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Venture capital spending continues to lag behind the record activity of recent years, but startups needn't worry; industry analysts say there's still billions in dealmaking still to be done.

Nationally, VC firms invested roughly $38 billion in startups and other early-stage companies during the first two quarters this year, down 10 percent from the $42 billion recorded during the same span in 2016 and off about $2 billion from 2015, according to data collected by Pitchbook and the National Venture Capital Association.