New Jersey skyline

BRIDGEWATER, NJ-Venture capital investment in the Garden State continued its decade-long decline last year, totaling $429.3 million.

The 2012 total was down 13% from $485.9 million in 2011, according to MoneyTree Report by PricewaterhouseCoopers LLP and the National Venture Capital Association, based on data from Thomson Reuters. The number of venture capital deals last year slipped 16% to 54 from 64 in 2011, according to The Record. The peak for venture capital investment in New Jersey was 2004 when $968.1 million flowed into the state.

Valeritas Inc., a medical technology company based in Bridgewater, received the most venture capital funding in the State of New Jersey last year at $75.61 million.

“New Jersey is losing ground nationally,” says David Silverman, managing partner at PricewaterhouseCoopers’ New York Metro Emerging Company Practice.

The report blamed the state’s loss of telecommunications and pharmaceutical companies for the decline in venture capital funding and deals. See story in The Record.