(AP) A new report says funding for U.S. startups rose in the third quarter from year-ago levels, as venture capital firms invested more money into a larger number of deals.
Total investments in startups rose 17 percent to $7.78 billion from $6.63 billion in the July-September quarter of 2012. The number of deals rose 7 percent to 1,005 from 937.
The software industry accounted for the largest chunk of the funding at $3.57 billion, marking a 77 percent jump from a year ago. Software also accounted for the largest number of deals with 420.
Biotechnology came in a distant second place with $852.1 million funding 123 deals.
The MoneyTree study released Friday was conducted by PriceWaterHouseCoopers and the National Venture Capital Association, based on data from Thomson Reuters.