San Jose, Calif. -- Venture capital activity made healthy gains in Silicon Valley during the second quarter, according to a new report from PricewaterhouseCoopers and the National Venture Capital Association (NVCA). VCs invested $2.96 billion in local companies during the quarter, up 11% from the previous quarter and 9% from the prior year. Nationally, however, venture capitalists invested $7.4 billion, about the same as a year ago. "Despite the turmoil in the markets, the pace of investing in the first half of 2008 indicates that venture investing is on target to reach the $30 billion level this year, putting it on par with 2007 when $30.7 billion was invested," said Tracy Lefteroff, global managing partner of the venture capital practice at PricewaterhouseCoopers. "VCs are continuing to find and fund new deals."