If the attitudes of venture capitalists in Silicon Valley – where most of them are and the vast majority of deals are made – is any indication then 2015 will be a good year for startups seeking funding.  Who says so? The VCs themselves in a new survey.

The name of the survey is a mouthful: The Silicon Valley Venture Capitalist Confidence Index.

But the group says a lot with its quarterly indices that date back 44 consecutive quarters. The index has climbed in 10 of the last 11 quarters, the fourth-quarter rating reversing a one-quarter drop. 

In the latest one, VC confidence climbed to 3.93 on a scale of 5 (5 is highest; 1 is lowest). That’s up from 3.89 in the previous quarter.

However, the rating remains well below the near 4.5 recorded just before the 2008 financial crisis and the 2009 recession struck.

Last year was the best for VC deal making since the “dot com” boom in terms of money invested. VC fund raising also soared.

 Mark Cannice, department chair and professor of entrepreneurship and innovation with the University of San Francisco (USF) School of Management, writes the research study each quarter. Nearly 30 VCs participated in the latest one.

“Silicon Valley venture capitalists’ confidence moved slightly higher as a continuing strong exit, investment, and fundraising environment tempered concerns over inflated valuations in some venture sectors,” he wrote.

But Cannice also was wary.

“It remains to be seen if there will continue to be enough public market and corporate acquisitor demand to absorb the growing number of highly valued private ventures and sustain the currently robust venture environment,” he wrote.

In the survey, Sandy Miller of Institutional Venture Partners, was upbeat: “The IPO market for venture-backed tech companies is coming to a solid finish for 2014. It has been the best year since 2007.” Paul Holland of Foundation Capital shared, “We have had six IPOs in the last five quarters and as long as public markets remain open, the pipeline for liquidity is very robust.”

But there have been fears among investors and VCs of a growing “bubble” that’s driving up startup valuations.

Robert Ackerman of Allegis Capital told the survey: “The innovation economy is at risk of overheating as investor expectations in certain market sectors, but not all, run ahead of pragmatic reality.”

Added Igor Sill of Geneva Venture Management: “My concern is the recent astronomically overvalued pre IPO prices awarded to Uber, a staggering $40 Billion valuation, according to Red Herring as well as SnapChat ($10B), DropBox ($10B), Palantir ($10B), Airbnb ($10B), Xiaomi ($10B), Theranos, Square, Cloudera, Spotify, etc.”