RALEIGH … Technology firms in the Carolinas and Georgia came oh so close to closing $1 billion in venture deals for 2002.

SmarthPath in Morrisville, NC, closed on $3.2 million on Dec. 23. And Penley, Inc. of Atlanta closed on an undisclosed seed round. The two deals brought the region to some 120 deals worth more than $992 million, according to figures compiled by Local Tech Wire.

It’s the first time since 1998 that the three states won’t raise $1 billion or more.

The average deal was worth some $8.26 million.

A December surge in closings nearly vaulted North Carolina past Georgia in deals. North Carolina ended at $478 million, Georgia at $485 million. South Carolina firms raised $22 million.

Here’s a look at the region’s top 80 deals:

Company; Industry; Amount (Round)

1. Movaz Networks, Norcross, Ga.; Telecom; $60 million (3rd)

Investors: Oak Investment Partners (lead), Anschutz Investments, GATX Ventures, Menlo Ventures, Meritech Capital Partners, Silicon Valley BancVentures, Telus Ventures and Worldview Technology Partners

2. Targacept, Winston-Salem, N.C.; Biotech; $46 million (2nd)

Investors: Nomura International Healthcare Private Equity Group (lead), Academy Ventures, Advent Venture Partners, Auriga Ventures, Burrill & Co., CDC-IXIS Innovation, CDIB BioScience Ventures, Easton Hunt Capital Partners, EuclidSR Partners, Genavent Fund, New Enterprise Associates and Société Générale Asset Management Finance

3. Inhibitex, Atlanta; Biotech; $45.4 million (4th)

Investors: Essex Woodlands Health Ventures (co-lead), New Enterprise Associates (co-lead), Alliance Technology Ventures, CDP Sofinov, Pacific Horizon Ventures and William Blair Capital Partners

4. Fleetcor Technologies, Atlanta; IT services; $45 million (2nd)

Investors: Summit Partners

4. Hatteras Networks, Durham; Telecom; $45 million (3rd)

Investors: Grotech Capital Group (lead), Bessemer Venture Partners, Columbia Capital and ComVentures

6. Scynexis, Durham; Pharmaceutical services; $29 million (3rd)

Investors: Alta Partners (lead), Burrill & Co., CDC Innovation Partners, Genavent, KBL Healthcare Ventures, SG Asset Management, SR One and Ventech

7. Pathfire, Roswell, Ga.; Software; $27 million (5th)

Investors: AT&T Ventures, Bank of America Capital Investors, CNN News Group, Halpern Denny & Co., Institutional Venture Partners, Kinetic Ventures, Monarch Capital Partners, Noro-Moseley Partners, Quadrangle Group, Reuters Greenhouse Fund, Riggs Capital Partners and US Venture Partners

8. TriVirix International, Chapel Hill, N.C.; Medical devices; $25 million (4th)

Investors: Grotech Capital Group (co-lead), Morgan Stanley Venture Partners (co-lead), Aurora Funds, Charlotte Angel Partners, Crescent Capital, Enterprise Equity, Frontier Capital, MDS Capital, Memphis Biomed Ventures, SunTrust Equity Partners, Thompson Clive and Partners, Trelys Venture Partners and Tri-State Investment Group of Chapel Hill

9. Wave 7 Optics, Alpharetta, Ga.; Telecom; $23 million (2nd)

Investors: ATV Capital (lead), Armada Ventures, Lucent Venture Partners, Mellon Ventures and Morganthaler Ventures

9. Amphora Discovery, Durham; Biotech; $23 million (2nd)

Investors: ARCH Venture Partners, CW Group, MPM Capital, Venrock Associates and Versant Ventures

11. Nobex, Durham; Biotech; $22.5 million (6th)

Investors: AEA Investors (lead), HealthCap and unidentified Taiwanese venture funds

