Although the computer and semiconductor industries have been facing a recent slow down, venture capital investment is still on the rise. Investment grew 26% during the second quarter this year from the same period last year to reach $3.7bn, according to the quarterly Money Tree by accountancy firm PriceWaterhouseCoopers LLP. The investment growth was driven by the largest single sector, software and information technology, which rose 19% to 1.25bn, with communications investment down 6.7% at $219.6m, but the most rapid percentage growth came from internet-related software companies with investment of $340.8m, up 62% on the year ago quarter.
