on the company’s life stage.