Quarterly Venture Capital Report - Q3 2010 by CB Insights by cbinsights

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									                                                                                       Venture Capital Activity Report | Q3 2010




TABLE OF CONTENTS
QUARTER SUMMARY                                               2

QUARTERLY TRENDS                                              3

SECTOR REVIEW                                                 11
1      INTERNET                                               11

2      HEALTHCARE                                             18

3      GREEN / CLEAN TECH                                     25

GEOGRAPHIC REVIEW
1      CALIFORNIA                                             32

2      MASSACHUSETTS                                          38

3      NEW YORK                                               43

4      WASHINGTON                                             49

5      TEXAS                                                  54



DEFINITIONS & DATA INTEGRITY                                  59




    © 2010, CB Insights. All rights reserved. For more information about CB Insights, please email info@cbinsights.com.

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 2                                                                     Venture Capital Activity Report | Q3 2010


Q3 2010 – This Quarter in Venture Capital
Funding drops to five quarter low, but deals at a near eight quarter high. Seed deals
emerging across all sectors. Cali, Mass and NY share of VC slips slightly.
At $5.4B of venture capital funding over 715 deals, Q3 2010 was a mixed bag. A superficial examination of the funding
total through a “glass half empty” lens will suggest that venture capital remains in the doldrums given the quarter’s fairly
anemic funding levels. The other take on the data would suggest optimism given the quarter’s dealflow strength.

If we had to choose, we’d opt for optimism. The quarter’s funding was most impacted by a relative absence of VC mega-
deals, i.e., deals over $100 million which typically serve to drive the funding total up. The primary reason for optimism is
the quarter’s deal strength indicating venture investors are opening their proverbial wallets. The emergence of seed VC
deals across a variety of sectors, not just internet, also indicate a healthy early-stage investment environment.

The Big Three Loosen Their Stranglehold on VC                    Internet - Social & Advertising Win; Gaming Loses

  California, Massachusetts and New York which                     Social and advertising internet plays comprise 26% and
  represented 65% of last quarter’s deals and 70% of               24% of internet deals and dollars, respectively. Perennial
  funding still dominated but eased up a bit in Q3 2010            hot industry gaming falls off a cliff in Q3 2010 on both a
  capturing 57% of deals and 63% of funding.                       deals and dollars basis.

Seed Investments Keep Growing                                    California Dominates – Just a Bit Less

  From 1% of deals in Q3 ’09, seed venture capital                 Dealflow remains strong but funding falls below $3B in
  investments grew to 11% of deals in Q3 2010. Although            the quarter and is off 25% vs. the year ago quarter.
  still largely an internet VC phenomena, seed                     Internet and healthcare continue to win most of deals and
  investments are emerging in other sectors as well. The           dollars. Energy & Utilities’ investment in the state drops
  prevalence of seed investments drove much of the                 precipitously vs. levels seen in the first half of 2010.
  increase in deals in the quarter.
                                                                 Massachusetts Funding Plummets
Internet Series A Median Deal Sizes Increase
                                                                   The state sees a five quarter low dropping below half a
  With the aforementioned significance of seed VC rounds           billion dollars of funding while dealflow stays consistent.
  within the internet sector, we saw an increase in median         Healthcare remains dominant but loses some share of
  Series A deal sizes within the internet sector indicative        dollars and deals to internet and software. Portion of
  of a true dividing line between Seed vs. Series A deals.         state’s deals going to seed deals significantly less than
                                                                   New York and California.
Green and Clean Tech Investments Lose Energy
                                                                 New York Continues to Bet on Seed Internet Ideas
  Green/Clean Tech funding totals which typically benefit
  from mega-deals in areas like renewables or electric             Once again, NY retains its mantle as the least diverse of
  vehicles saw a large drop given the absence of such              the Big Three states with over 70% of deals and 60% of
  deals in the quarter. Deal volume was up, however, on            funding going to internet companies. The state’s seed
  the back of seed deals and a 300% increase in green /            stage deals have continued to climb.
  environmental software (smart grid) vs. Q2 2010.
                                                                 Washington Continues its Ascent
Healthcare Investment on Road to Recovery
                                                                   Deals way up and funding grows modestly continuing
  After the Q1 2010 nadir, healthcare funding has climbed          state’s momentum. Seed deals make more of an impact.
  nicely for the last two quarters with deal activity also         Internet and healthcare dominate deals and dollars.
  growing strongly. Funding and deal levels, however,
  remain below YoY levels. Massachusetts and California          Don’t Mess With Texas
  continue to dominate but Mass share of healthcare VC
  funding fell quite significantly vs. prior quarter.              Texas retains share of deals in VC landscape while
                                                                   funding dollars were up. Energy & utilities and healthcare
                                                                   are dominant sectors. Like other states, increased
                                                                   prevalance of seed investments.

www.cbinsights.com
 3                                                        Venture Capital Activity Report | Q3 2010


$5.4B over 715 Deals – Strong Dealflow; Few Mega Deals
VC funding dipped to $5.4B, a five quarter low, while deal activity recorded its second
highest tally in 8 quarters. Absence of mega deals hurt funding total.




                     Quarterly VC Investment and Deal Volume Trend
                                           Q4 '08 to Q3 '10

                                                                     730                   715
                                           678         687
      603                     613                                            612

      $5.9            483                 $6.1                      $5.9     $5.9
                              $5.3                    $5.5                                 $5.4


                      $3.9




     Q4'08            Q1'09   Q2'09       Q3'09       Q4'09         Q1'10    Q2'10        Q3'10

                                      Funding ($B)            # of Deals

                                                                                    www.cbinsights.com




www.cbinsights.com
4                                                             Venture Capital Activity Report | Q3 2010


Cali, Mass and NY See Decreased Share of Deals
Washington gains on deal share as the Big Three (NY, Mass, Cali) see lowest
aggregate share of deals in last five quarters.




                 Share of Venture Capital by State - Number of Deals
                                              Five Quarter Trend




              31%                   28%               31%              26%
                                                                                        33%

                                     4%                                 4%
               3%                    6%               4%                5%
               4%                                     5%                                 5%
               6%                    6%                                 8%               5%
                                                      8%                                 7%
              11%                   13%                                14%
                                                      12%                               12%



              45%                   44%               41%              43%              38%



              Q3'09                 Q4'09            Q1'10             Q2'10            Q3'10

                     California   Massachusetts   New York     Texas   Washington   Other


                                                                                      www.cbinsights.com




www.cbinsights.com
 5                                                            Venture Capital Activity Report | Q3 2010


The Big Three Also Fall on Total Share of VC Funding
Akin to deals, Cali, Mass and NY all saw a decreased share of venture funding YoY.
Mass slipped big in quarter. Overall, big three states garnered 63% of VC funding.




                Share of Venture Capital by State - Dollars of Funding
                                             Five Quarter Trend




              24%                  26%               23%                  23%              27%
               2%                                     2%
                                    3%                                     4%
               4%                                     4%                   4%               4%
               4%                   4%                5%                   6%
                                    5%                                                      7%
              10%                                                                           5%
                                                     15%                  12%
                                   12%                                                      9%



              57%                                                         52%
                                   49%               49%                                   49%




              Q3'09                Q4'09            Q1'10                 Q2'10           Q3'10

                      California   Massachusetts   New York       Texas     Washington   Other


                                                                                         www.cbinsights.com




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6                                                          Venture Capital Activity Report | Q3 2010


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 7                                                                  Venture Capital Activity Report | Q3 2010


July 2010 Most Active Dealflow Month in the Last 15 Months
Q3 starts with a bang on dealflow which remained strong throughout the quarter.
August 2010 is lowest monthly tally of VC funding in the last 15 months.




                            Monthly VC Investment and Deal Volume Trend
                                             July 2009 to September 2010

                                                                                                    298
                                                           275

                     231                   237                    232                        244
     227    220              220    230           223
                                                                                                             205    212
                                                                                      190
                                                                           178               $2.5
                     $2.4
                                                  $2.3
                                                                                                    $2.1
                                    $1.9   $1.9                   $2.0
     $1.9   $1.8                                                                                                    $1.8
                             $1.6                          $1.7            $1.7       $1.6
                                                                                                             $1.5




                                            Funding ($B)                 # of Deals

                                                                                                           www.cbinsights.com




www.cbinsights.com
 8                                                                   Venture Capital Activity Report | Q3 2010


Seed VC Deals Continue to Climb Growing to 11% of Deals
Q3 saw seed deals continue to gain prominence and emerge across a variety of
sectors. Overall, later stage deals garnered less venture funding in the quarter.

