Silicon Valley on the comeback

Here’s a hopeful sign for Silicon Valley techies:

Venture capitalists invested $1.66 billion in Bay Area companies last quarter — up a strong 22 percent from the $1.36 billion the quarter before, according to a survey by VentureOne and Ernst & Young to be released today. It’s the first decisive upward swing in investments after a year of treading water, and is the most funding since mid-2002.

Along with an upsurge in general funding, there was a 30% pop in seed money, much of it in wireless, VoIP, and biotech. So the Valley continues to re-invent itself.