RALEIGH … Technology entrepreneurs across the Southeast must long for the good ol’ days … say as far back as last year … when venture capitalists would lavish $1 billion on start-ups in the Carolinas and Georgia over the course of 12 months.

Unless some VCs suddenly turn on the spigots and flood the region with cash over the next few months, those memories will be a thing of the past.

As the Southeast closes the books on the first half of 2003, 55 companies across the region have closed on about $316 million. That compares with $528 million raised in 63 deals at this point a year ago.

Barring some activity Monday, the last deal of June involved Bright View Technologies of Chapel Hill, N.C., which raised a $2 million first round for its rear-projection television technology.

Here is LTW’s exclusive list, ranked according to the size of the deal, for the Carolinas and Georgia:

Company; Sector; Amount (Round)

1. NewSouth Communications, Greenville, S.C.; Telecommunications; $63.5 million (NA)

Investors: Kohlberg Kravis Roberts, M/C Ventures, Quadrangle Group, Vaxa Corporate Partners and Wachovia Partners

2. TransTech Pharma, High Point, N.C.; Pharmaceutical; $24 million (2nd)

Investors: MacAndrews & Forbes (lead), Cephaton and Novo Nordisk A/S

3. Prenova, Marietta, Ga.; IT services; $15.5 million (3rd)

Investors Frontenac (lead) Austin Ventures and River Cities Capital Funds

4. Targacept, Winston-Salem, N.C.; Biotech; $14 million (2nd)

Investors: Nomura International Healthcare Private Equity Group (lead), Bison Capital, Cogene Biotech Ventures, JAFCO, Oxford Bioscience Partners and Rock Castle Ventures

4. STI Knowledge, Atlanta; Software; $14 million (1st)

Investors: Satish Sanan (individual lead) BV-Cornerstone Ventures and Mellon Ventures

6. Ziptronix, Morrisville, N.C.; Hardware; $13.9 million (2nd)

Investors: Grotech Capital Group (co-lead), Intersouth Partners (co-lead), iSherpa Capital and MCNC Enterprise Fund

7. TranS1, Wilmington, N.C.; Medical devices; $12 million (2nd)

Investors: Advanced Technology Ventures (lead), Cutlass Capital, Delphi Ventures and Sapient Capital

8. nuBridges, Atlanta; Software; $11 million (2nd)

Investors: hf Flagship Investments (lead), C&B Capital, GMT Capital, Noro-Moseley, Tycho and Marie Hawle Foundation and individuals

9. Arsenal Digital Solutions, Cary, N.C.; IT services; $10.5 million (4th)

Investors: Covestco, Southeast Interactive Technology Funds and Southern Cross Capital

10. Ephinay, Charlotte; Services; $10 million (1st)

Investors: Chrys Capital

10. StemCo Biomedical, Durham; Biotech; $10 million (2nd)

Investors: Aurora Funds (co-lead), Intersouth Partners (co-lead), BD Ventures, Piedmont Angel Network, Tall Oaks Capital and Trelys Venture Partners

10. Procuri, Atlanta; Software; $10 million (3rd)

Investors: Insight Venture Partners

13. CipherOptics, Raleigh; IT services; $9.6 million (2nd)

Investors: Kodiak Venture Partners (lead), Axiom Venture Partners, New Tampa Technologies and Origin Partners

14. Optical Experts Manufacturing, Charlotte; Media; $8 million (1st)

Investors: Ballast Point Ventures, Frontier Capital and Harbinger Mezzanine

15. Venetica, Charlotte; Software; $7 million (1st)

Investors: Charles River Ventures and General Catalyst Partners

16. Brickstream, Atlanta; Software; $6.2 million (1st)

Investors: Columbia Capital and Mohr Davidow Ventures

17. Trusted Network Technologies, Alpharetta, Ga.; IT services; $6 million (1st)

Investors: Charles River Ventures and Flagship Ventures

18. Lancope, Alpharetta, Ga.; IT Services; $5 million (2nd)

Investors: HIG Ventures and GMG Capital Partners

18. Oculan, Raleigh; Networking; $5 million (4th)

Investors: Soros Equity Partners

18. VisionAIR, Castle Hayne, N.C.; Software; $5 million (NA)

Investors: Banc of America Capital Investors (lead), Covestco, GE Capital and Southeast Interactive Technology Funds

21. MediaSpan Group, Durham; IT services/software; $4.5 million (1st)

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

22. HAHT Commerce, Raleigh; Software; $4.1 million (3rd)

Investors: Banc of America Capital Investors, Canaan Partners, CIBC Capital Partners and Granite Ventures

