The rise in venture capital investment, outlined in PricewaterhouseCoopers' MoneyTree Survey, demonstrates just how much Utah has rebounded since the technology industry crash of 2000, said Joe Strain, a PricewaterhouseCoopers spokesman.

Venture capital investment in the state peaked at $708 million in 2000, but dove sharply to $198 million and $89 million in 2001 and 2002. It then climbed to $188 million in 2004 as more venture capital firms stung by the downturn become more active once again.

"I would have expected to see an increase, but the magnitude of that increase is surprising," said Todd Stevens, managing director of Wasatch Ventures, a venture capital company that focuses on early-stage companies. "It's great news for Utah companies and entrepreneurs."

Nationally, venture capital investment through the third quarter totaled $16.3 billion, on track to meet or beat last year's total of $21.3 billion, according to the report, produced by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association.

Utah's share of total U.S. venture capital investment also rose in the first nine months to a high of 1.37 percent, the highest share since at least 1998.

In Utah, 23 venture capital deals were completed through the end of September, on pace to eclipse the 24 deals worth $188 million made last year, according to the report.

The first two quarters of the year were exceptionally active, with $90 million and $103 million invested in Utah companies respectively. The third quarter was quieter, with only $30 million invested by venture capital companies.

Companies receiving money in the third quarter are Cognetix Inc. ($679,800); Control 4 Corp. ($15 million); CanyonBridge Inc. ($8.37 million); Sunforce Technologies Inc. ($3.7 million); and Alianza Global Communication Services ($2.35 million).

lesley@sltrib.com