The hi-tech sector, and particularly Internet start-ups, drove a record quarter for venture capital in the US.
According to quarterly figures from Price Waterhouse, second quarter venture capital investments were up 14 per cent over the same period last year, despite a VC boom in 1996 and wide expectations of a slowdown this year.
Technology firms accounted for the whole 14 per cent increase, which resulted in a total record figure of $3.2 billion. They attracted $2.23 billion in the quarter, up 35 per cent on the year earlier, and within that, Internet-related ventures doubled their funding to $561.5 million, spread between 111 firms. Investment in non-technology start-ups fell by $200 million.
Most of the VC was offered to Internet firms that were already in business but needed additional cash to move into profit, rather than new start-ups.
Regionally, Silicon Valley widened its lead over other US areas, taking over $1 billion in funds, more than triple any other region. It was followed by New England and then New York.
Some companies benefiting from major injections were Online Resources & Communications, an Internet banking service, and Home Financial Network.
'We are making good progress on 10nm,' claims Intel
Engineer calculates that Chengdu's plan to replace streetlights with artificial moonlight would cost $100bn
Research could also apply to other 'space weather' events involving hot, fast-moving plasma
Dark matter holds the Universe together - and gravitational waves could help identify it