(1888PressRelease)
December 07, 2007 - Venture capital investment during 2007 is set to hit its highest total since 2001, according to new figures.
Investment from the sector in the first nine months of this year has hit $30 billion, according to a report from accountancy firm Ernst & Young and Dow Jones VentureOne.
This leaves the industry on course to garner more than $40 billion of investment this year - the highest level of global annual investment recorded in the sector for six years.
The number of deals, meanwhile, is on course to exceed the record 3,884 completed in 2003, analysts from Ernst & Young said.
Growth in the sector has been driven by the healthy exit environment as well as spending on clean energy technology and new medical devices, according to Gil Forer, global director of Ernst & Young's Venture Capital Advisory Group.
He explained: "There is heightened demand for innovative technologies in energy efficiency and medical technology ... in both mature and emerging markets.
"Innovation is the new currency of competition and venture capitalists are responding to the demand for external innovation from...large corporations that have concluded they must look...beyond their in-house research and development functions."
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