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Valley startups rising up from the graveyard

Today, Silicon Valley is still struggling, with unemployment at 11.9 percent. But some other economic signs — including a rise in the stock market, a rebound in venture funding this quarter and Wednesday’s encouraging Wall Street debut of Internet security firm Fortinet — suggest that the leaner, recession-tested tech sector may lead a gradual economic recovery.

The latest MoneyTree venture capital report illustrated how clean tech is helping the valley flex its long-standing leadership status in tech. Bay Area startups, which usually
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attract about one-third of venture investments, landed a remarkable 46 percent of venture dollars during the quarter. Seven valley companies — three in the clean-tech sector — landed the largest funding deals during the period, adding to a sense of guarded optimism.

"I don’t think we’re completely out of the woods," Kellogg said. "But there is certainly more optimism."

By Scott Duke Harris

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Full Story: http://www.mercurynews.com/business/ci_13834054

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