                      Share of Venture Capital by Series - Number of Deals
                                                Five Quarter Trend



                                                                                  4%
                     12%              11%                  10%                                           10%
                                                                                 12%
                                      10%                   9%                                            8%
                     11%
                                                                                 18%                     15%
                                      14%                  19%
                     19%

                                                                                 24%                     24%
                                      28%
                                                           27%
                     29%


                                                                                 33%                     33%
                                      31%                  28%
                     28%

                                       6%                   6%                    9%                     11%
                      1%
                     Q3'09            Q4'09                Q1'10                Q2'10                   Q3'10

                             Seed    Series A   Series B         Series C      Series D       Series E +

                                                                                                       www.cbinsights.com


                     Share of Venture Capital by Series - Dollars of Funding
                                                Five Quarter Trend



                                                                                  6%
                                      16%                  19%                                           16%
                     28%
                                                                                 23%
                                      16%                                                                12%
                                                           15%
                     15%
                                                                                                         21%
                                      21%                  19%                   32%
                     20%

                                      26%                                                                30%
                                                           34%                   22%
                     24%

                                      20%                                        17%                     20%
                     13%                                   14%
                      0%               0%                   0%                    1%                      1%
                     Q3'09            Q4'09                Q1'10                 Q2'10                   Q3'10
                              Seed   Series A   Series B     Series C       Series D      Series E +

                                                                                                       www.cbinsights.com

www.cbinsights.com
 9                                                                   Venture Capital Activity Report | Q3 2010


Internet & Healthcare Maintain; Energy VC Gets Tired
Perennial top 2 sectors maintain share of funding and deals. In line with green tech
drop, energy & utilities fell on deals and significantly on funding due to few mega-deals.

                      Share of Venture Capital by Sector - Number of Deals
                                                 Five Quarter Trend



                     19%              16%                                       14%                   17%
                                                         20%
                                                                                8%                    7%
                      8%              9%
                                                            8%                  4%                    4%
                      5%              4%                                        7%
                                                            3%                                        8%
                      6%              10%                   8%                  7%
                      5%              4%                                                              6%
                                                            7%

                     29%              33%                                       38%                   33%
                                                         30%



                     28%              25%                24%                                          26%
                                                                                23%


                     Q3'09            Q4'09             Q1'10                  Q2'10                 Q3'10

                             Healthcare                            Internet
                             Energy & Utilities                    Software (non-internet/mobile)
                             Computer Hardware & Services          Mobile & Telecommunications
                             Other
                                                                                                  www.cbinsights.com


                     Share of Venture Capital by Sector - Dollars of Funding
                                                 Five Quarter Trend



                                      14%                                       12%                   15%
                     19%                                 22%
                                                                                6%
                                       7%                                       4%                     5%
                     13%               4%                   8%                  6%                     8%
                                       9%                   4%                                         8%
                      4%                                    7%                  17%
                      5%               5%                                                              9%
                     10%                                 15%
                                      27%                                                             23%
                     17%                                                        28%
                                                         21%


                     32%              33%                                       28%                   33%
                                                         24%


                     Q3'09            Q4'09             Q1'10                  Q2'10                 Q3'10

                             Healthcare                          Internet
                             Energy & Utilities                  Software (non-internet/mobile)
                             Computer Hardware & Services        Mobile & Telecommunications
                             Other

                                                                                                    www.cbinsights.com


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10                                              Venture Capital Activity Report | Q3 2010


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11                             Venture Capital Activity Report | Q3 2010




     Q3 2010 Venture Capital

     INTERNET




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12                                                  Venture Capital Activity Report | Q3 2010


VC Internet Dealflow Remains Flat; Funding Drops
Internet dealflow remains strong as early stage investing continues to rule. Dearth of




                                                                                                Internet
mega-deals is largely to blame for sharp drop in funding from last quarter.




                 Internet VC Investment and Deal Volume Trend
                                   Last Five Quarters

                         224                                   233            233
                                          221
           194                                                $1,618
                        $1,483
                                        $1,265                               $1,253
         $1,054




          Q3'09          Q4'09           Q1'10                Q2'10          Q3'10


                                 $ Funding       # of Deals

                                                                          www.cbinsights.com




www.cbinsights.com
13                                                           Venture Capital Activity Report | Q3 2010


Internet VC Activity Remains Concentrated in CA, MA & NY
No surprises as California dominates the Internet scene. New York and




                                                                                                         Internet
Massachusetts take 2nd and 3rd, respectively, in both dealflow and funding.




                VC Deal Volume (#) in Internet by State, Q310                Quarter Highlights

                                                California                   233 deals | $1,253M
           3%                                   New York
    1%            15%                                                        Top Five Deals
                                                Massachusetts
 1%
  0%                                            Washington                     Contact Solutions
 2%                                             Virginia                       iContact
                                  44%                                          Jive Software
 1%                                             North Carolina                 Inflection
          6%                                                                   Angie’s List
                                                Oregon
                                                Indiana
            11%                                                              Top Cities
                                                DC
                                                Georgia                       San Francisco, CA
                        16%
                                                All Other                      36 deals | $131M
                                                                              New York, NY
                                                      www.cbinsights.com       31 deals | $126M
                                                                              Mountain View, CA
                                                                               5 deals | $68M
                                                                              Palo Alto, CA
                                                                               10 deals | $68M
                VC Investment ($) in Internet by State, Q310                  Reston, VA
                                                                               2 deals | $51M
                                                                              San Mateo, CA
                 2% 9%                          California                     6 deals | $43M
           2%                                                                 Durham, NC
      2%                                        New York                       2 deals | $41M
                                                Massachusetts                 Los Angeles, CA
      2%
                                                                               6 deals | $32M
                                                Washington                    Boston, MA
     4%
                                                Virginia                       4 deals | $32M
          4%                                                                  Portland, OR
                                                North Carolina
                                  50%                                          2 deals | $31M
          5%                                    Oregon

           8%                                   Indiana
                                                DC
                   12%                          Georgia
                                                All Other

                                                      www.cbinsights.com




www.cbinsights.com
14                                                                       Venture Capital Activity Report | Q3 2010


70% of Internet Deals & Funding Go To Big Three States
Internet dealflow and funding follow familiar pattern at the top, but funding distribution




                                                                                                                             Internet
diversifies a bit with 30% of funding falling outside the top 3 states.

                             Share of Internet VC by State - Number of Deals
                                                        Last Five Quarters




                      27%                   26%                                      23%                    23%
                                                                29%
                                                                                             2%                     1%
                       2%                          1%                  1%            4%                     6%
                              1%            5%                  5%                   10%                    11%
                      13%                   10%                 9%
                                            12%                                      15%                    15%
                      12%                                       13%




                      45%                   46%                 43%                  47%                    44%




                     Q3'09                 Q4'09               Q1'10               Q2'10                 Q3'10

                       California       New York     Massachusetts      Washington      Illinois    Other

                                                                                                        www.cbinsights.com




                         Share of Internet VC by State - Dollars of Funding
                                                        Last Five Quarters



                                                                                     12%
                     18%                   21%                  17%
                              1%                                                                            25%
                                                                        1%            9%
                      1%                                        7%                            1%
                                            2%
                     13%                    4%                                        7%                     5%
                                            7%                  7%
                                                                                     15%                     8%
                     13%                    9%                  16%
                                                                                                            12%




                     55%                   56%                  52%                  56%
                                                                                                            50%




                     Q3'09                 Q4'09               Q1'10                 Q2'10                  Q3'10

                           California     New York      Massachusetts        Washington      Illinois   Other

                                                                                                        www.cbinsights.com

www.cbinsights.com
15                                                                 Venture Capital Activity Report | Q3 2010


VCs Remain Bullish on Early Stage Internet Investing
Early stage (Seed / Series A) dealflow share grows slightly from last quarter and share




                                                                                                               Internet
of funding surges; overall strongest early stage showing of last 5 quarters.

                           Share of Internet VC by Series - Number of Deals
                                                Last Five Quarters



                      4%               4%                  6%              1%                   4%
                      5%                                                   6%                   5%
                                       8%                  6%
                     16%              13%                                  18%              15%
                                                          17%


                                                                           23%              20%
                                      27%
                     36%                                  28%



                                                                           40%              42%
                                      38%                 33%
                     35%


                                      11%                 11%              12%              13%
                      4%
                     Q3'09            Q4'09               Q1'10           Q2'10             Q3'10

                             Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                          www.cbinsights.com



                        Share of Internet VC by Series - Dollars of Funding
                                                Last Five Quarters



                                       5%                                  1%
                      8%                                  13%                               10%
                                      16%                                  19%
                     16%                                                                        7%
                                                          10%
                                                                                            23%
                     22%              28%                 24%
                                                                           40%

                                                                                            27%
                     33%              28%                 33%
                                                                           19%

                                                                                            31%
                     20%              22%                 19%              20%
                      1%               1%                  1%              2%                1%
                     Q3'09            Q4'09               Q1'10           Q2'10             Q3'10


                             Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                          www.cbinsights.com


www.cbinsights.com
16                                                            Venture Capital Activity Report | Q3 2010


VC Internet Investment Remains Diverse Across Industries
Social and Advertising remain strong, while Gaming falls off the map. Cloud




                                                                                                            Internet
computing is strong with investment in Data Storage and Business Intelligence apps.




