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Device VCs Choose Flight, And Fight, In Face Of Challenges

The entire venture capital industry is facing difficult times. But few are taking as hard a hit as medical device investors. In our survey of 100 institutional and corporate VCs, 65% of the venture capitalists who said they invest primarily in medical device companies say they’re feeling “negative” about “the current state and future of VC.” Only 17% say they feel positive, with the remainder feeling neutral. Not surprising, device VCs’ worries center around limited partners and the FDA. Limited partners are demanding strong returns before re-upping with new funds, and the FDA, while improving, is holding a firm line in issuing new approvals. Device VCs keep looking for innovative technologies and waiting for opportunities to improve.

The entire venture capital industry is facing difficult times. But few are taking as hard a hit as medical device investors. Once a critical piece of the venture capital community, the device sector is becoming increasingly marginalized. Firms that once saw the sector as a hedge against more volatile opportunities no longer see devices as a safer or surer bet.

In our survey of 100 institutional and corporate VCs, 65% of the venture capitalists who said they invest primarily in medical device companies say they’re feeling “negative” about “the current state and future of VC.” That’s a sharp climb from 37% who answered similarly in our survey last year. To be fair, the entire industry is gloomy. Forty-six percent of VCs who identified themselves as biopharma investors gave the VC industry a “negative” rating, an increase from 29% last year

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