San Diego Venture Funding Drops in QI—But Here are Top 10 Deals

The pace of venture capital funding slowed substantially in San Diego during the first quarter, with venture firms investing $253.5 million in 21 startups, according to data from the MoneyTree Report.

The amount of capital invested in San Diego was down by almost a third from the same quarter in 2015, when VCs provided over $373 million to 23 startup companies, according to MoneyTree data.

First-quarter venture activity also was down by 28 percent in comparison with the prior quarter, when VCs invested over $352 million in 26 deals.

The MoneyTree Report is prepared by PricewaterhouseCoopers and the National Venture Capital Association (NVCA), based on data from Thomson Reuters.

Acutus Medical, a Carlsbad, CA-medical device company, closed the quarter’s single biggest deal in the region in late March—raising $75 million to advance its technology for diagnosing and treating irregular heartbeats. Nine of the 21 deals in San Diego involved biotech or medical equipment companies.

The top 10 San Diego deals, based on MoneyTree data, are:

Acutus Medical $75 million Heart rhythm technology company.
Zavante Therapeutics $45.7 million Biopharmaceutical.
Figtree $30 million Clean energy financing
Bio Theranostics $20 million Medical diagnostics and equipment.
Source 44 $17.5 million Software used in supply chain management
Effector Therapeutics $16 million Biopharmaceutical
Mindtouch $12 million Software used to manage training manuals and other “help content.”
Thesan Pharmaceuticals $9.5 million Biopharmaceutical
Amplyx Pharmaceuticals $8.7 million Anti-fungal drug development
Bird Rock Bio $5 million Biologic drug development

 

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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