1、2Notes:(1)Drake Star telemedicine index gathers public telemedicine companies on a global basis.“Drake Star telemedicine index”is not a fund.The“index”is a number of global public telemedicine companies Drake Star tracks.The full list of companies included in the“index”is available on page 20.There

2、are three changes with the initial Drake Star telemedicine index:(a)the withdrawal of Pharmasimple SA because of bankruptcy and suspension of listing;(b)the withdrawal of Babylon Holding which recently got bought by Emed.Com Technologies Limited;(c)the withdrawal of 1Life Healthcare,Inc.because of i

3、ts sale to Amazon.This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assume no liability

4、for its use.Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice.Source:Pitchbook,Capital IQ,Drake Star proprietary researchWe observe a low M&A activity in European telemedicine with 13 deals completed in H1 2023.The trend is similar in

5、the US with 19 deals in the first semester.There were either geographic-oriented deals or vertical integration in technology.Low M&A marketFundraising activity in H1 2023 was down with only 121 deals completed in the first semester.The US were leading both in deal value and deal count,representing a

6、lmost 70%of the total number of deals in the first semester.We notice that investors focus both on seed and late-stage VC rather than Early-stage and PE Growth/Expansion.Fundraising still down in EU&US.Preference for either emerging companies or mature onesDrake Star Securities LLC is regulated by F