Dow Jones VentureSource just released Q1 results for VC activity in the US. Not surprisingly, the numbers weren’t very pretty. Total dollars invested decreased by 50% from the same quarter last year. The one bright spot – if you can really call it that – was health care, which only declined 34%. M&A activity in health care has kept VCs interested in the space. VC investments in all the other sectors declined 50% or more. So have we hit the bottom? Are VCs going to jump back in and start deploying cash? Will companies finally be able to raise capital? Unfortunately, I think it’s too early to tell. Even if we have bottomed out, I don’t expect too many VCs will rush back in right away. It’s probably going to be a drawn out process as investors slowly test the waters.