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In all, San Francisco Bay Area companies received nearly 2.96 billion U.S. dollars in venture funds during the quarter, out of 7.38 billion dollars nationwide, according to the quarterly Money Tree Report published by the San Jose Mercury News.
The proportion was substantially above the region's typical quarterly share, which has hovered near 35 percent in recent quarters and averaged 32.4 percent since 1995, according to the report.
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The full moon sets behind a wind farm in the Mojave Desert in California, in this January 8, 2004 file photo. The search for new energy technologies is reinvigorating Silicon Valley but it could be years before 'clean' power plans translate into commercial products |
Overall, the report reflects robust investment activity in Silicon Valley despite a Wall Street downturn.
This came amid worries about companies' ability to cash in on investments through "exits" such as initial public offerings or acquisitions, but there has been no let-up in their ability to raise funds from institutional investors and find private companies in which to invest, the report said.
The valley's 40 percent share, featuring strong investments in clean tech and software, was part of a pronounced westward shift in venture capital.
California as a whole accounted for 52.9 percent of funding dollars in the quarter, nearly 10 percentage points higher than the state's average since 1995, said the report.
Clean-tech deals powered much of the Golden State's growth. The quarter's two largest deals were expansion rounds to solar energy companies, with 132 million dollars for Hayward-based OptiSolar and 115 million dollars to Oakland-based BrightSource Energy, according to the report.