Big deals, even bigger questions. Jonathan Norris of HSBC Innovation Banking explains why 2025 is already one for the books. Venture investment across the medical device sector kicked off 2025 with a bang, posting $2.6 billion in first-quarter funding across 132 deals — the highest quarterly dollar mark in three years. According to Jonathan Norris , Managing Director at HSBC Innovation Banking , who writes comprehensive reports on the venture healthcare ecosystem, this surge marks a 20% rise in both capital and deal count compared to the 2024 average. “Not only did we have more dollars, but there were more deals, which is really good to see,” Norris says, in a recent interview with The Lens . “I think the quick and easy takeaway is that more companies were getting funded in Q1, and a good percentage of the bigger deals in the quarter were PMA pivotal trial rounds. It looks like positive momentum for the sector to see a big quarter. That’s our 35,000-foot view.” But ben...
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