Hi-tech firms raised $376 million in Q1, down 19% from Q4

Seventy-nine privately owned hi-tech firms raised $376 million from local and foreign investors in the first quarter this year, 19% less than $464 million raised by 120 companies in the fourth quarter of 2001, $1.4 billion in 2001, 63% less than in 2000, according to the quarterly report published by technology venture investment research firm IVC Online.

The volume raised in the first quarter was 41% short of the $632 million raised by 154 startups in the first quarter last year.

But the average round grew to $4.8 million, 23% more than in the previous quarter, which averaged $3.9 million, reflecting the trend to increased follow-on funding and fewer seed investments.

There were three big rounds exceeding $20 million, compared with six big rounds in the fourth quarter last year. The three big rounds totaled $171 million, compared with $148 million in the fourth quarter.

Moreover, the big rounds in the first quarter comprised 46% of all rounds, compared with 32% in the fourth quarter.