San Diego ranks third in the the United States and ahead of China in the amount of venture capital raised for biotechnology ventures, according to a report released Monday.
The report by the global accounting and consulting firm EY found New England ranked in first with $7.1 billion raised in 2016, followed by $4.8 billion in the San Francisco Bay area and $2.2 billion in San Diego.
Each of those American regions exceeded the total for both China and the United Kingdom, both of which were under $2 billion in 2016.
The report comes as the BIO International convention opens in San Diego with more than 16,000 people expected to attend.
EY said that investment demonstrated “strategic investors’ interest in the potential medical applications of sequencing technologies.”