A host of medtech companies dodged the loss of billions of dollars in Silicon Valley Bank deposits — but the space still faces challenges.
That is one of the big takeaways from the latest DeviceTalks Weekly podcast.
The FDIC shuttered Silicon Valley Bank on March 10 to stave off a bank run amid depositor concerns over how the bank had managed risk around rising interest rates. With $209.0 billion in total assets and about $175.4 billion in total deposits, it was the second-largest bank collapse in U.S. history.
Silicon Valley Bank was a huge name in the tech and startup world since its founding in the 1990s. SVB’s website said half of all U.S. VC-backed tech and life science companies used the Santa Clara, California–based bank. Especially vulnerable were startups and other young companies that parked their funds at the bank — and found themselves asking how much they’d get back above the $250,000 FDIC deposit insurance limit.
By Sunday, March 12,…