                          VC Deal Volume (#) in Internet by Sub-Industry, Q310
                                                          Advertising, Sales & Marketing
                             34%         12%              Bus. Intelligence, Analytics & Performance Mgmt
                                                          Social
                                                   8%     Information Providers & Portals
                                                          Video
                                                          Healthcare
                                                    14%   Health & Wellness
                                                          Content Management
                                                          Collaboration & Project Management
               1%                                  5%     Data Storage
                     2%                       4%          Education & Training
                                         4%               Data & Document Management
                     2% 3%
                                      3%                  eCommerce enablement
                             3%                           Apparel & Accessories
                                     2% 3%                All Other
                                                                                      www.cbinsights.com




                          VC Investment ($) in Internet by Sub-Industry, Q310
                                                          Advertising, Sales & Marketing
                                         13%              Bus. Intelligence, Analytics & Performance Mgmt
                                                          Social
                          24%
                                                          Information Providers & Portals
                                                    11%   Video
                                                          Healthcare
               2%                                         Health & Wellness
                                                    11%   Content Management
               3%
                                                          Collaboration & Project Management
                3%                                        Data Storage
                 3%                            8%         Education & Training
                      3%                                  Data & Document Management
                        3%           4% 6%
                                                          eCommerce enablement
                           3%                             Apparel & Accessories
                                3%                        All Other

                                                                                      www.cbinsights.com




www.cbinsights.com
17                                                                 Venture Capital Activity Report | Q3 2010


Web Series A Median Deal Size Continues Upward Trend
Series A median deal size grows to $3.4M, a 5 quarter high. Bifurcation between




                                                                                                                 Internet
Series A and Seed becoming more clear. Later stage medians maintain typical levels.




                         Internet Median Deal Size by Quarter
                                                     ($ Million)
                                                                                                    $10.8




                                                                      $7.0           $6.8
                                                     $6.0



                                   $3.4



                 $0.8


          Seed              Series A          Series B         Series C       Series D       Series E +

                        Q3'09             Q4'09          Q1'10            Q2'10          Q3'10



                                                                                            www.cbinsights.com




www.cbinsights.com
18                             Venture Capital Activity Report | Q3 2010




     Q3 2010 Venture Capital

     HEALTHCARE




www.cbinsights.com
19                                                 Venture Capital Activity Report | Q3 2010


Healthcare Investment Continues Climb Back




                                                                                               Healthcare
Healthcare dealflow surges, up 33% since last quarter. Funding inching up and
approaching 2009 levels.




             Healthcare VC Investment and Deal Volume Trend
                                  Last Five Quarters
           192
                                                                             184
                        169             173

                                                              138
         $1,910        $1,830                                               $1,753
                                                             $1,639
                                       $1,405




         Q3'09         Q4'09           Q1'10                 Q2'10          Q3'10


                                $ Funding       # of Deals

                                                                         www.cbinsights.com




www.cbinsights.com
20                                                           Venture Capital Activity Report | Q3 2010


Massachusetts Sees Only 13% of Healthcare Funding




                                                                                                         Healthcare
Cali and Massachusetts still up top, but see lower than usual share of overall
Healthcare funding and dealflow. Pennsylvania grows its share of Healthcare pie.




               VC Deal Volume (#) in Healthcare by State, Q310               Quarter Highlights

                                                California                   184deals | $1,753M
                                                Massachusetts
                 21%                            Washington                   Top Five Deals
                                 28%            Texas
                                                                               Reata Pharmaceuticals
                                                Pennsylvania                   Relypsa
     5%                                                                        Trivascular
                                                New Jersey
                                                                               Cerenis Therapeutics
     2%                                         Michigan                       Theranos
 3%                                             North Carolina
     2%                          17%            Maryland
                                                                             Top Cities
          4%        8%                          Ohio
                         4% 6%                                                San Francisco, CA
                                                All Other                       8 deals | $106M
                                                                              San Diego, CA
                                                        www.cbinsights.com      10 deals | $91M
                                                                              Seattle, WA
                                                                                7 deals | $80M
                                                                              Irving, TX
                                                                                1 deals | $78M
                                                                              Santa Clara, CA
               VC Investment ($) in Healthcare by State, Q310                   2 deals | $75M
                                                                              Belmont, CA
                    11%                         California                      2 deals | $61M
                                                                              Santa Rosa, CA
            2%                                  Massachusetts                   1 deals | $60M
          3%
                                                Washington                    Ann Arbor, MI
     3%                                                                         3 deals | $55M
                                                Texas                         San Jose, CA
 3%                               42%           Pennsylvania                    4 deals | $51M
          3%                                                                  Mountain View, CA
                                                New Jersey                      3 deals | $50M
          6%                                    Michigan
                                                North Carolina
               7%
                                                Maryland
                    7%                          Ohio
                           13%
                                                All Other

                                                        www.cbinsights.com




www.cbinsights.com
21                                                                      Venture Capital Activity Report | Q3 2010


Cali’ and Mass’ Share of Healthcare Drops




                                                                                                                       Healthcare
Cali and Mass combine for less than half of overall Healthcare dealflow. Mass’ share
of funding dwindles.


                         Share of Healthcare VC by State - Number of Deals
                                                   Last Five Quarters




                                                                                30%
                      38%                38%               36%                                      37%

                                                                                 5%
                                                                                 3%
                      6%                  4%               6%                    6%                 8%
                      2%                  4%               3%
                      4%                  4%               3%                                       4%
                      11%                                                                           5%
                                                           17%                  23%
                                         18%
                                                                                                    17%


                      40%
                                         32%               34%                  33%                 28%


                     Q3'09               Q4'09            Q1'10                 Q2'10              Q3'10

                     California    Massachusetts   Washington      New Jersey      Pennsylvania      Other


                                                                                                  www.cbinsights.com


                         Share of Healthcare VC by State - Dollars of Funding
                                                   Last Five Quarters




                      25%                                                        22%
                                          31%               33%                                      29%

                       3%                                                        4%
                              2%                                                 4%
                       4%                  4%                                    7%                  6%
                                                            4%                                       4%
                                           8%               5%
                       16%                                          0%                               7%
                                           4%
                                                                                 23%
                                                                                                     13%
                                          18%               27%


                       50%
                                                                                 40%                 42%
                                          35%               31%



                      Q3'09              Q4'09             Q1'10                Q2'10               Q3'10

                 California        Massachusetts   Washington      New Jersey      Pennsylvania     Other

                                                                                                  www.cbinsights.com
www.cbinsights.com
22                                                                 Venture Capital Activity Report | Q3 2010


Series C+ Healthcare Garners 50+% of Total Funding




                                                                                                               Healthcare
Seed grows its share of Healthcare dealflow stealing share from Series A. Late-stage
investing (Series E+) grows share strongly in terms of deals and funding.

                       Share of Healthcare VC by Series - Number of Deals
                                                Last Five Quarters




                                                           8%              6%
                     12%              11%                                                       13%
                                                                           7%
                                                           9%
                     12%              12%                                                       10%
                                                                           21%
                                      13%                 21%                                   16%
                     22%

                                                                           24%
                                      30%                 30%                                   26%
                     25%


                                                                           36%                  27%
                                      30%                 29%
                     29%

                                                                           6%                   9%
                      0%               3%                  3%
                     Q3'09            Q4'09               Q1'10           Q2'10             Q3'10

                             Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                          www.cbinsights.com


                      Share of Healthcare VC by Series - Dollars of Funding
                                                Last Five Quarters



                                      10%                 11%              9%
                     19%                                                                        16%
                                                                           7%
                                                          11%
                                      19%                                                       14%
                     21%                                  19%
                                      15%                                  36%
                                                                                                22%
                     19%
                                      31%                 36%
                                                                           23%                  30%
                     26%

                                      24%                 22%              25%
                     15%                                                                        17%
                      0%               0%                  0%              0%                1%
                     Q3'09            Q4'09               Q1'10           Q2'10             Q3'10


                             Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                          www.cbinsights.com

www.cbinsights.com
23                                                        Venture Capital Activity Report | Q3 2010


Medical Device Investment Remains Strong




                                                                                                      Healthcare
Medical Devices continue their dominance of the Healthcare sector, followed by
Pharmaceuticals, Biotech and Drug Development.




