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tCan the biotech sector remain the king of venture funding in Massachusetts, or will the tech set topple it from the throne?
For now, bragging rights belong to the biotech community, which received nearly $1 billion in venture capital funding in 2013 and had 10 companies go public during the year. However during 2014, some dozen or so computer technology firms, mostly in the software trade, are expected to hit Wall Street with an initial public offering.
Either way, both industries have a lot to look forward to in 2014; the region’s venture capital firms are brimming with cash after raising some $5.4 billion in new funds last year, and are looking to anoint the next hot companies with their backing.
It had a banner year on Wall Street in 2013 and the venture capitalists who invest in fledgling health care companies are wasting little time to find and fund a new crop of local startups in hopes they’ll come up with the next wonder drug.
The latest evidence that biotech is back comes in the form of the annual roundup of venture capital spending released Friday. Biotechs in Massachusetts bounced back in the funding ranks after a slow year in 2012, as venture capitalists started ramping up investments in the middle of last year.
And they are spending many millions of dollars to prop up new upstarts and turning Kendall Square into even more of a hotspot in the global pharmaceuticals trade.