12. BioStratum, Durham; Biotech; $20 million (3rd)

Investors: BankInvest, Equity Resources Group, HealthCap and MP Bio

12. WebTone Technologies, Atlanta; Software; $20 million (NA)

Investors: Technology Crossover Ventures and individuals

14. Servigistics, Atlanta; Software; $18 million (3rd)

Investors: Bain Capital Ventures (lead), Cordova Intellimedia Ventures, Encubate Technology Ventures, Robinson-Humphrey Netlanta Fund, SSM Ventures, Symphony Technology Group and UPS Strategic Enterprise Fund

15. Elogex, Charlotte; Software: $17 million (4th)

Investors: Fenway Partners

15. Altea Therapeutics, Atlanta; Biotech; $17 million (2nd)

Investors: Domain Associates (co-lead), Venrock Associates (co-lead) and vSpring Capital

17. Wave 7 Optics, Alpharetta, Ga.; Telecom; $15.5 million (3rd)

Investors: Oak Investment Partners (lead), Advanced Technology Ventures, Armada Venture Partners, Lucent Venture Partners, Mellon Ventures and Morgenthaler Ventures

18. Greenway Medical Technologies, Carrollton, Ga.; Software; $15 million (3rd)

Investors: Individuals

18. Serenex, Durham; Biotech; $15 million (2nd)

Investors: Intersouth Partners (lead), Lilly BioVentures, Mediphase Venture Partners and Seaflower Ventures

18. Overture Networks, Research Triangle Park, N.C.; Telecom; $15 million (2nd)

Investors: Morganthaler Ventures (lead), Armada Ventures, Atlantis Group, Charlotte Angel Partners, Gray Ventures, Intersouth Partners and Tri-State Investment Group

21. Proxima Therapeutics, Alpharetta, Ga.; Medical devices; $14 million (5th)

Investors: Montagu Newhall Associates (lead), Boston Scientific, Catalyst Ventures, Domain Associates, Hillman Medical Ventures, Lovett Miller & Co., Merrill Lynch Ventures, New Enterprise Associates and Pilgrim Baxter Hybrid Partners

21. Pinpoint Networks, Cary, N.C.; Software; $14 million (2nd)

Investors: Massey Burch Capital (co-lead), New Enterprise Associates (co-lead), Atlantis Group, Intel Capital, Noro-Moseley Partners, Tri-State Investment Group and Wakefield Group

23. Dynogen Pharmaceuticals, Durham; Biotech; $13.25 million (1st)

Investors: Oxford Bioscience Partners (lead), A.M. Pappas & Associates and HealthCare Ventures

24. Norak Biosciences, Research Triangle Park, N.C.; Biotech; $13 million (2nd)

Investors: Noro-Moseley Partners (lead), Alexandria Real Estate Equities, Aurora Funds, Intersouth Partners, Koch Ventures and Mitsui & Co. Venture Partners

25. Skylight Financial, Atlanta; Internet; $12.8 million (2nd)

Investors: GTCR Golder Rauner (lead), Walnut Investment Partners and individuals

26. LVL7 Systems, Cary, N.C.; Software; $12.5 million (2nd)

Investors: Gabriel Venture Partners (co-lead), H.I.G. Ventures (co-lead), Accton Technology and individuals

27. V3 Systems, Charlotte; Software; $11.5 million (1st)

Investors: Sterling Venture Partners (lead), Draper Atlantic Management, SpaceVest and Updata Venture Partners

28. INC Research, Raleigh; Pharmaceutical services; $11 million (NA)

Investors: Crosspoint Venture Partners (lead)

28. GlobalCare, Alpharetta, Ga.; Internet; $11 million (1st)

Investors: Insight Venture Partners (lead), C&B Capital and THK Private Equities

30. N2 Broadband, Duluth, Ga.; IT services; $10 million (2nd)

Investors: Highland Capital Partners (lead) and AOL Time Warner Ventures

30. HiddenMind Technology, Cary, N.C.; Software; $10 million (4th)

Investors: JLT Group

30. Velant, Atlanta; IT services; $10 million (2nd)

Investors: 3i and Matrix Partners

33. Magnet Communications, Atlanta; Internet; $9.4 million (4th)

Investors: Conning Capital Partners and Total Technology Ventures

34. Peak 10, Charlotte; IT services; $9.2 million (3rd)

Investors: Frontier Capital and Seaport Capital

35. Proficient Systems, Atlanta; Software; $9 million (2nd)

Investors: GIMV (lead), Fuqua Ventures, Kinetic Ventures, Labrador Ventures and individuals

