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OC Tech and Life Science Funding Hit $1.3B in 2020
Demand for research and development in life sciences was strong prior to the onset of COVID, and the pandemic has only fueled this demand. As a matter of fact, three of the top four funded industries in 2020 came from life sciences.
The total funding for life sciences topped $1.3 billion last year. This is 7.6% higher than the historical five-year average and 29.2% higher than 2019, according to JLL. The medical device industry led all funding with $485.7 million, accounting for 37% of total funding.
Despite general economic challenges brought on by COVID, tech and life science companies were active in capital raises. Companies receiving large funding rounds include Anduril ($200 million), Novus Therapeutics ($108 million) and Sonendo ($85 million). Startups and mature companies alike continue to push the innovation bar forward, says JLL.
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