Over one thousand venture capital and private equity firms are sent a questionnaire each quarter. This data is augmented by other research techniques to identify and qualify investment activity. In order for a company to be included in the results, it must have received at least one round of funding that involved a recognized, professional venture capital firm. If a company has received funding from a professional venture capital firm in a prior round, all subsequent rounds are included regardless of financing source. Likewise, if a company receives its first round of funding from a professional venture capital firm in the current period, any investments from prior periods are included regardless of financing source.
Some data is obtained on a real-time basis and some after the fact.
Results are updated periodically. Therefore, all results are subject to change at any time. On a daily basis, the general partners or fund managers have the primary mission of managing the fund and investing the fund's assets. Institutional investors include but are not limited to pension funds, university endowments, private trusts, insurance companies, corporations, etc. Buyout or other private equity firms are included if a VC participates in the deal.