35. GuardedNet, Atlanta; Software; $9 million (1st)

Investors: M/C Venture Partners (lead), Imlay Investments and Technical Consulting Services

37. MediaSpan, Durham; Media; $8.5 million (1st)

Investors: Covestco-Seteura, Rustic Canyon Group, Southeast Interactive Technology Funds

37. Fast-Talk Communications, Atlanta; IT services; $8.5 million (2nd)

Investors: Boston Millennia Partners (lead), Atlanta Technology Angels, Cordova Ventures, HIG Ventures and SAIC Venture Capital

39. GenPhar, Mount Pleasant, S.C.; Biotech; $8 million (1st)

Investors: Individuals

39. Digiquant, Atlanta; IT services; $8 million (3rd)

Investors: General Atlantic Partners (lead), Cisco Systems, Index Ventures, Vertex Management and individuals

39. Netifice Communications, Atlanta; Telecom; $8 million (4th)

Investors: Boston Millennia Partners, Columbia Capital, Dolphin Communications Partners and H.I.G. Capital

42. NetOctave, Morrisville, N.C.; IT services; $7.8 million (2nd)

Investors: Intersouth Partners (lead), Intel Communications Fund, Kitty Hawk Capital, MCNC, North Carolina Enterprise Fund and Wakefield Group

43. Flamenco Networks, Atlanta; Telecom; $7.4 million (2nd)

Investors: Flagship Ventures (lead), Cordova Ventures and Noro-Moseley Partners

44. iOnosphere, Greenville, S.C.; Telecom; $7 million (2nd)

Investors: Pharos Capital (lead) and Trelys Venture Partners

44. Zoom Culture, Chapel Hill, N.C.; Media; $7 million (2nd)

Investors: Chrysalis Ventures (lead), Atlantis Group, Charlotte Angel Partners, Cordova Ventures, Intersouth Partners and Tri-State Investment Group.

46. Netifice Communications, Atlanta; Telecom; $6.5 million (3rd)

Investors: Boston Millennia Partners, Columbia Capital and HIG Ventures

46. TEAMM Pharmaceuticals, Morrisville, N.C.; Pharmaceuticals; $6.5 million (2nd)

Investors: Harbert Management (lead) and individuals

48. Cropsolution, Morrisville, N.C.; Biotech; $6.4 million (1st)

Investors: Aurora Funds (lead), ATP Capital, Atlantis Group, Charlotte Angel Partners and Research Triangle Ventures

49. HAHT Commerce, Raleigh; Software; $6 million (2nd)

Investors: Canaan Partners

49. iReadyWorld, Charlotte; IT services; $6 million (3rd)

Investors: Total Technology Ventures (lead), Greenspring Ventures and Red Badge Ventures

51. ChannelAdvisor, Morrisville, N.C.; Software; $5.7 million (2nd)

Investors: Genesis Venture Partners (lead), eBay, Southern Capitol Ventures, The Atlantis Group and Tri-State Investment Group

52. Lancope, Alpharetta, Ga.; Software; $5.55 million (1st)

Investors: GMG Capital Partners and HIG Capital

53. EG Technology, Atlanta; Telecom; $5.5 million (1st)

Investors: Noro-Moseley Partners (lead), Gray Ventures, HIG Ventures and Yamacraw Seed Capital

54. KnowledgeStorm, Alpharetta, Ga.; IT services; $5.25 million (2nd)

Investors: Sterling Venture Partners (lead), Apex Venture Partners, Imlay Investments, Live Oak Equity Partners and Total Technology Ventures

