While device companies didn’t raise as much in venture capital over the course of 2006 as their biopharma counterparts did, they did close the gap considerably. As we noted last month in this space (see "Biopharma VCs Move to the Middle in 2006," START-UP, January 2007 [A#TK]), private biopharmas raised about the same in total that they had in 2005. Device firms, meanwhile, rose from $1.3 billion to $2.3 billion in total financing (including private rounds and PIPE financings), a 77% increase.
While 2005 was an unusually robust year for Series B rounds, 2006 saw a similar spike in Series C, and, as in 2005, much of this was fueled by the venture capital community’s enduring interest in orthopedics: over $100 million of the Series C financings were completed by orthopedics companies, led by spinal repair specialist Spine Wave Inc., which raised $36
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