Minnesota companies attracted $45.4 million in venture capital investments in the second quarter, more than double the previous quarter's amount, the Star Tribune reports.
However, that amount still leaves the state on pace for the lowest annual total of venture capital investments since PricewaterhouseCoopers and the National Venture Capital Association started tracking the figures.
"If we finish out the year at this pace, we're well below the lows of 1995 when the survey started," Jay Hare, a partner at the Minneapolis office of PricewaterhouseCoopers, told the newspaper. "We are still so heavily concentrated in one industry [medical devices] that it's hurting us when we're seeing the national [venture capital numbers] rebound."
Read the entire Star Tribune article here.