55. Datatrac, Atlanta; Software; $5 million (1st)

Investors: Megunticook Fund

55. MedCenterDirect.com, Atlanta; Internet; $5 million (4th)

Investors: Healthsouth, UBS Warburg

55. SiteScape, Wilmington, N.C.; IT services; $5 million (2nd)

Investors: Echelon Ventures, SAIC Venture Capital

55. CipherOptics, Raleigh; IT services; $5 million (1st)

Investors: Kodiak Venture Partners

55. eCompanyStore, Atlanta; Internet; $5 million (NA)

Investors: ITC Holdings

55. Oculan, Raleigh; IT services; $5 million (3rd)

Investors: Soros Private Equity Partners

55. FormScape, Morrisville, N.C.; Software; $5 million (2nd)

Investors: MTI Partners

55. KryoTech, West Columbia, S.C.; Hardware; $5 million (4th)

Investors: Delta Design

63. Trinity Convergence, Raleigh; Telecom; $4.5 million (2nd)

Investors: Core Capital Partners, Intersouth Partners and Mid-Atlantic Venture Funds

63. Relativity Technologies, Cary, N.C.; Software; $4.5 million (3rd)

Investors: Intel Capital, Nichimen, Noro-Moseley Partners, Wakefield Group and individuals

65. VistaScape Technology, Atlanta; Software; $4.1 million (3rd)

Investors: Visionaria Venture Capital (lead), CDP Capital and individuals

66. AppGate, Durham; IT services; $4 million (3rd)

Investors: ABN Amro (co-lead), GE Equity (co-lead), Bure Equity, Industrifinans, Innovationskapital and Pythagoras

66. LastMinuteTravel.com, Atlanta; Internet; $4 million (NA)

Investors: Individuals

66. EZ Prints, Atlanta; Internet; $4 million (4th)

Investors: PA Early Stage Partners and The Cairnwood Group

66. ParinGenix, Charlotte; Biotech; $4 million (1st)

Investors: Academy Funds, A.P. Kennedy Family Securities and Research Corporation Technologies

66. Encelle, Raleigh; Biotech; $4 million (4th)

Investors: Intersouth Partners, Koerner Capital and North Carolina Enterprise Fund

71. YellowBrick Solutions, Morrisville, N.C.; Software; $3.9 million (3rd)

Investors: Artai Luxembourg and P3

72. Ziptronix, Research Triangle Park, N.C.; Hardware; $3.5 million (2nd)

Investors: Alliance Technology Ventures, Research Triangle Ventures, RTI International and Xilinx

73. DarPharma, Chapel Hill, N.C.; Biotech; $3.2 million (1st)

Investors: Stanley Foundation and individuals

74. Trinity Convergence, Raleigh; Telecom; $3.1 million (1st)

Investors: Core Capital Partners, Intersouth Partners, Mid-Atlantic Venture Funds

75. ConstructWare, Alpharetta, Ga.; Software; $3 million (3rd)

Investors: Cordova Ventures, Live Oak Equity Partners and Smith Harbor Ventures

75. MDdatacor, Alpharetta, Ga.; IT services; $3 million (2nd)

Investors: Dianon Systems and individuals

75. Total Billings, Fayetteville, N.C.; Software; $3 million (2nd)

Investors: Dogwood Equity and Frontier Capital

75. Bloodhound, Durham; Software; $3 million (4th)

Investors: Noro-Moseley Partners (lead), A.M. Pappas & Associates, Eno River Capital and Wakefield Group

75. Datatrac, Atlanta; Software; $3 million (2nd)

Investors: LogiSpring and Megunticook Fund

80. LiveWire Logic, Morrisville, N.C.; IT services; $2.8 million (2nd)

Investors: Gray Ventures (lead), A.M. Pappas & Associates, The Atlantis Group, Charlotte Angel Partners, Research Triangle Ventures, Tri-State Investment Group, truePilot and individuals