The device IPO class of 2014 gained on share price, with several outperforming by more than 100%, and market caps for larger companies have grown at a rapid pace.

Q4 device financing reached $902 million versus Q3’s $734 million, while device M&A dollar volume increased $19 billion, from Q3’s $4.9 billion. Diagnostics companies raised $750 million, an 85% rise over the previous quarter’s $405 million; although diagnostics M&A totaled just $1 billion, it was the most deal-active quarter of 2014 with 11 transactions.

Device start-ups raised $1.7 billion in 2013, and approximately 75% of the total was from Series C or later rounds, a sign that investors are still more comfortable making investments in more advanced companies.