Biotechnology leapt ahead as the biggest recipient of U.S. venture capital money in the second quarter, but first-time venture investments in companies overall dropped to a 15-year low, a trade association reported.
The venture capital industry put $3.67 billion into 612 separate companies or deals during the second quarter, of which $1.5 billion involved first-time funding, according to the MoneyTree report by the National Venture Capital Association and PricewaterhouseCoopers. The report was based on ThomsonReuters data.
Biotechnology funding grew 54 percent to $888 million in 85 deals, software came flat at $644 million in 135 deals and Internet companies fell 15 percent to $524 million in 124 deals.
Reuters
