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# 🩺 $500M+ VC Funding. Health Diagnostics Index Rebounds From 15% Drop.
- URL: https://newsletters.qs.com/500m-vc-funding-health-diagnostics-index-rebounds-from-15-drop/
- Published: 2024-02-21T12:30:44.000Z
- Updated: 2024-02-21T12:30:43.000Z
- Description: Impact Capital Markets #33 looks at our Diagnostics and Testing stock index, major impact deals, M&A, and upcoming economic releases.
- Author: QS
- Tags: Deals

**Bula🌴**

📉 **Today's Global Economic Update:** Japan's January 2024 trade data, released today, revealed a significant reduction in the trade deficit, with exports [rising by 11.9% YoY to JPY 7.3T](https://www.customs.go.jp/toukei/latest/index%5Fe.htm?ref=newsletters.qs.com). Imports fell by 9.6% to JPY 9T, marking the 10th consecutive month of decline, driven by reduced energy prices. 

🔋 **Deal of the Day:** Ascend Elements, a battery materials recycler, raised $162M in Series D funding to convert lithium-ion batteries into critical materials.

**What's New?**

- 🔬 **Health Diagnostics and Testing.** Health Diagnostics Index recovers from 15% loss
- **💰 Funding.** Ascend raises $162M, cardiovascular care, maternity care deals + more
- 💼 **M&A.** Recycling, K-12, satellite & health insurance
- 📅 **Economics.** Major inflation data, balance of trade, US GDP growth data + more

*For unlimited access to more deals and economic updates,* [*request a demo*](https://webforms.pipedrive.com/f/1uMbIPRqUeVuZ31jVtKWMWIuqU2ga1nKo8aotNdGihU16zgOzuTfRMb9XfIIGmcOT?ref=newsletters.qs.com)

## 🔬Health Diagnostic Index Recovers From 15% Loss

![](https://storage.ghost.io/c/f1/d4/f1d411df-6f49-4c75-a302-f8c9e9f59495/content/images/2024/02/HolonIQ_HolonIQ_Health_Diagnostics_and_Testing_HIQHDIAG_HCH81RVKJAHISRI8H6TB-3.png)

HolonIQ’s Health Diagnostics and Testing Index recovered from a 15% loss in 4Q 2023 to record a 3% growth in February. Several stocks in the group saw relatively strong returns, including Abbott Laboratories (MCap: US$ 202B) and Danaher Corp. (MCap: US$ 183B), which increased by 13% and 11%, respectively. However, a few major stocks within the index saw declining returns. Roche Holding AG (MCap: US$ 218B) fell 15% YoY as 2023 profits slumped amidst a post-COVID loss of sales while Thermo Fisher Scientific (MCap: US$ 211B) also saw a minor decline.

As patient awareness of diagnostic services increases and technological advancements are incorporated into testing, diagnostics are expected to assume a progressively central role in influencing healthcare outcomes. The introduction of new technologies has also brought about self-diagnostic capabilities while the growing use of diagnostics outside conventional hospital and healthcare environments opens up new possibilities, contributing to the ongoing growth of the sector.

## **💰** Funding  

🔋 **Ascend Elements,** a Massachusetts-based sustainable battery materials recycler, raised a [$162M Series D](https://www.prnewswire.com/news-releases/ascend-elements-raises-additional-162-million-to-build-sustainable-lithium-ion-battery-materials-in-united-states-302065369.html?ref=newsletters.qs.com) to build sustainable lithium-ion battery materials in the US.

🤖 **Recogni,** a California-based leader in AI-based computing, raised a [$102M Series C ](https://www.prnewswire.com/news-releases/recogni-raises-102-million-to-advance-next-generation-ai-inference-system-for-generative-ai-and-intelligent-autonomy-302064528.html?ref=newsletters.qs.com)from GreatPoint Ventures & Celesta Capital to advance next-generation AI inference systems for generative AI.

