Open-source venture investing hasn't dried up, nor is it in danger of doing so anytime soon. I don't have a crystal ball. I don't need one. All I have to look at is the increasing pace of open-source mergers and acquisitions, as Matt Aslett documents, and I can predict more VC funding chasing more investment banking exits.
What is immediately apparent from a scan of the 451 CAOS Theory archives, however, is that there has been a rapid increase in M&A activity in recent quarters. In the third quarter alone there were 13 deals where the acquirer or acquired (or both) are open source software vendors. In the second quarter there were six. In the first quarter just three.
At this rate, there won't be any left...until VCs go out and grow some more. Which they will.