The news: Investors sank $3 billion into US digital health companies in the first quarter, according to Rock Health—an 11% increase YoY. The average $24.4 million deal size also topped last year’s $20.6 million.

Unpacking the news: Some familiar deal-making trends continued through the first quarter, with earlier-round funding accounting for the majority (83%) of deals. There were also a handful of big deals for larger companies and funder favorites, like Open Evidence’s $75 million Series A and Hippocratic AI’s $141 million Series B.

Late-stage megadeals surged in the quarter. Median Series D funding hitting $105 million, almost double the $55 million median for 2024. Late-stage funding topped $100 million for the first time since 2021.