>The data shows by far the sharpest fall in activity has been in early- and seed-stage rounds. In fact, later rounds have remained fairly flat the last three ye

>The data shows by far the sharpest fall in activity has been in early- and seed-stage rounds. In fact, later rounds have remained fairly flat the last three years, and A and B rounds have fallen, but not nearly by as much. A/B rounds I guess is being called "mid stage" in their graph. For both early and mid stages, we're back to lower than 2011 numbers. Mid stage rounds may not have grown as much in frequency than early stage, but they're back to levels just as low as early stage, comparatively. Given that, the author's observations look very biased and reeks of trying to interpret the data to fit the narrative.