🫀 **Reprieve Cardiovascular,** a Massachusetts-based company focused on intelligent fluid management for heart failure, raised a [$42M Series A](https://www.finsmes.com/2024/02/reprieve-cardiovascular-raises-42m-in-series-a-financing.html?ref=newsletters.qs.com) from Sante Ventures & Lightstone Ventures to enhance its clinical and development programs.

🧬 **Bioptimus,** a France-based biomedical analytics company, raised a [$35M Seed](https://www.morningstar.com/news/business-wire/20240220205004/ex-google-deepmind-and-owkin-scientists-team-up-to-create-bioptimus-to-build-the-first-universal-ai-foundation-model-for-biology?ref=newsletters.qs.com) from Sofinnova Partners to build the first universal AI foundation model for biology.

👶 **Oula Health,** the first modern maternity care clinic combining obstetrics and midwifery care in New York, raised a [$28M Series B](https://www.prnewswire.com/news-releases/oula-the-modern-maternity-care-clinic-combining-midwifery-and-obstetrics-raises-28m-in-series-b-funding-to-expand-nationally-and-offer-new-services-302066130.html?ref=newsletters.qs.com) to expand tech-enabled hybrid care beyond NYC.

🧲 **Niron Magnetics,** a Minnesota-based provider of rare earth-free permanent magnets, raised [$25M](https://www.finsmes.com/2024/02/niron-magnetics-raises-25m-in-funding.html?ref=newsletters.qs.com) from Samsung Ventures to expand its production facilities and scale manufacturing capacity.

⚕️ **AZmed,** a France-based healthcare AI solutions provider, raised a [$16.16M](https://www.prnewswire.co.uk/news-releases/azmed-secures-15-million-to-shape-the-future-of-medical-imaging-with-ai-302065077.html?tc=eml%5Fcleartime&ref=newsletters.qs.com) Series A with the objective of shaping the future of medical imaging with AI.

💉 **Baseimmune,** a UK-based vaccine discovery biotech, raised [$11.35M](https://sifted.eu/articles/baseimmune-raises-9m-news?ref=newsletters.qs.com) to develop ‘mutation-proof’ vaccines. 

🌱 **Trace Genomics,** a California-based industry leader in DNA-based soil intelligence, raised a [$10.5M Series B](https://www.prnewswire.com/news-releases/trace-genomics-raises-oversubscribed-10-5-million-series-b-expanding-reach-of-pioneering-dna-soil-intelligence-platform-302065688.html?ref=newsletters.qs.com) to expand its commercial growth.

🏥 **9amHealth,** a California-based virtual provider of cardiometabolic healthcare services, raised a[ $9.5M Series A](https://www.finsmes.com/2024/02/9amhealth-raises-9-5m-in-series-a-extension-funding.html?ref=newsletters.qs.com) from Cigna Ventures to expand operations.

## 💼 M&A

## 

🔄 **IFCO Systems NV**, a Netherlands-based provider of reusable packaging containers, [acquired](https://www.prnewswire.co.uk/news-releases/ifco-announces-strategic-acquisition-of-bepco-a-market-leader-in-reusable-packaging-for-meat-and-dairy-in-the-baltics-302065158.html?ref=newsletters.qs.com) BEPCO, an Estonian supply and storage company that provides transport packaging recycling services.

🛡️ **Inszone Insurance Services,** a California-based full-service insurance firm, [acquired](https://www.businesswire.com/news/home/20240220485564/en/Inszone-Insurance-Services-Ventures-into-Indiana-with-Acquisition-of-Financial-Arts-Inc.?ref=newsletters.qs.com) Financial Arts, an Indiana-based employee benefits and insurance service provider.

📚 **Unleashed Brands,** a Texas-based innovative brand that operates a youth enrichment platform, [acquired](https://www.prnewswire.com/news-releases/unleashed-brands-announces-acquisition-of-sylvan-learning-302064146.html?ref=newsletters.qs.com) Sylvan Learning, a Maryland-based provider of supplemental and enrichment education for K-12 students.

