The venture capital machine is still running in high gear, even as scores of businesses file for bankruptcy due to pandemic-related losses. In Minnesota, health care startups have been among the primary beneficiaries of an influx of VC cash.

On Tuesday, med-tech trade group Medical Alley Association announced that its members have raised more than $1 billion during the first three quarters of 2020. For perspective, it took an entire year for Medical Alley companies to crack the $1 billion mark in 2019. And that was the first year they raised a collective $1 billion.

Bright Health, a Minneapolis-based health insurance startup, has led the pack this year, having secured a $500 million Series E raise in the third quarter. During the third quarter alone, Medical Alley companies raised nearly $760 million, thanks in large part to Bright Health.

“While it would be a mistake to overstate the impact of Bright Health’s round, it would be even more unwise to diminish it; after all, it was the second largest venture round taken by a healthcare company in the United States so far in 2020,” the association said in a statement.

Still, association members already hit a new record for third-quarter investments even before Bright Health’s announcement. Raises from Preventice Solutions ($137 million), CVRx ($50 million), and CardioMech ($18.5 million) helped raise the bar in the quarter, according to Medical Alley.

“During this pandemic, Medical Alley has been answering the call, delivering on our leadership position as the global epicenter of health innovation and care,” said Shaye Mandle, the association’s president and CEO. “Clearly, shattering another record for investment in Medical Alley health innovators demonstrates that the world increasingly looks to Medical Alley for today’s needs and to bring the future of healthcare forward.”

In the statement, Medical Alley officials concede that venture capital “does tend to be insulated from the day-to-day market changes.” However, the Covid-19 pandemic and the upcoming presidential election could cause “sizable market movements,” they said.

“Prolonged uncertainty can end up affecting the venture community as well,” Medical Alley said.

Here’s how 2020 raises have been divided by sector: