Originally published October 17, 2012 at 12:03 AM | Page modified October 17, 2012 at 6:36 AM
Venture-capital investment in Washington companies sagged in the third quarter, according to a report to be released Wednesday by research firm CB Insight.
The state logged 24 deals last quarter totaling $132.49 million, the firm reported, down from 32 deals and $312 million in the second quarter.
Information technology continued to dominate the local venture-funding landscape, with Internet and telecommunications (including mobile) companies receiving the most attention and cash. Mobile and telecommunications companies got about $33 million in four deals during the quarter, while Internet companies received about $22.5 million in seven deals.
Healthcare was the state?s other significant venture sector, with six deals totaling about $18.5 million.
One of the largest local deals last quarter involved Seattle-based Impinj, which makes chips for ultra-high-frequency radio ID tags. In July, the company canceled its dormant IPO filing, instead raising about $24 million privately.
Other significant recent deals include Seattle-based Discovery Bay Games, which raised $15 million in August; Redmond-based Kymeta, a spinout of Intellectual Ventures, which raised $12 million in August; and cloud-computing company Tier 3 of Bellevue, which raised $10 million last month.
Just over half of the Washington deals last quarter were early-stage, though they only took about $50 million altogether. That was the smallest early-stage share in the past five quarters, according to CB Insight?s data.
So far this year, according to CB Insight, there have been 84 venture deals in Washington worth a total of $650 million.
The CB Insights report is one of several to track the somewhat opaque world of venture capital. PricewaterhouseCoopers and the National Venture Capital Association produce the ?MoneyTree Report?; Dow Jones VentureWire conducts its own survey.
Nationally, the firm reported 835 venture deals worth a combined $7.45 billion, down from 812 deals worth $8.1 billion in the second quarter. The smaller average deal size reflected what CB Insights called ?an insatiable VC appetite for making small seed investments in fledgling companies.?
Washington ranked sixth among the states in number of venture deals last quarter and ninth in their dollar value. California, as always, was far ahead of everyone else, accounting for 366 deals and more than half the quarter?s total venture investment. While 2012 deal volume through the third quarter is running ahead of last year?s pace, the total funding level is down about $1.6 billion to date.
?Overall, 2012 looks like it will be a down year for VC funding relative to 2011, barring a freakish fourth-quarter rally,? the firm said in its report.
Drew DeSilver: 206-464-3145
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