🛰️ **NUVIEW,** a Florida-based earth observation and geospatial technology company building the world's first commercial LiDAR satellite constellation, [acquired](https://www.prnewswire.co.uk/news-releases/nuview-acquires-astraea-to-leverage-ai-for-earth-observation-302065673.html?ref=newsletters.qs.com) Astraea, a Virginia-based satellite imagery analytics company.

## **📅** Economic Calendar

Major Inflation Data, Balance of Trade, US GDP Growth Data + More

### Thursday, February 22nd 2024

🇺🇸 [US FOMC Minutes](http://www.federalreserve.gov/)  
🇩🇪 [Germany HCOB Manufacturing PMI ](https://www.pmi.spglobal.com/public?ref=newsletters.qs.com)[(Preliminary)](https://www.destatis.de/?ref=newsletters.qs.com)[, February](https://www.pmi.spglobal.com/public?ref=newsletters.qs.com)

### Friday, February 23rd 2024

🇩🇪 [Germany Ifo Business Climate, February](https://www.ifo.de/?ref=newsletters.qs.com)

### Tuesday, February 27th 2024

🇯🇵 [Japan Inflation Data, January](https://www.stat.go.jp/?ref=newsletters.qs.com)   
🇩🇪 [Germany GfK Consumer Confidence, March](https://www.gfk.com/de/?ref=newsletters.qs.com)  
🇺🇸 [US Durable Goods Orders Data, January](https://www.census.gov/?ref=newsletters.qs.com)

### Wednesday, February 28th 2024

🇺🇸 [US GDP Growth Rate Q4](http://www.bea.gov/?ref=newsletters.qs.com)

### Thursday, February 29th 2024

🇫🇷 [France Inflation Data (Preliminary), Februar](https://www.insee.fr/?ref=newsletters.qs.com)y  
🇮🇳 [India GDP Data, Q4](https://www.mospi.gov.in/?ref=newsletters.qs.com)  
🇩🇪 [Germany Inflation Data (Preliminary), February](https://www.destatis.de/?ref=newsletters.qs.com)  
🇨🇦 [Canada GDP Data, Q4](https://www.statcan.gc.ca/?ref=newsletters.qs.com)  
🇺🇸 [US Core ](https://www.bea.gov/?ref=newsletters.qs.com)[PCE Price Index Data](https://www.bea.gov/?ref=newsletters.qs.com)[, January](https://www.bea.gov/?ref=newsletters.qs.com)  
🇺🇸 [US Personal Income & Spending Data, January](https://www.bea.gov/?ref=newsletters.qs.com)

### Friday, March 01st 2024

🇨🇳 [China NBS & Caixin Manufacturing PMI (Preliminary), February](http://www.stats.gov.cn/?ref=newsletters.qs.com)  
🇯🇵 [Japan Consumer Confidence, February](https://www.cao.go.jp/?ref=newsletters.qs.com)   
🇪🇦 [Euro Area Inflation Data (Flash), February](https://ec.europa.eu/eurostat/?ref=newsletters.qs.com)   
🇮🇹 [Italy GDP Data, 2024](https://www.istat.it/?ref=newsletters.qs.com)  
🇮🇹 [Italy Inflation Data (Preliminary), February](https://www.istat.it/?ref=newsletters.qs.com)   
🇮🇹 [Italy Government Budget, 2023](https://www.istat.it/?ref=newsletters.qs.com)  
🇺🇸 [US ISM Manufacturing PMI ](https://www.ismworld.org/?ref=newsletters.qs.com)[(Preliminary)](https://www.destatis.de/?ref=newsletters.qs.com)[, February ](https://www.ismworld.org/?ref=newsletters.qs.com)

[](https://www.ifo.de/?ref=newsletters.qs.com)

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