                           VC Deal Volume (#) in Healthcare by Industry, Q310

                                1% 2%       1%            Medical Devices & Equipment
                     4%                                   Pharmaceuticals / Drugs
               4%               5%                        Biotechnology
                                                          Drug Development

                     7%                          42%      Disease Diagnosis
                                                          Drug Discovery
                                                          Medical Facilities & Services
                      14%
                                                          Medical Information
                                 20%                      Drug Delivery
                                                          All Other


                                                                              www.cbinsights.com




                           VC Investment ($) in Healthcare by Industry, Q310
                                 1%
                           3%         1% 1%               Medical Devices & Equipment
                                2%
                      3%                                  Pharmaceuticals / Drugs
                                                          Biotechnology
                                                          Drug Development
                     11%                         36%
                                                          Disease Diagnosis
                                                          Drug Discovery
                                                          Medical Facilities & Services
                     19%
                                                          Medical Information
                                                          Drug Delivery
                                      23%                 All Other


                                                                              www.cbinsights.com




www.cbinsights.com
24                                                                 Venture Capital Activity Report | Q3 2010


Healthcare Median Deal Sizes Come Back Down from Q2




                                                                                                                 Healthcare
Early to mid-stage median deal sizes come back to earth from relatively high levels
witnessed last quarter. Overall deal sizes aligned with historical median deal sizes.




                     Healthcare Median Deal Size by Quarter
                                                     ($ Million)




                                                                                    $15.0
                                                                     $13.1



                                                     $7.8
                                                                                                     $7.0

                                   $4.8


                 $0.4

          Seed              Series A          Series B         Series C       Series D       Series E +

                        Q3'09             Q4'09          Q1'10            Q2'10          Q3'10



                                                                                            www.cbinsights.com




www.cbinsights.com
25                             Venture Capital Activity Report | Q3 2010




     Q3 2010 Venture Capital

     GREEN & CLEAN TECH




www.cbinsights.com
26                                                  Venture Capital Activity Report | Q3 2010


Green Tech Funding Falls on Absence of Mega-Deals.
Funding declined 25%, however, deals increased 11% vs. Q2’10. On a YoY basis,




                                                                                                Green
Green Tech funding was down 13% while deal volume was up.




                  Green VC Investment and Deal Volume Trend
                                   Last Five Quarters
                                             85


                                                                               61
            55             55           $1,322                  55

                                                               $1,046
           $913
                                                                              $790
                          $565



          Q3'09          Q4'09          Q1'10                  Q2'10         Q3'10


                                 $ Funding        # of Deals

                                                                          www.cbinsights.com




www.cbinsights.com
27                                                               Venture Capital Activity Report | Q3 2010


California and Texas Lead the Green Charge
California and Texas took 81% of the total Green Tech Funding and 61% of deal volume




                                                                                                             Green
in Q3’10 . Texas more than doubled its number of Green Tech deals vs. the prior qtr.




            VC Deal Volume (#) in Green by State, Q310                           Quarter Highlights

                                                    California                   61 deals | $790M
                                                    Texas
     2%             13%
 2% 2%                                              Massachusetts                Top Five Deals
                                                    Michigan
  1%
                                                    Colorado                       Trilliant
          5%                         46%
                                                                                   KiOR
                                                    Washington
  3%                                                                               Solaria
                                                    New Hampshire                  Solazyme
     3%                                                                            Smooth-Stone
                                                    Oregon
               8%                                   South Dakota
                                                                                 Top Cities
                      15%                           Nevada
                                                                                  Redwood City, CA
                                                    All Other                       1 deals | $106M
                                                                                  Pasadena, TX
                                                            www.cbinsights.com      1 deals | $70M
                                                                                  Fremont, CA
                                                                                    2 deals | $69M
                                                                                  San Francisco, CA
                                                                                    2 deals | $57M
               VC Investment ($) in Green by State, Q310                          Austin, TX
                                                                                    3 deals | $54M
                2% 2% 1%1%                                                        South San Francisco, CA
                           2%                       California                      1 deals | $52M
                  2%                                                              Palo Alto, CA
               3%                                   Texas                           2 deals | $30M
          3%                                        Massachusetts                 Kyle, TX
                                                                                    1 deals | $30M
       4%                                           Michigan                      Troy, MI
                                                    Colorado                        1 deals | $24M
                                                    Washington                    Irvine, CA
                                                                                    1 deals | $22M
                                                    New Hampshire
            21%                       59%           Oregon
                                                    South Dakota
                                                    Nevada
                                                    All Other

                                                            www.cbinsights.com




www.cbinsights.com
28                                                                    Venture Capital Activity Report | Q3 2010


Texas Takes Bigger Share of Green VC
Texas’ Green Tech funding grew by 88% versus Q2’10. The Lone Star state took




                                                                                                                       Green
share from Mass and Cali, both of which experienced a steep drop in Green Funding.

                             Share of Green VC by State - Number of Deals
                                                     Last Five Quarters




                                        27%                  27%                27%                 26%
                     36%
                                                                     1%                                       2%
                                         4%                  4%                  4%                  3%
                      2%                                                                2%
                                         9%                  8%                                      8%
                      4%                                                        13%
                      4%                 7%                  5%
                                                                                 7%                 15%



                     55%                53%                  55%
                                                                                47%                 46%




                     Q3'09              Q4'09               Q1'10               Q2'10              Q3'10

                        California      Texas        Massachusetts        Colorado       Oregon       Other

                                                                                                  www.cbinsights.com


                             Share of Green VC by State - Dollars of Funding
                                                     Last Five Quarters



                                                             11%                                    11%
                     17%                                                        17%
                                        26%                  2%                                               2%
                                                                     1%                              3%
                              2%                             6%                  2%                  4%
                      3%                                             1%                  1%
                              1%                                                10%
                                                2%
                                         4%                                                         21%
                                         5%                                      9%




                     77%                                     79%
                                        64%                                     62%                 59%




                     Q3'09              Q4'09               Q1'10               Q2'10              Q3'10

                     California      Texas      Massachusetts        Colorado         Oregon      Other

                                                                                                  www.cbinsights.com


www.cbinsights.com
29                                                                  Venture Capital Activity Report | Q3 2010


Series B Green Tech Deals Attract More Funding
Series B Green Tech funding grew by 27% and Series C+ fell by 51% vs.Q2’10.




                                                                                                                Green
Green Tech also saw a significant increase in seed deals this quarter.

                             Share of Green VC by Series - Number of Deals
                                                 Last Five Quarters



                                        8%                                   3%                  7%
                     10%                                    9%
                                        3%                                  11%                  7%
                      8%                                   12%
                                        18%                                                      10%
                     16%                                                    23%
                                                           19%

                                        32%                                                      39%
                                                           25%              29%
                     43%



                                        32%                                                      27%
                                                           33%              31%
                     24%
                                        8%                                                       10%
                      0%                                    2%              3%
                     Q3'09             Q4'09               Q1'10           Q2'10             Q3'10

                              Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                           www.cbinsights.com


                           Share of Green VC by Series - Dollars of Funding
                                                 Last Five Quarters



                                                                            7%                   6%
                                                           16%
                                       26%
                     34%                                                                     22%
                                                                            28%
                                        3%                 18%

                      5%                                                                     12%
                                       25%                 14%
                                                                            27%
                     29%
                                                                                             44%
                                       27%
                                                           44%
                                                                            27%
                     27%
                                       19%                                                   16%
                      5%                                    8%             10%
                      0%                0%                  0%              0%                0%
                     Q3'09             Q4'09               Q1'10           Q2'10             Q3'10


                             Seed    Series A   Series B      Series C   Series D   Series E +

                                                                                           www.cbinsights.com



www.cbinsights.com
30                                                                   Venture Capital Activity Report | Q3 2010


Green Tech Software Funding Triples
Green Tech venture funding saw a 300% increase in Green/ Environmental Software




                                                                                                                    Green
funding vs.Q2’10. Renewable Energy funding was down 50% vs. Q2’10

                           Share of Green VC by Industry - Number of Deals
                                                  Last Five Quarters



                     25%                                                      29%                31%
                                       42%                  40%

                     13%
                                                                              11%                11%
                     13%                5%                   7%                5%
                                        4%                                     4%                 8%
                                        2%                   5%                2%
                      5%                4%                   2%                                   7%
                      5%                                     6%                                   3%


                                                                              49%
                                       44%                  40%                                  39%
                     38%



                     Q3'09             Q4'09                Q1'10            Q2'10              Q3'10

                             Renewables                             Automobile Manufacturing
                             Green/Environmental Software           Energy Storage
                             Energy Efficiency                      Other
                                                                                               www.cbinsights.com



                        Share of Green VC by Industry - Dollars of Funding
                                                  Last Five Quarters




                     13%                                                      13%
                                                            19%
                      7%                                                       6%                28%
                                       37%                          2%
                      5%                                     4%                7%
                      3%                                                       3%
                                                                               3%                 7%
                     18%                3%                  19%
                                                                                                  6%
                                        3%
                                                                                                 15%
                                       18%
                                                                                                 1%
                                        1%
                                                                              68%
                     53%                                    55%
                                       38%                                                       42%



                     Q3'09             Q4'09                Q1'10            Q2'10              Q3'10

                             Renewables                             Automobile Manufacturing
                             Green/Environmental Software           Energy Storage
                             Energy Efficiency                      Other
                                                                                               www.cbinsights.com

www.cbinsights.com
31                                                                   Venture Capital Activity Report | Q3 2010


Green Software Investments Drive Down Deal Size
Early Stage and Series B median deal size increased by 10% compared to Q2’10.




