Since the beginning of 2008, 168 companies that make surgical devices have raised venture funding. Later stage deals, which account for 56% of the investment activity, experienced a healthy increase between 2009 and 2011. This rise at the later stage helped propel the overall deal count up from 63 in 2009 to 78 and 76 in 2010 and 2011, respectively. Conversely, early stage deals have been declining—they've steadily decreased from 42 in 2008 to just 25 last year. However, with 45 financings raised so far this year (including 32 later stage deals and 10 early stage), the lingering decline at the early stage evidently hasn't had too adverse of an effect on the industry.