Compared to Q2, venture capital investments fell 6.9% to $7.13 billion in the September quarter according to the MoneyTree report produced by the National Venture Capital Association, down 9% year-over-year.

Biotechs (up 21%) led followed by software, energy (up 17%), medical gear and media firms.

There are scant IPOs these days, it's reportedly harder to get bought - acquisitions were off 43% in Q3 - and more of the money is going into later-stage start-ups.

First rounds fell to $1.5 billion from $1.7 million and early-stage funding went from $1.8 billion to $1.7 billion.

The overall figure is still within "historical norms," but going forward's another matter, likely to mean penny-pinching.