In the final quarter of 2018, device fundraising reached $1.5bn, 42% down from the $2.6bn raised in Q3, and an all-time low for the year. Still in all, device financing totaled $15bn for 2018, nearly double the $8.4bn aggregate from 2017. Siemens Healthineers AG (a spin-off of Siemens AG) outlier $5.2bn IPO [See Deal] in March propelled the IPO category to $5.9bn in 2018; excluding that transaction, the total across all financing types decreases to $9.8bn for the year, but still remains an increase over 2017 (see Exhibit 1).
In Q4, late-stage venture financings and FOPOs again were the top fundraising vehicles, together bringing in just over 50% of...