First quarter 2021 device financing reached $2.8bn, a sharp decline from the fourth quarter of 2020’s $4.2bn. The follow-on public offering (FOPO) category made up the most, accounting for $780m, or 28%, of the first-quarter total, followed by VC financings, which brought in an aggregate $736m, or 27% of the first-quarter financing dollars.
During the first quarter, three device players completed IPOs that together totaled $493m, making up 18% of the quarter’s aggregate financing. This group includes Chinese device start-up CardioFlow, which netted...