23. Kyma Technologies, Research Triangle Park; Hardware; $4 million (2nd)

Investors: Digital Power Capital and Siemens Venture Capital

24. Q1 Labs, Atlanta; Software; $3.3 million (1st)

Investors: Business Development Bank of Canada and New Brunswick Investment Management

25. Flexlight, Atlanta; Networking; $3 million (2nd)

Investors: Coral Ventures and Concord Ventures

25. Quellan, Atlanta; Hardware; $3 million (2nd)

Investors: Cordova Intellimedia Ventures, Greenspring Ventures, ITU Ventures, National Semiconductor, University Financing Foundation and Yamacraw Seed Capital Fund III

27. CoreCard Software, Norcross, Ga.; Software; $2.5 million (NA)

Investors: Intelligent Systems

27. XActional, Durham; Software; $2.5 million (1st)

Investors: Aurora Funds (lead), Intersouth Partners and NextPoint Partners

29. Qcept Technologies, Atlanta; Hardware; $2.1 million (NA)

Investors: Pittco Capital Partners (lead), Atlanta Technology Ventures and Bergman & Associates

30. Relativity Technologies, Cary, N.C.; Software; $2 million (4th)

Investors: Noro-Moseley Partners and Wakefield Group

30. AvidXchange, Charlotte; Software; $2 million (2nd)

Investors: Charlotte Angel Partners, Piedmont Angel Network and and individuals

30. Auctionworks, Atlanta; Software; $2 million (2nd)

Investors: Undisclosed

30. NuTech Solutions, Charlotte; Software; $2 million (3rd)

Investors: Individuals

30. Encelle, Raleigh; Biotech; $2 million (4th)

Investors: Intersouth Partners and North Carolina Enterprise Fund

30. Bright View Technologies, Chapel Hill, N.C.; Media; $2 million (1st)

Investors: Tri-State Investment Group (lead), Charleston Angel Partners, Charlotte Angel Partners and Piedmont Angel Network

36. ChemCodes, Durham; Biotech; $1.8 million (3rd)

Investors: Intersouth Partners

37. RSS Solutions, Greenville, N.C.; Software; $1.6 million (1st)

Investors: EdgeStone Capital Partners

38. LiveWire Logic, Morrisville, N.C.; Software; $1.5 million (3rd)

Investors: Gray Ventures and Research Triangle Ventures

38. Trinity Security, Charlotte; IT services; $1.5 million (1st)

Investors: Venture Capital Solutions

40. Synthematix, Durham; Software; $1.25 million (2nd)

Investors: Catalysta Partners and individuals

41. InsLogic Holding, Columbia, S.C.; IT services; $1.1 million (7th)

Investors: Warburg Pincus

42. ISIC, Cary, N.C.; Hardware; $1 million (Seed)

Investors: Academy Funds and MCNC Seed Fund

42. Unitrends Software, Myrtle Beach, S.C.; Software; $1 million (1st)

Investors: Trelys Ventures

42. Tranzyme, Research Triangle Park, N.C.; Biotech; $1 million (2nd)

Investors: Shin Nippon Biomedical Laboratories

45. AfterBOT, Norcross, Ga.; Software; $835,000 (2nd)

Investors: River Cities Capital Funds

46. iReadyWorld, Charlotte; IT services; $650,000 (4th)

Investors: Total Technology Ventures

47. SAK Logistics, Atlanta; Software; $500,000 (1st)

Investors: Individuals

48. Metabolon Pharmaceuticals, Research Triangle Park, N.C.; Biotech; $300,000 (Seed)

Investors: Aurora Funds

49. Noverant, Raleigh; Software; $266,000 (Seed)

Investors: Research Triangle Ventures and individuals

50. Coventor, Cary, N.C.; Hardware; $250,000 (NA)

Investors: Undisclosed

51. StrikeIron, Raleigh; Software; $150,000 (Seed)

Investors: Aurora Funds

52. RYLA Teleservices, Woodstock, Ga.; IT services; $100,000 (2nd)

Investors: Sustainable Jobs Fund

53. VT Silicon, Atlanta; Hardware; NA (Seed)

Investors: ITU Ventures

53. International IT Services, Raleigh; IT services; NA (1st)

Investors: WellFound Technology

53. Navigational Sciences, Charleston, S.C.; IT services; NA (1st)

Investors: Individuals