That was in sharp contrast to investors nationwide, who ponied up $25.5 billion in 2006, marking the industry's biggest burst of dealmaking since the dot-com bust five years ago.

PriceWaterhouseCoopers' MoneyTree report found that for the year, Utah companies attracted $168 million in venture capital, a 33 percent retreat from 2005's $249 million. Although last year's fourth-quarter total of $28 million was $2 million higher than in 2005, the state's venture capital for 2006 was the lowest since the $107 million reported in 2004.

While acknowledging Tuesday that investments were down, PriceWaterhouseCoopers spokesman Joe Strain cautioned against interpreting the results as any cooling of Utah's red-hot economy.

"It's true the venture capital firms are being more cautious with their money," he said. "But the figures also may not look as good because there really weren't any sexy, big deals this year in Utah, as there was last year."

In 2005, two companies accounted for $85 million - AMP Resources LLC raked in $45 million and Omniture Inc. got $40 million.

Strain also noted that Utah finished 2006 with 32 investment deals, the most since the 44 recorded in 2001, and up from last year's 27 total.

"There have been a lot of good startup sorts of deals. The only thing we lacked was that big deal" to boost the final venture capital ante.

Strain also pointed out that the fourth quarter typically ends more conservatively than the rest of the year, and then is followed by much better results as the new year begins. For example, last year opened with a $61 million first quarter following a $26 million performance to wrap up 2005.

"This thing can be cyclical in nature," Strain said. "A healthy range for Utah is $20 million to $60 million a quarter, and we've been in that range for some time. . . . I would expect us to start [2007] strong."

Utah Technology Council CEO Richard Nelson also emphasized the increasing number of investments as a sign that his organization's 4,000 members are thriving.

"I see the funded deals total as up, and clearly that's substantial progress," he said.

Nelson also noted that a recent open house for Utah's Fund of Funds - a $100 million state and private-sector collaboration to attract investors and businesses to the state - drew "dozens of venture capitalists. They continue to be excited about Utah. Their experiences are showing that Utah's life sciences, information-technology and high-growth companies are exceptional opportunities to pursue."

Move Networks Inc., an American Fork-based online video products company, accounted for the bulk of the fourth quarter's eight-deal investment total, raking in $11.3 million. Bungee Labs Inc., an Orem Internet Web services company, raised nearly $7.1 million; and Arteis Inc., a Lindon graphics designer, had almost $5.4 million.

bmims@sltrib.com