                                                                                                                           Green
Series E+ deals size was lower driven by lower capital needs of green software deals.




                               Green Median Deal Size by Quarter
                                                     ($ Million)



                                                                              $52.0




                                                             $17.5
                                                                                             $12.5
                                              $9.3
                                                                                                              $6.0
                               $4.0
                $0.3

         Seed           Series A      Series B        Series C          Series D      Series E +       Overall

                       Q3'09          Q4'09              Q1'10               Q2'10            Q3'10



                                                                                                      www.cbinsights.com




www.cbinsights.com
32                             Venture Capital Activity Report | Q3 2010




     Q3 2010 Venture Capital

     CALIFORNIA




www.cbinsights.com
33                                                         Venture Capital Activity Report | Q3 2010


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www.cbinsights.com
34                                                    Venture Capital Activity Report | Q3 2010


VC Investment in California Falls to Five Quarter Low
California continues to dominate the overall VC investment scene, but funding fell 15%




                                                                                                  California
since the prior quarter and 25% since Q3 2009.




               California VC Investment and Deal Volume Trend
                                    Last Five Quarters
            306          300                 297
                                                                 264            271

          $3,431
                                         $2,929                 $3,062
                        $2,685                                                $2,607




           Q3'09        Q4'09             Q1'10                 Q2'10          Q3'10


                                 $ Funding         # of Deals

                                                                           www.cbinsights.com




www.cbinsights.com
35                                                         Venture Capital Activity Report | Q3 2010


Usual Suspects: Internet & Healthcare Rule Cali VC Scene




                                                                                                           California
Internet and Healthcare swallow more than 50% of overall VC investment and dealflow
in California; Energy, Mobile, Computer Hardware, Software are the best of the rest




            VC Deal Volume (#) in California by Sector, Q310                 Quarter Highlights
                       2%
                 2% 3%                    Healthcare                         271 deals | $2,607M
                                          Internet
                 7%          19%          Energy & Utilities                 Top Sector
                                                                               # of Deals – Internet
         6%                               Mobile & Telecommunications          $ of Funding - Healthcare
                                          Computer Hardware & Services
       4%
                                          Industrial                         Top Five Deals
       5%                                                                      Trilliant
                                          Electronics                          Relypsa
         7%                               Software (non-internet/mobile)       Solaria
                                                                               Trivascular
                              38%         Business Products & Services         Pacific Bioscience
                 7%
                                          Consumer Products & Services
                                          All Other                          Top Cities
                                                                             San Francisco
                                                        www.cbinsights.com    55 deals | $325M
                                                                             Palo Alto
                                                                              22 deals | $210M
                                                                             Santa Clara
                                                                              14 deals | $205M
            VC Investment ($) in California by Sector, Q310                  San Jose
                                                                              18 deals | $177M
                  2% 1% 2%                                                   Redwood City
                                           Healthcare                         6 deals | $142M
                                                                             San Diego
                                           Internet                           22 deals | $125M
                 9%
                                           Energy & Utilities                Mountain View
                               28%                                            10 deals | $120M
         5%                                Mobile & Telecommunications       South San Francisco
       5%                                  Computer Hardware & Services       5 deals | $111M
                                                                             Menlo Park
                                           Industrial                         7 deals | $94M
       8%                                  Electronics                       Sunnyvale
                                           Software (non-internet/mobile)     9 deals | $91M
            5%
                             24%           Business Products & Services
                  11%                      Consumer Products & Services
                                           All Other
                                                        www.cbinsights.com




www.cbinsights.com
36                                                                    Venture Capital Activity Report | Q3 2010


Internet & Healthcare Maintain Dominance in Cali
Internet and Healthcare represent 57% of overall dealflow. Energy’s share of funding




                                                                                                                         California
in Q3 half of what was seen in first two quarter of 2010.


                        Share of VC in California by Sector - Number of Deals
                                                  Last Five Quarters




                                        27%                                     23%                   24%
                     30%                                  30%
                                                                                 5%                    5%
                      5%                  6%                                     6%                    7%
                                                            5%
                      6%                  9%                4%                   7%                    7%
                      6%                  5%                8%

                     29%                                                        41%                   38%
                                        34%               32%



                     25%                                  20%
                                        18%                                     17%                   19%

                     Q3'09             Q4'09             Q1'10                 Q2'10                 Q3'10
                             Healthcare                            Internet
                             Energy & Utilities                    Software (non-internet/mobile)
                             Computer Hardware & Services          Other
                                                                                                    www.cbinsights.com




                     Share of VC in California by Sector - Dollars of Funding
                                                  Last Five Quarters




                                        22%                                     19%                   21%
                     38%                                  34%
                                                                                5%
                                        7%                                      6%                    8%
                                        10%                                                           9%
                     3%                                   6%                    19%
                     3%                 6%                3%                                          11%
                     12%
                                                          20%
                                        31%                                                           24%
                     17%                                                        30%
                                                          23%

                     28%                24%                                                           28%
                                                                                21%
                                                          15%

                     Q3'09             Q4'09             Q1'10                 Q2'10                 Q3'10

                             Healthcare                          Internet
                             Energy & Utilities                  Software (non-internet/mobile)
                             Computer Hardware & Services        Other
                                                                                                    www.cbinsights.com
www.cbinsights.com
37                                                               Venture Capital Activity Report | Q3 2010


Early Stage Stays Strong in California
Series A dollar share balloons on the back of atypically large early stage deals. Seed




                                                                                                              California
continues to grow its share as well, taking 11% of overall dealflow in California


                      Share of VC in California by Series - Number of Deals
                                               Last Five Quarters




                                                       9%                 4%
                     13%            11%                                                    11%
                                                                         14%
                     12%            15%                13%                                 10%

                                                                         23%               18%
                     21%            16%                23%


                                                                         23%               24%
                                    25%
                     30%                               28%


                                                                         28%               27%
                                    25%
                     23%                               22%

                                     7%                                   8%               11%
                      2%                               4%
                     Q3'09          Q4'09             Q1'10              Q2'10            Q3'10
                             Seed   Series A    Series B      Series C   Series D   Series E +


                                                                                         www.cbinsights.com


                       Share of VC in California by Series - Dollars of Funding
                                               Last Five Quarters


                                                                          4%
                                    14%                13%                                 14%
                     32%                                                 29%
                                                       20%                                 16%
                                    24%

                     16%                                                                   21%
                                                       22%
                                                                         32%
                                    28%
                     20%
                                                                                           31%
                                                       33%
                                    20%                                  21%
                     23%

                                    13%                                  13%               16%
                      8%                              11%
                      0%             0%                0%                 1%               1%
                     Q3'09          Q4'09             Q1'10              Q2'10            Q3'10

                             Seed   Series A    Series B      Series C   Series D   Series E +


                                                                                         www.cbinsights.com


www.cbinsights.com
38                             Venture Capital Activity Report | Q3 2010




     Q3 2010 Venture Capital

     MASSACHUSETTS




www.cbinsights.com
39                                                    Venture Capital Activity Report | Q3 2010




                                                                                                     Massachusetts
No Tea Party in Q3: Massachusetts VC Funding Plummets
VC funding in Mass falls to five quarter low, down ~50% since the beginning of the
year. On a positive note, dealflow shows modest increase vs. prior quarter.




           Massachusetts VC Investment and Deal Volume Trend
                                    Last Five Quarters

                         88                  87                                     87
                                                                  84
           73                               $898

                                                                 $689
                        $653
         $596
                                                                                   $466




         Q3'09          Q4'09               Q1'10                Q2'10             Q3'10


                                $ Funding           # of Deals

                                                                                www.cbinsights.com




www.cbinsights.com
40                                                             Venture Capital Activity Report | Q3 2010




                                                                                                               Massachusetts
Healthcare & Internet Combine for Lion’s Share of Mass
As always, Healthcare and Internet continue to dominate VC investment in
Massachusetts. The Software sector also showed strength.




