Global venture funding has been steadily dropping in the last year — and startups have been feeling the pain, with The Wall Street Journal dubbing it a “historic drought in venture funding.”

However, even with that broader decline, healthcare and financial services companies took on the majority of venture funding in November, according to a Crunchbase report released this week. 

More than $3 billion was invested into the healthcare sector last month, even as global venture funding overall dropped.

Notably, AI companies were more likely to bring in investments last month, raising $2.4 billion in funding. The largest investments went to AI infrastructure companies, including Aleph Alpha and Together AI, according to Crunchbase.

The report, which includes data leading up to the start of December, found that global venture funding reached $19.2 billion in November — a 16% decrease from $23 billion in November 2022.

The report comes as the healthcare industry has also seen a drop in startup investments, which reached a peak during the COVID-19 pandemic then began declining starting in 2022. Health startup investments reached a low again in Q3 2023.

Still, given those headwinds, healthcare has managed to stay afloat compared to other sectors. 

In a previous Crunchbase report published in May, healthcare was the top sector for total investments in April, bringing in $5.7 billion even as overall global venture funding had a “bummer month.”

Health companies that brought in the biggest investment rounds in April included Orbital Therapeutics, Noah Medical and Enveda Biosciences.

AI companies have also been some of the top contenders in staying afloat this year, with the May report finding that AI companies raised $2.8 billion — accounting for about 13% of total funding in April. Those included companies like OpenAI, CoreWeave and AlphaSense.

The most recent report, for November, notes that early-stage funding dropped the most year-over-year at 34%. It’s “an indication that venture investors continue to scale back even when investing in younger startups,” the authors wrote.

Venture capitalists have pointed to that scaling back, and now have higher standards for which startups they invest in. That’s led to a nearly 50% decline in U.S. tech startup investment from 2022 to 2023, according to PitchBook.