The numbers from last week in healthcare funding are striking not because of their scale - though $820 million in a single week is not nothing - but because of what they reveal about where capital is actually going.
One check, AdvanCell's $315 million Series D, accounts for 38% of everything raised. It is going to a radioligand therapy company advancing a Phase III-ready Lead-212 prostate cancer treatment. That is deep science, long timelines, and high capital requirements. The kind of bet that used to require a pharma partner.
The other seven deals - all Series A - went to companies doing things like automating provider credentialing, building AI operating systems for cardiovascular care, and creating in-home intensive care for children in psychiatric crisis. These are not moonshots. They are infrastructure plays for a healthcare system that is operationally broken in obvious and measurable ways.
This is the bifurcation worth understanding. Capital is flowing to both ends simultaneously…
