Massachusetts had its highest number of dollars invested into venture capitalist backed companies in a quarter ever, this past one, with $2,269 million.
PricewaterhouseCoopers, a professional services company and CB Insights, a data analysis company, released their 2018 Quarter One MoneyTree report. The amount invested into VC-backed companies placed the Bay state in the top five of many categories the report investigated.
Massachusetts was ranked third in the nation for the amount of venture capital deals made in the first quarter of 2018 with 110. They were behind California with 513, and New York with 170.
However, Massachusetts bumped in front of New York in terms of capital invested in said deals. California remained on top with $11,579 million, Massachusetts in second with $2,629 million and New York with $2,357 million.
Massachusetts may have gained some of that ground from being home to the third biggest venture capital deal of the first quarter. Moderna Therapeutics, a Cambridge-based biotechnology company, made the list with their series G fundraising round of $500 million at the end of January.
This quarter saw the highest amount of money invested into artificial intelligence ever with Massachusetts ranking the second highest for the amount of deals in that category. Massachusetts had 13 which was lapped by number one spot California who had 67, but topped New York with 11. Massachusetts also came in third for the amount of deals in both digital health and cybersecurity.
Overall, the United States saw a 4 percent increase in investments in VC-backed companies in 2018’s first quarter.