From Deseret News archives:
Venture funding up 8% in quarter
However, Utah venture funding for the year dropped to $167 million, down 33 percent from $249 million in 2005.
The report noted that eight Utah companies received funding in the fourth quarter, up from four companies in the same quarter last year.
Joe Strain, a manager at PricewaterhouseCoopers' Salt Lake office, said 2006 represented an average year.
"There was nothing spectacular," Strain said. "But it definitely was a good year to see $167 million of VC money come into the state."
Utah County companies in the Internet and software industries dominated the fourth quarter deals.
Move Networks, an American Fork-based company specializing in video streaming over the Internet, led the deals at $11.3 million. Orem-based software developer Bungee Labs Inc. took in $7.1 million. Lindon-based Arteis Inc., a commercial art and graphic design services company, received $5.4 million.
Steven Stauffer, audit partner at Grant Thornton in Salt Lake City, said while 2006 Utah deals were smaller on average, investors still have confidence in the local market.
Nationally, venture cap- italists invested $25.5 billion in 2006, marking the industry's biggest burst of dealmaking since the dot-com bust clogged the financial spigot for entrepreneurs five years ago, according to an Associated Press story.
The MoneyTree survey is produced by Thomson Financial, PricewaterhouseCoopers and the National Venture Capital Association.
E-mail: danderton@desnews.com
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