Venture capitalists invested 50 percent more money in Indiana companies last year while the number of deals dropped slightly, according to a report issued Wednesday.
Indiana companies landed $122.5 million in venture capital in 35 separate deals in 2017, according to the PricewaterhouseCoopers LLP/CB Insights MoneyTree report. In comparison, Indiana received $81.7 million in venture capital in 37 deals throughout 2016.
The number of deals in 2016 represented the highest number since report data collection began in 1995. The high-water mark for total investment came in 2009, when investors plowed $300 million into Hoosier companies.
Indiana’s 2017 numbers mirrored national trends, the report said.
Venture capitalists invested $71.9 billion in U.S. companies in 5,052 separate deals last year. That’s a funding increase of 17 percent over the $61.4 billion invested in 2016, but a 4 percent drop in the number of deals.
Indiana's 2017 numbers included eight investments made during the fourth quarter, with a combined value of $55.6 million.
The biggest Indiana investment last quarter went to West Lafayette-based On Target Laboratories, which received $40 million from Johnson & Johnson Innovation. On Target is researching and developing a means of diagnosing cancer and other diseases.
Other recipients of $1 million or more in the fourth quarter included:
— Lessonly, an Indianapolis-based software company, which raised $8 million.
— EMU Technology, a South Bend-based computer hardware company, which raised $5 million.
— Kenzie Academy, an Indianapolis-based technology education program, which raised $1.6 million.