           VC Deal Volume (#) in Massachusetts by Sector, Q310                   Quarter Highlights

                    2% 1% 2%                                                     87 deals | $466M
                                              Healthcare
           8%
                                              Internet                           Top Sector
      2%
                                              Software (non-internet/mobile)       # of Deals – Healthcare
                                                                                   $ of Funding - Healthcare
           5%                       37%       Energy & Utilities
     3%                                       Mobile & Telecommunications        Top Five Deals
                                              Computer Hardware & Services         Dicerna Pharmaceuticals
          10%                                                                      Euthymics Bioscience
                                              Industrial                           Metamark Genetics
                                              Business Products & Services         Rhythm Pharmaceuticals
                                                                                   Good Start Genetics
                                              Electronics
                       29%
                                              All Other                          Top Cities
                                                                                 Cambridge
                                                            www.cbinsights.com
                                                                                  17 deals | $82M
                                                                                 Boston
               VC Investment ($) in Massachusetts by Sector, Q310                 11 deals | $78M
                                                                                 Watertown
                            1% 0%                                                 2 deals | $28M
                                                                                 Marlborough
               3%                              Healthcare                         5 deals | $27M
                       4%                                                        Woburn
                                               Internet
      2%        5%                                                                5 deals | $25M
                                               Software (non-internet/mobile)    Braintree
     4%                                                                           1 deals | $24M
                                               Energy & Utilities
                                                                                 Waltham
                                     49%       Mobile & Telecommunications        6 deals | $21M
          9%                                                                     Burlington
                                               Computer Hardware & Services
                                                                                  3 deals | $19M
                                               Industrial                        Weston
                                                                                  1 deals | $16M
                                               Business Products & Services      Needham
                 21%
                                               Electronics                        3 deals | $14M

                                               All Other

                                                            www.cbinsights.com




www.cbinsights.com
41                                                                        Venture Capital Activity Report | Q3 2010




                                                                                                                      Massachusetts
Healthcare Investment Share Down Slightly; Internet Up
Massachusetts’ distribution of deals across sector remains nearly identical to last
quarter, but Internet and Software steal dollar share from Healthcare.


                        Share of VC in Massachusetts by Sector - Number of Deals
                                                      Last Five Quarters



                                          16%                                        11%         16%
                     22%                                      18%
                                                                                     10%
                                           9%                  5%                                 5%
                                                                                      5%          3%
                      7%                   5%                 10%
                      3%                                                             10%         10%
                      5%                  10%
                                                              11%
                                                                                     27%         29%
                     34%                  26%
                                                              22%



                                          34%                 33%                    38%         37%
                     29%


                     Q3'09                Q4'09               Q1'10                  Q2'10      Q3'10

                                  Healthcare                            Internet
                                  Software (non-internet/mobile)        Energy & Utilities
                                  Mobile & Telecommunications           Other
                                                                                               www.cbinsights.com


                Share of VC in Massachusetts by Sector - Dollars of Funding
                                                      Last Five Quarters


                                                                                      4%
                                          12%                 11%                     6%         14%
                     19%                                       2%
                             1%            7%                                        14%          2%
                                           2%                 12%                                 4%
                      3%     2%
                                          11%                                         5%          9%

                     22%                                      22%                    16%
                                          16%                                                    21%

                                                              10%


                     52%                  51%                                        56%
                                                                                                 49%
                                                              42%



                     Q3'09                Q4'09               Q1'10                  Q2'10      Q3'10

                              Healthcare                              Internet
                              Software (non-internet/mobile)          Energy & Utilities
                              Mobile & Telecommunications             Other
                                                                                               www.cbinsights.com

www.cbinsights.com
42                                                                        Venture Capital Activity Report | Q3 2010




                                                                                                                             Massachusetts
Early Stage Investing in Massachusetts Grows
Early stage investment commands 33% of funding, marking its highest level of share in
recent history. Seed dealflow loses share, but is propped up by Series A.


                      Share of VC in Massachusetts by Series - Number of Deals
                                                      Last Five Quarters



                      6%                                                             2%                      2%
                                         11%                   13%                                           5%
                                                                                     11%
                     12%                  6%                                                                 16%
                                                                9%
                                                                                     16%
                     16%                 15%
                                                               19%

                                                                                     28%                     36%
                     28%                 28%
                                                               28%


                                         33%                                         36%                     38%
                     37%                                       27%

                                          7%                    4%                    7%                  3%
                      0%
                     Q3'09               Q4'09                 Q1'10                 Q2'10               Q3'10
                               Seed      Series A      Series B        Series C      Series D      Series E +


                                                                                                       www.cbinsights.com


                      Share of VC in Massachusetts by Series - Dollars of Funding
                                                      Last Five Quarters


                                                                                                              2%
                                                                                                              4%
                     10%                                                             10%
                                         23%                                                                 15%
                                                               33%                   11%
                     18%
                                          5%
                                         12%                                         30%
                                                                9%
                     23%
                                                                                                             46%
                                                                9%
                                         29%
                     22%                                                             24%
                                                               31%


                                         31%                                                                 33%
                     27%                                                             24%
                                                               18%
                      0%                 1%                     0%                    0%                      0%
                     Q3'09              Q4'09                  Q1'10                 Q2'10                   Q3'10

                             Seed     Series A      Series B      Series C        Series D      Series E +


                                                                                                        www.cbinsights.com

www.cbinsights.com
43                             Venture Capital Activity Report | Q3 2010




     Q3 2010 Venture Capital

     NEW YORK




www.cbinsights.com
44                                                  Venture Capital Activity Report | Q3 2010


New York VC Funding Down – Deals Up




                                                                                                New York
NY venture funding was down 30% vs. Q2’10 and up 8% relative to the same period
last year. Deal volume grew by 6% vs. Q2’10 and 31% vs. last year.




               New York VC Investment and Deal Volume Trend
                                   Last Five Quarters

                                            55
                                                                              51
                                                               48

             39          41
                                                              $355
                                         $319
                        $286
                                                                             $245
            $227




           Q3'09        Q4'09            Q1'10                Q2'10          Q3'10


                                $ Funding        # of Deals

                                                                        www.cbinsights.com




www.cbinsights.com
45                                              Venture Capital Activity Report | Q3 2010


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Basic membership on CB Insights is free. Just visit http://www.cbinsights.com. Or
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46                                                       Venture Capital Activity Report | Q3 2010


Concrete Jungle Where Web Dreams are Made Of




                                                                                                       New York
Internet dominance of NY continues with Q3 seeing 71% of deals going to net
companies. Overall, internet funding fell by 38% compared to Q2’10.




           VC Deal Volume (#) in New York by Sector, Q310                  Quarter Highlights
                 2% 2% 2%
            2%                          Internet                           51 deals | $245M
                                        Healthcare                         Top Sector
           14%                                                               # of Deals – Internet
                                        Mobile & Telecommunications          $ of Funding - Internet

                                        Computer Hardware & Services       Top Five Deals
      8%
                                                                             Squarespace
                                        Business Products & Services         Etsy
                                                                             Admeld
                            71%                                              ZocDoc
                                        Electronics
                                                                             eXelate Media

                                        Software (non-internet/mobile)
                                                                           Top Cities
                                                                           New York
                                                      www.cbinsights.com    42 deals | $196M
                                                                           Brooklyn
                                                                            1 deals | $20M
                                                                           Buffalo
                                                                            1 deals | $10M
           VC Investment ($) in New York by Sector, Q310                   White Plains
                                                                            1 deals | $6M
                 2% 2% 1%                                                  Rye
                                                                            1 deals | $5M
                                        Internet

           16%                          Healthcare

                                        Mobile & Telecommunications

      9%                                Computer Hardware & Services

                             62%        Business Products & Services
        8%
                                        Electronics

                                        Software (non-internet/mobile)

                                                      www.cbinsights.com




www.cbinsights.com
47                                                                    Venture Capital Activity Report | Q3 2010


Internet and Mobile Capture 85% of NY Deal Volume




                                                                                                                    New York
New York venture deals remain significantly concentrated in Internet and Mobile
technology companies with 85% of deal volume and 72% of funding.


                        Share of VC in New York by Sector - Number of Deals
                                                 Last Five Quarters


                                                                               6%                 6%
                     13%                                                                                 2%
                                          20%            22%                  13%
                      3%                                                                         14%
                      8%                   5%
                                           2%                                  8%                 8%
                     10%                                 9%
                                          10%            5%
                      8%
                                                         11%


                                                                              73%                71%
                     59%                  63%
                                                         53%




                     Q3'09               Q4'09          Q1'10                 Q2'10              Q3'10

                              Internet                           Healthcare
                              Financial                          Mobile & Telecommunications
                              Computer Hardware & Services       Other
                                                                                               www.cbinsights.com




                     Share of VC in New York by Sector - Dollars of Funding
                                                 Last Five Quarters



                      9%                                  9%                   6%                 5%
                                          24%             2%                   9%                16%
                      8%                                  8%
                      8%                                                      15%
                                          4%                                                      9%
                      8%                                 19%
                      6%                  18%                                                     8%

                                          7%


                                                                              70%
                     62%                                 63%                                     63%
                                          48%




                     Q3'09               Q4'09          Q1'10                 Q2'10             Q3'10

                             Internet                          Healthcare
                             Financial                         Mobile & Telecommunications
                             Computer Hardware & Services      Other
                                                                                               www.cbinsights.com
www.cbinsights.com
48                                                               Venture Capital Activity Report | Q3 2010


New York Becoming Early Stage Capital?




