3.9. Life Sciences show a similar gap in seed funding size All the data presented above excludes life sciences (LS) and advanced manufacturing & robotics (AMR) because the dynamics and capital requirements of these sectors are quite different to other tech sectors – and hence data involving averages will be heavily skewed depending on the proportion of these sectors within a given ecosystem.
However, comparing average seed round size for LS firms alone, we see a very similar gap in size of round sizes as for other sectors – or indeed more extreme:
Fig 28: Average (median) Seed Round Size for Life Sciences startups
Series A rounds are similar: again, there is a noticeable difference in median size between the US and Canada. However, we caution that this data is based on a relatively small set of deals, especially for Canada Tier 2, and hence we should be careful about drawing strong conclusions without further research. Moreover, since Life Sciences often require specialist facilities (wet labs, etc.), we caution that there may be major inhibiting factors for the sector besides funding, which are outside the scope of this report.
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