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Biotech proved a surprisingly bright spot in 2022’s startup correction


No startup sector was entirely immune from the 2022’s market uncertainty — except maybe AI — but some proved more resilient than others. Biotech was one of the most fortunate.
The sector recorded 1,054 U.S.-based deals in 2022, worth a collective $30.7 billion, according to Pitchbook data. Those figures fell short of the 1,415 biotech deals struck in 2021 worth a total of $39 billion. But the declines were not the worst we found: Biotech showed a more modest year-over-year decline in investment volume (21%) than many other sectors including fintech (37.7%), consumer tech (53%) and enterprise tech (33%).
Comparing any sector’s results to 2021 is slightly specious, as that year was the peak of the last startup boom. Compared to 2020’s more conservative 1,143 biotec …

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