Q1 2004 Washington Venture Capital Activity

$138.65 million of venture capital was invested in 16 Washington based companies during Q1 2004. The average deal size in Q1 2004 was $8.67 million.

(PRWEB) April 23, 2004 -- Q1 2004 Hot Sectors

More than 31% of the venture capital invested during Q1 2004 went to 3 medical device companies. The largest deal was a $26.9 million investment in Spiration, Inc. which is based in Redmond and the company develops minimally invasive pulmonary medical devices for the treatment of chronic obstructive pulmonary disease, emphysema and lung cancer.

Q1 2004 Funding Round
As shown in the chart below, 41% of the companies that raised venture capital during Q1 2004 are companies that raised their Series C round of funding. The largest Series C round financing was by Isilon Systems, Inc. which raised $15.5 million. Isilon Systems, Inc. is based in Seattle and provides distributed network storage systems for digital content delivery and hosting market; designed to extend storage infrastructure to support applications focused on managing digital content such as video, images and research data.

Overview Q1 2004 vs. Q1 2003
$138.65 million of venture capital was invested in 16 Washington based companies during Q1 2004. The amount of venture capital raised by Washington companies in Q1 2004 is up from Q1 2003 by 6.98% for a total of $9.05 million. The total venture capital raised in Q1 2003 by 12 Washington based companies was $129.6 million. The average deal size in Q1 2004 was $8.67 million which is lower than the average size deal in Q1 2003 of $10.7 million.

Overview Q1 2004 vs. Q4 2003
$138.65 million of venture capital was invested in 16 Washington based companies during Q1 2004. The amount of venture capital raised by Washington companies in Q1 2004 is up from Q4 2003 by 326.62% for a total of $106.15 million. The total venture capital raised in Q4 2003 by 9 Washington based companies was $32.5 million. The average deal size in Q1 2004 was $8.67 million which is lower than the average size deal in Q4 2003 of $3.61 million.