By Dan Primack
July 20, 2012

FORTUNE — Venture capitalists pumped $7 billion into 898 deals last quarter, according to a new MoneyTree report from PricewaterhouseCoopers, the National Venture Capital Association and Thomson Reuters (TRI).

The quarterly tally represents a 17% dollar increase and 11% deal volume increase over Q1 2012 but also represents steep declines from the year-earlier period, in which 1,057 companies raised over $8 billion.

Per usual, most of the money went into software ($2.3b), followed by energy ($914m), med devices ($700m) and biotech ($697m). The largest round was for Fisker Automotive ($147.6m), followed by Harvest Power ($112m), Bloom Energy ($100m) and Pinterest ($100m).

Silicon Valley retained its eternal lead in terms of regional disbursements with $3.23 billion of activity. New England sat in second position ($1.59b), with LA/Orange County taking show ($1.1b). NY Metro placed fourth with $942 million.

Dow Jones also reported quarterly venture capital data today, showing similar quarter-over-quarter increases and year-over-year decreases.

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