Startups and emerging companies raised nearly $115 million in venture capital financing the first three months of this year. That’s the best first quarter since before the 2008 recession and is better by far than in the past four years, according to data from PricewaterhouseCoopers and the National Venture Capital Association. But the data could have been even better based on the huge difference in how one deal was reduced in size and another was omitted.

North Carolina ended up ranking 12th nationally and was less than $1 million in surpassing Colorado.

In fact, the North Carolina data would have been even better had the “Moneytree” report based on data from Thomson Reuters calculated the big round raised by Clinipace at $50 million rather than $17.5 million.

The report also did not list the $17 million raised by Winston Salem-based Clinical Ink, which was cited by Dow Jones Venture Source.

North Carolina’s surge was reflected in the national data as well.

“Historically, VC investing in the first quarter of the year is typically slower than the rest of the year. So, the drop in dollars invested compared to Q4 is not necessarily indicative of what’s to come in 2015. In fact, the $13.4 billion invested in Q1 of this year is the highest first quarter total we’ve seen since 2000 and is also a 26 percent increase in dollars compared to Q1 of last year,” said Tom Ciccolella, US Venture Capital Leader at PwC, in the Moneytree report.

White the state remains far below funding raised between 1999 and 2002 during the Internet’s “dot com boom” days. the PwC quarterly stats are certainly a far cry better than the $15 million raised in 2012 or the $43 million in 2013 or the $65 million a year ago.

And the 12 latest reported deals reflect a spread of focus from biotech and medical devices (5) to software (3) and IT services (2) plus deals in telecommunications and industrial/energy. Plus, three were from outside the Triangle.

Dow Jones Venture Source reported different numbers: 10 deals worth $120 million. Both reports use their own criteria and have their own sources which don’t necessarily overlap.

The major difference involved Clinipace, which focuses on life science services. The PwC data reports Clinipace as raising $17.5 million. Dow Jones said the deal was worth $50 million.

The deals as reported by Moneytree also disclosed an unreported $5 million fundraising by medical tech firm Metabolon. The money came from an undisclosed investor.

The N.C. deals

  • G1 Therapeutics, $33 million
  • nCino (Wilmington), $29 million
  • Clinipace, $17.5 million
  • Vascular Pharma, $15 million
  • Calstar, $10 million
  • Metabolon, $5 million
  • Biovarus, $1.9 million
  • Plum Print (Asheville), $1 million
  • Rival Health, $827,000
  • Royalty Exchange, $600,000
  • Guerilla RF (Greensboro), $500,000
  • Spreedly, $150,000

Southeast is strong

However, not all the news was good.

For example, North Carolina remains far behind rival states Georgia (22 deals, $189 million) and Virginia (19 deals, $185 million).

The southeast is showing a resurgence overall with 65 deals producing $415 million. That total is the best in first-quarter funding since almost the same total in 2008.

Here’s a breakdown of the top 12 states with deals and money raised:

1. CA, 420, 8,001,303,900
2. MA, 101, 1,352,232,500
3. NY, 96, 1,313,031,600
4. TX, 48, 426,629,000
5. WA, 19, 299,062,800
6. UT, 11, 200,853,300
7. GA, 22, 188,599,600
8. VA, 19, 185,102,000
9. IL, 25, 179,235,200
10. PA, 39, 143,077,300
11. CO, 23,115,628,300
12. NC, 12,114,726,100