The figures come from Venture Monitor, a report from a newly formed partnership between Seattle-based Pitchbook and the National Venture Capital Association.
Companies in Washington state raised $511.3 million in venture capital during the third quarter, according to the Venture Monitor report from the National Venture Capital Association (NVCA) and Seattle’s Pitchbook.
That’s a big jump — about 56 percent — from the second quarter, but a 4.5 percent drop from the same period last year.
Venture Monitor is a new report from the NVCA, which signed a contract with growing Seattle startup Pitchbook last month. The association, a trade organization for venture-capital firms, formerly worked with PricewaterhouseCoopers and Thomson Reuters on the MoneyTree report, which is released quarterly.
According to Venture Monitor, a big chunk of third- quarter funding in the state, spread out among 78 deals, went to a few large fundraising rounds. Fifty-one of the deals were small angel investments and seed-funding rounds.
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Video-tech company Panopto in Seattle snagged $43 million and Seattle-based Glowforge, which makes a 3-D laser printer, announced a $22 million round.
The state’s activity mirrors national trends, said Adley Bowden, Pitchbook vice president of analysis. Investors are continuing to pour money into companies at high rates, and much of it is going to companies raising later-stage funding rounds.
That seems to prove that investors are once again committing to large funding rounds with private companies, a tactic that faced some concern in the last year as investors grew wary about the actual valuations of so-called “tech unicorns” or companies valued at more than $1 billion.
Nationally, Venture Monitor reports companies raised $14.99 billion in 1,810 deals, a 29 percent decline in the amount raised during the third quarter of 2015.
Bowden is optimistic that funding levels will stay strong in the Puget Sound region, especially because two tech companies have gone public this year.
“It just shows the credibility and ability of the companies here,” he said. “Those are good validators for the region.”
Seattle radio frequency tech company Impinj raised more than $67 million in its July initial public offering, marking the first local tech company to go public in nearly two years.
Bellevue tech company Apptio followed suit in September, when it raised about $96 million.
Both companies’ stock prices soared on the first day of trading, suggesting that investors are hungry for new technology stocks.
The IPOs may bring credibility to the region, but the largest exit for a Seattle company during the third quarter was Apple’s acquisition of machine learning company Turi. Venture Monitor reports that Apple bought the company for $200 million.