During the first quarter of 2016, device companies raised an aggregate $1.8 billion in financing, a 50% increase over last quarter's $1.2 billion. Debt was the top financing vehicle, accounting for $1 billion from six deals, or 56% of the total Q1 device financing total. (See Exhibit 1.) This is the first time debt has led since Q2 2011 when eight transactions together totaling $767 million made up 45% of the quarter's money raised.
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