In Q3 2003 venture capitalists invested in a total of 314 companies for a total of $3.404 billion. The total venture capital invested during Q3 2003 is down 13.01% from Q2 2003 and 12.57% from Q1 2003 numbers. The following graph summarizes venture capital activity in the United States during Q3 2003:

Overall, venture capitalists invested approximately $280 million this week. This is a decrease of 33% from the prior week. A total of 23 companies raised venture capital. The average deal size was approximately $12.17 million. The largest geographic recipient of venture capital was California based companies to the tune of $205.1 million. This represented 73.2% of total venture financing. The biotech sector received the biggest chunk of venture capital, totaling $143.1 million. Later stage companies received 57.8% of total venture capital to the tune of $162 million.

Total equity financings in the United States decreased this reporting period by 8% to $521 million, compared to last week's $564.4 million. Below are straightforward graphs so that you can quickly see how the equity investments in the United States were distributed by geography, industry and stage of development:

Note: States that received equity funding less than $20 million was included with the OTHER category.

California based companies raised 67% of the total $521 million in equity financings in the United States this past week. In line with our data analysis results, it was ascertained that the largest equity based financing in California was by Calpine Corporation:

Note: States that received equity funding less than $30 million was included with the OTHER category.

Biotech companies received 30% of the total $521 million in equity raised in the United States this period. Below is more information about the company with the largest equity financing in this sector:

As can be seen in the above pie chart, later-stage privately held companies raised 31% of the equity in this reporting period. The largest later stage transaction this period was completed by CoTherix, Inc. which is highlighted in the above section.

Below you will find a breakdown for this reporting period of significant debt and equity financings in the United States, Canada and internationally:

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