Could you show me where you're getting that data? Not saying you're wrong, it's just that this contradicts everything I've heard before and I can't find counter-evidence. I checked the NVCA's latest data pack (which is excellent) and it seems to agree with me that tech dwarfs pharma.
If you go to "Deals x Sector" and then scroll down they split out deals by dollar value by sector and software alone is $89.2B vs $25.3B for pharma last year. But software isn't all of the tech industry, they also have a row for IT hardware startups which is $8.2B. Adding it up the tech industry sees 4x more money flowing into it than pharma despite that most tech startups are selling optional nice-to-haves to people who buy from their own pocket, vs pharma who sells stuff that might be life-critical to people who socialize the costs via insurance.
In theory, pharma should dwarf tech. You can't say no to a life saving drug if you need it: it should be easy money. In practice, the VCs interviewed in my source seem to have it right - pharma VC is much less competitive overall.
https://nvca.org/document/q4-2024-pitchbook-nvca-venture-mon...
If you go to "Deals x Sector" and then scroll down they split out deals by dollar value by sector and software alone is $89.2B vs $25.3B for pharma last year. But software isn't all of the tech industry, they also have a row for IT hardware startups which is $8.2B. Adding it up the tech industry sees 4x more money flowing into it than pharma despite that most tech startups are selling optional nice-to-haves to people who buy from their own pocket, vs pharma who sells stuff that might be life-critical to people who socialize the costs via insurance.
In theory, pharma should dwarf tech. You can't say no to a life saving drug if you need it: it should be easy money. In practice, the VCs interviewed in my source seem to have it right - pharma VC is much less competitive overall.