Bay Area Venture Capital Investing Reaches Highest Level Since 2001

San Francisco -- The amount of venture capital invested in Bay Area companies during the second quarter reached its highest level since the end of the Internet boom, according to new figures released on Monday by Dow Jones VentureOne and Ernst & Young. Area companies raised a total of $2.4 billion in 207 rounds, up from $1.8 billion last quarter and $2.1 billion a year ago. In fact, the last time the figure was higher was the fourth quarter of 2001. The majority of the funding, about $1.6 billion, went to information technology companies, led by San Jose-based NeoPhotonics, which raised $75 million in June. Other large investments went to Palo Alto-based Nansolar ($75 million), Berkeley-based Aerovance ($60 million) and South San Francisco-based Proteolix ($45 million). The local activity closely mimicked a national trend. In the U.S., venture capital investing reached its highest point in 4 ½ years with $6.73 billion invested. The increase was boosted by the highest infusion of capital in recent quarters in the market's two major industry groups -- health care and IT.
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