Total investments in the tech industry reached $34.3 billion in 1999, vs. $11.2 billion in 1998, according to an annual report from VentureFinance, published by New York-based Technologic Partners, which has been tracking high-tech venture capital since 1986.
Some of the report's other findings include:
The top industries pulling in funds in 1999 included Internet services, with $14.6 billion; voice and data communication services, with $6.2 billion; communications products, with $4.2 billion; enterprise software, with $2.8 billion; and Internet and networking software, with $2.7 billion.
The top ten VC firms in 1999 based on their number of investments were New Enterprise Associates, with 108; Accel Partners, 94; Intel Capital, 88; Chase Capital, 83; Draper Fisher Jurvetson, 80; Bessemer Venture Partners, 79; Oak Investment Partners, 79; Atlas Venture, 63; TL Ventures, 63; and Norwest Venture Partners, 61.
California-based companies raised a total of $17.7 billion in venture funds--the highest figure accumulated in the United States--followed by Massachusetts, at $3.1 billion, and New York, at $2.6 billion. Washington, Colorado, Texas, Pennsylvania and Florida came in the top 10.
Communications company NextWave Telecom lead the tech industry in investments, pulling in $2.3 billion over the year to purchase communication spectrum licenses from the government. Digital Access, a software and systems engineering company, raised $450 million, and fiber-optic networks provider 360networks raised $345 million. Several e-commerce companies also fell in the top 10. In a third round of funding, CarsDirect.com raised $280 million in 1999; Webvan Group raked in $275 million, and financial firm Datek Online raised $195 million.