US venture capital firms are increasing their spend on IT businesses and innovations, according to new figures from Dow Jones' VentureSource arm.
Investors put $7.7bn (£5.03bn) into 744 deals in the second quarter of this year, much of it going in the direction of technology firms. This is the highest rate of quarterly investment since 2008 when $8.4bn (£5.5bn) was put into 699 deals.
"Fuelled by investors' needs to keep current portfolio companies funded, and to begin investing from new funds, venture capital financing had a strong quarter," said Jessica Canning, global research director for Dow Jones VentureSource.
"Deal activity and capital invested in venture-backed companies is once again near the levels seen before the start of the recession in 2008."
Healthcare took the lion's share of the cash, but IT took the largest proportion of deals, according to the figures.
Investment in IT-related businesses totalled $1.9bn (£1.2bn) in the quarter, up from $1.6bn (£ 1.04bn) the same time last year. Software companies were the big winners, receiving $908m (£594m) across 156 deals.
Dow Jones VentureSource found that the median size of investment was $4.9m (£3.2m), a slight drop on the $5m (£3.27m) the same time last year.
However, the outlook for tech startups this side of the pond is not so rosy. According to the National Endowment for Science, Technology and the Arts (Nesta), a Lottery-backed investment group, the economic slowdown in the UK has had a negative impact on investment.
Nesta released a report earlier this month which found that investment in technology startups was down by about 40 per cent over the past two years. The organisation added that the number of exits - those projects that make the jump to an actual launch - had fallen by 40 per cent, while funding is down by 50 per cent.
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