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Laxman Pai, Opalesque Asia:

Global venture capital deal value dropped 68.9% year over year (YOY) in January to $18.18 billion from $58.49 billion, said a study.

According to S&P Global Market Intelligence data, the number of funding rounds with venture capital participation was down 52.6% to 1,059 rounds, from 2,238 rounds in January 2022. The total amount raised declined from $19.71 billion in December 2022 via 1,104 rounds.

The technology, media, and telecommunications industry continued to lead other sectors in venture capital investment by attracting 34.9% of the total funding raised during January. It was followed by the healthcare sector at 22% and the industrials sector at 16.1%, said the study.

Digital payment applications developer PhonePe Private Ltd. raised the largest funding round in January with a transaction value of $1 billion. New investor General Atlantic Service Co. LP led the first tranche of $350 million, and PhonePe plans to use the proceeds to develop infrastructure, scale UPI payments in India, and invest in new businesses.

Meanwhile, Hawthorne, Calif.-based Space Exploration Technologies Corp., which designs, manufactures, and launches rockets and spacecraft, secured $750 million. Andreessen Horowitz LLC participated in the mature stage funding round that placed the company's pre-money valuation at $137 billion.

In the meantime, solar power company Silicon Ranch Corp. ranked third among the largest funding rounds in January.......................

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