The surge of medical device IPOs during the 1st quarter wasn’t mirrored by venture capital investment, although medtech firms tied for the most number of healthcare deals during the quarter, according to CB Insights.

Medical device and biotech VC transactions each accounted for 27% of healthcare deals during the quarter, according to the data consulting firm.

But the number of healthcare deals and their total value both declined compared with the 4th quarter, according to the report. There were 125 Q1 venture capital deals worth $1.48 billion, down 15.5% and 25.1% against Q4, respectively, Compared with the 1st quarter of 2013, the number of deals was down 11.3% but their total worth rose 0.5%, CB Insights reported.

California and Massachusetts led the deal activity again during the 3 months ended March 31, but there was quite a disparity between the coasts. California accounted for 37% of all healthcare VC deals during the quarter, with Massachusetts a distant 2nd at 18%, according to the report.

California firms captured 47% of the VC healthcare spend in Q1, with Massachusetts companies bringing in 18% of the total. Late-stage funding continued to outpace early-stage investment, according to the firm’s report.