                                                                                                             New York
Early stage dominated taking 63% of all New York deals. Later stage New York
venture funding fell by 67% vs. Q2’10 (Series C and later).


                      Share of VC in New York by Series - Number of Deals
                                               Last Five Quarters



                                                       7%                2%                2%
                      8%            12%                                  5%                5%
                                                       5%                                  5%
                      8%                                                 11%
                                     6%
                                                       14%
                     11%
                                    15%                                                    24%
                                                                         20%

                                                       30%
                     41%            30%

                                                                         45%               46%

                                                       39%
                     27%            30%

                                                                         16%               17%
                      5%             6%                7%
                     Q3'09          Q4'09             Q1'10              Q2'10            Q3'10
                             Seed   Series A    Series B      Series C   Series D   Series E +


                                                                                        www.cbinsights.com


                       Share of VC in New York by Series - Dollars of Funding
                                               Last Five Quarters



                      8%                                                  4%
                                                                                           9%
                                                       16%
                                                                         17%               3%
                     12%            28%
                                                       6%                                  10%

                                     2%                12%
                     28%                                                 25%
                                    24%                                                    34%


                                                       51%               23%
                     37%
                                    31%
                                                                                           41%
                                                                         30%
                     14%            15%               15%
                      1%             0%                0%                 1%               2%
                     Q3'09          Q4'09             Q1'10              Q2'10            Q3'10

                             Seed   Series A    Series B      Series C   Series D   Series E +


                                                                                        www.cbinsights.com

www.cbinsights.com
49                             Venture Capital Activity Report | Q3 2010




     Q3 2010 Venture Capital

     WASHINGTON




www.cbinsights.com
50                                                    Venture Capital Activity Report | Q3 2010


Washington Venture Funding & Deals – Up, Up and Away




                                                                                                  Washington
Deals up 36% vs. prior quarter and up 62% relative to year ago period. Venture
funding grew 5% vs. prior quarter and 55% compared to last year.




          Washington VC Investment and Deal Volume Trend
                                 Last Five Quarters


                                                                              34
                                          29
                       26                                    25
           21                                                                $222
                                                            $211
                      $165
         $144                          $138




         Q3'09        Q4'09            Q1'10                Q2'10            Q3'10


                              $ Funding        # of Deals

                                                                        www.cbinsights.com




www.cbinsights.com
51                                                           Venture Capital Activity Report | Q3 2010


Healthcare Top Sector for Washington Venture Funding




                                                                                                           Washington
Healthcare sector took 56% of funding setting a new high for healthcare sector’s share in
a quarter. Healthcare and Internet saw majority of deals combining for 67% share.




         VC Deal Volume (#) in Washington by Sector, Q310                    Quarter Highlights
                          3%
                     3%
             3%                         Healthcare
                                                                             34 deals | $222M
                                        Internet
              6%                                                             Top Sector
                                 29%    Energy & Utilities                     # of Deals – Internet
         6%                                                                    $ of Funding - Healthcare
                                        Mobile & Telecommunications
       6%                               Software (non-internet/mobile)       Top Five Deals
                                                                               Immune Design
        6%                              Computer Hardware & Services           EndoGastric Solutions
                                        Environmental Services & Equipment     Uptake Medical
                                                                               Neurovista
                                        Business Products & Services           Apptio
                           38%          All Other
                                                                             Top Cities
                                                                             Seattle
                                                       www.cbinsights.com     18 deals | $112M
                                                                             Bellevue
                                                                              8 deals | $38M
                                                                             Redmond
                                                                              1 deals | $30M
          VC Investment ($) in Washington by Sector, Q310                    Bothell
                                                                              1 deals | $12M
                     3% 1% 0%                                                Kennewick
               4%                                                             2 deals | $11M
                                        Healthcare
                                                                             Kirkland
       1%                               Internet                              1 deals | $10M
               6%
                                        Energy & Utilities
          5%
                                        Mobile & Telecommunications
                                        Software (non-internet/mobile)

                                  56%   Computer Hardware & Services
        26%                             Environmental Services & Equipment
                                        Business Products & Services
                                        All Other


                                                       www.cbinsights.com




www.cbinsights.com
52                                                                        Venture Capital Activity Report | Q3 2010


Internet Funding Drives Deal Growth




                                                                                                                            Washington
Washington internet funding more than tripled vs. Q2’10. Also saw nearly 90% growth
in deals. Healthcare maintains its status as top funded sector.

                        Share of VC in Washington by Sector - Number of Deals
                                                         Last Five Quarters


                     10%                    8%
                                                                 14%                                     15%
                      5%                                                                 20%
                                            15%                                                           6%
                                                                 14%
                     19%                                                                  8%              6%
                                            8%                    3%                                      6%
                                                                  7%                     12%
                     24%
                                            42%                                          28%             38%
                                                                 41%
                     10%


                     33%                                                                 32%             29%
                                            27%
                                                                 21%


                     Q3'09                 Q4'09                Q1'10                    Q2'10          Q3'10

                                    Healthcare                                Internet
                                    Energy & Utilities                        Mobile & Telecommunications
                                    Software (non-internet/mobile)            Other
                                                                                                       www.cbinsights.com



                     Share of VC in Washington by Sector - Dollars of Funding
                                                         Last Five Quarters


                                            3%                                                            7%
                      11%                                        12%                     13%
                                            16%                                                           6%
                      9%                                          7%                                             1%
                                                                                          9%              5%
                                            4%                          1%
                      13%                                        10%
                                                                                         18%             26%
                      12%                   36%
                       4%                                                                 9%


                                                                 66%

                      51%                                                                51%             56%
                                            41%


                                                                  4%
                     Q3'09                 Q4'09                Q1'10                 Q2'10             Q3'10

                             Healthcare                                  Internet
                             Energy & Utilities                          Mobile & Telecommunications
                             Software (non-internet/mobile)              Other
                                                                                                       www.cbinsights.com


www.cbinsights.com
53                                                                Venture Capital Activity Report | Q3 2010


Late Stage Investments Drive Growth in VC Funding




                                                                                                               Washington
Washington’s funding growth came from Series E+ rounds which were non-existent in
Q2’10. Seed and Series A deal volume combined was up 20% vs. Q2’10.

                      Share of VC in Washington by Series - Number of Deals
                                               Last Five Quarters




                     10%                               5%                  9%
                                    15%                                                     12%
                     5%                                10%
                                                                           9%               4%
                                    5%
                     15%            10%                20%                                  16%

                                    20%                                   43%
                     30%                                                                    24%

                                                       40%


                                    50%                                                     36%
                     40%                                                  35%
                                                       25%
                                                                           4%               8%
                      0%             0%                0%
                     Q3'09          Q4'09             Q1'10               Q2'10            Q3'10
                             Seed   Series A    Series B       Series C   Series D   Series E +


                                                                                         www.cbinsights.com



                       Share of VC in Washington by Series - Dollars of Funding
                                               Last Five Quarters


                                                        4%                 7%
                                     20%               13%
                                                                                            27%
                                                                           22%
                      43%            7%
                                     1%                                                      1%
                                     12%
                                                       48%                                  23%
                      1%
                                                                           40%
                      18%

                                                                                            32%
                      23%            60%
                                                       22%
                                                                           30%
                      16%                              13%                                  17%
                      0%             0%                 0%                 0%                0%
                     Q3'09          Q4'09              Q1'10              Q2'10             Q3'10

                             Seed   Series A    Series B       Series C   Series D   Series E +


                                                                                          www.cbinsights.com


www.cbinsights.com
54                             Venture Capital Activity Report | Q3 2010




     Q3 2010 Venture Capital

     TEXAS




www.cbinsights.com
55                                                      Venture Capital Activity Report | Q3 2010


Texas Venture Funding Surged Versus Prior Quarters




                                                                                                    Texas
Texas overtook New York for the third spot on a dollars of funding basis with 68%
growth in funding vs. Q2’10. Deal Volume was flat to the prior quarter.




                     Texas VC Investment and Deal Volume Trend
                                       Last Five Quarters

                             39                 38
                                                                   33             33
             30
                                                                                 $357

                                             $264
            $232            $238
                                                                  $212




           Q3'09            Q4'09            Q1'10                Q2'10          Q3'10


                                    $ Funding        # of Deals

                                                                             www.cbinsights.com




www.cbinsights.com
56                                                             Venture Capital Activity Report | Q3 2010


Texas Venture Investments Go Green




                                                                                                                   Texas
Green Tech investments took 47% of total funding on the back of investments in
Energy & Utilities and energy efficient Computer Storage solutions.




              VC Deal Volume (#) in Texas by Sector, Q310
                                                                                Quarter Highlights

                                                                                33 deals | $357M
                                              Healthcare
      3%           12%                        Energy & Utilities                Top Sector
                                21%                                              # of Deals – Energy & Utilities
                                              Internet                           $ of Funding - Healthcare
         6%
                                              Mobile & Telecommunications
                                                                                Top Five Deals
       6%                                     Computer Hardware & Services
                                                                                 Reata Pharmaceuticals
                                              Software (non-internet/mobile)     KiOR
        6%                                                                       Smooth-Stone
                                  25%         Business Products & Services       Airstrip Technologies
              9%                              Automotive & Transportation        Xtreme Power

                        12%                   All Other                         Top Cities

                                                          www.cbinsights.com Austin
                                                                               13 deals | $81M
                                                                             Irving
                                                                               1 deals | $78M
                                                                             Pasadena
                                                                               1 deals | $70M
                VC Investment    ($) in Texas by Sector, Q310                San Antonio
                                                                               4 deals | $39M
                   2%
                        2% 1%                                                Houston
                                                                               3 deals | $36M
                                              Healthcare
                                                                             Kyle
                   5%                         Energy & Utilities               1 deals | $30M
                                                                             Dallas
                                              Internet                         3 deals | $9M
          13%                     32%
                                              Mobile & Telecommunications    Fort Worth
                                                                               1 deals | $7M
                                              Computer Hardware & Services   Richardson
                                                                               1 deals | $4M
       11%                                    Software (non-internet/mobile)
                                                                             Round Rock
                                              Business Products & Services     1 deals | $3M

                                               Automotive & Transportation
     2%
                          32%                  All Other


                                                           www.cbinsights.com




www.cbinsights.com
57                                                                   Venture Capital Activity Report | Q3 2010


Healthcare & Energy Drive Deal Growth




                                                                                                                      Texas
Healthcare venture funding in Texas grew by 400% vs. Q2’10. The sector also saw a
75% increase in deal volume. Energy dipped on deals but saw strong funding growth.

                        Share of VC in Texas by Sector - Number of Deals
                                                 Last Five Quarters



                     20%                                                        15%
                                                                                                   27%
                                          33%
                      3%                                    45%                  9%

                     17%                                                                            6%
                                                                                18%
                                          13%                                                       9%
                                          5%                5%                                     12%
                     37%                  15%               16%                 33%
                                          3%                                                       24%
                                                            16%
                      0%
                                          31%                                   12%
                     23%                                    8%
                                                                                                   21%
                                                            11%                 12%

                     Q3'09               Q4'09          Q1'10                   Q2'10             Q3'10

                              Healthcare                           Energy & Utilities
                              Internet                             Mobile & Telecommunications
                              Computer Hardware & Services         Other
                                                                                                 www.cbinsights.com


                        Share of VC in Texas by Sector - Dollars of Funding
                                                 Last Five Quarters


                                                                                 4%                10%
                                                                                 4%
                     22%
                                          32%                                   14%                13%
                     10%                                    50%
                                                                                16%                11%
                                                                                                    2%
                     20%                  16%
                                           6%                                                      32%
                                                            11%
                                          10%
                                           1%                                   48%
                     31%                                    13%

                                                            10%
                      0%                  36%                                                      32%
                     16%                                    10%
                                                                                14%
                                                             6%
                     Q3'09               Q4'09          Q1'10                   Q2'10             Q3'10

                             Healthcare                           Energy & Utilities
                             Internet                             Mobile & Telecommunications
                             Computer Hardware & Services         Other
                                                                                                 www.cbinsights.com


www.cbinsights.com
58                                                               Venture Capital Activity Report | Q3 2010

Early Stage Investments Dominate Dealflow




                                                                                                             Texas
Venture investments in Seed and Series A funding rounds were 65% of dealflow in
Q3’10. Venture funding in Texas was well distributed across investment stage.

                      Share of VC in Texas by Series - Number of Deals
                                               Last Five Quarters



                                                                          6%               6%
                     12%                               14%
                                    20%                                                    6%
                     12%                               10%               22%               12%
                                     5%
                      8%                               10%                                 12%
                                    20%                                  17%

                     32%                               33%               11%
                                                                                           47%
                                    35%

                                                                         39%
                     36%                               33%
                                    20%                                                    18%
                                                                          6%
                      0%             0%                0%
                     Q3'09          Q4'09             Q1'10              Q2'10            Q3'10
                             Seed   Series A    Series B      Series C   Series D   Series E +


                                                                                        www.cbinsights.com


                       Share of VC in Texas by Series - Dollars of Funding
                                               Last Five Quarters


                                                                          4%
                                    14%                13%                                 14%
                     32%                                                 29%
                                                       20%                                 16%
                                    24%

                     16%                                                                   21%
                                                       22%
                                                                         32%
                                    28%
                     20%
                                                                                           31%
                                                       33%
                                    20%                                  21%
                     23%

                                    13%                                  13%               16%
                      8%                              11%
                      0%             0%                0%                 1%               1%
                     Q3'09          Q4'09             Q1'10              Q2'10            Q3'10

                             Seed   Series A    Series B      Series C   Series D   Series E +


                                                                                        www.cbinsights.com



www.cbinsights.com
59                                                                     Venture Capital Activity Report | Q3 2010


Definitions – Ensuring Data Integrity
What’s Included in our Quarterly Venture Capital Numbers? What is not?

Given the importance of venture capital in spurring innovation and entrepreneurship, measuring venture capital activity
accurately is important. We encourage you to review the methodology and definitions employed by us to better
understand the numbers presented in this report. If you have any questions about our definitions or methodological
principles, we encourage you to reach out to us directly.


 What is included?                                              What is excluded?

• Equity financings into emerging companies.                    • Angel investment. These are not included in
  Funding must come from venture capital firms including          numbers unless an investment round included Angels
  corporate venture groups.                                       investing alongside a venture capital firm or corporate
• Fundings of only private companies. Public                      venture group.
  companies of any kind on any exchange (including Pink         • No contingent funding. If a company receives a
  Sheets) are excluded from our numbers even if they              commitment for $20M subject to hitting certain
  received investment by a venture firm(s)                        milestones but first gets $8M, only the $8M is included
• Companies must be headquartered in the USA. Our                 in our data.
  geographic data is based on the city and state where the      • No business development/R&D arrangements
  company receiving investment is headquartered. If a             whether transferable into equity now, later or
  company has a satellite office/presence in multiple cities      never. If a company signs a $300M R&D partnership
  or was founded in a particular city but has moved its HQ,       with a larger corporation, this is not equity financing
  our results reflect only this HQ address.                       nor is it from venture capital firms. As a result, it is not
• Only include the investment made in the quarter for             included.
  tranched investments. If a company does a second              • Buyouts, Consolidations and Recapitalizations.
  closing of its Series B round for $5M and previously had        All three of these of transaction types are commonly
  closed $2M in a prior quarter, only the $5M is reflected        employed by private equity firms and are tracked by
  in our results.                                                 CB Insights. However, they are excluded for the
• Round #s reflect what has closed – not what is                  purposes of this report. Private equity investments into
  intended. If a company or regulatory filing indicates the       companies which may have received venture capital
  closing of $5M out of a desired raise of $15M, our              investment prior are also not included.
  numbers reflect only the amount which has closed.             • Private placements. These investments also known
• Only verifiable fundings are included. Fundings are             as PIPEs (Private Investment in Public Equities) even
  verified via (1) various federal & state regulatory filings     if made by a venture capital firm(s) are not included.
  (2) direct confirmation with firm or investor or (3) press    • Debt/loans of any kind. Venture debt or any kind of
  release.                                                        debt/loan issued to emerging, startup companies even
• Funding close date matters. Fundings are provided               if included as an additional part of an equity financing
  based on funding close date and not on announcement             is not included. If a company receives $3M with $2M
  date.                                                           from venture investors and $1M in debt, only the $2M
                                                                  is included in these statistics.
                                                                • Government funding. Grants, loans, equity
                                                                  financings by the federal government, state agencies
                                                                  or public-private partnerships to emerging, startup
                                                                  companies are not included. Strictly venture or
                                                                  corporate venture outfits.
                                                                • Incubator investments. Investments of money as
                                                                  equity or debt and/or services by incubators are not
                                                                  included.
                                                                • Strategic corporate investments. Corporations
                                                                  making strategic investments in companies but not as
                                                                  part of a specific organized venture group are not
                                                                  included.



www.cbinsights.com
60                                                         Venture Capital Activity Report | Q3 2010


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61                                              Venture Capital Activity Report | Q3 2010


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connect with us via any of the following.




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