Jan. 5, 2004 — Venture-backed initial public offerings were up for the third quarter in a row, according to Thomson Venture Economics and the National Venture Capital Association (NVCA).

Of the 46 companies that went public in the fourth quarter, 17 were venture-backed — up from nine in the third quarter, two in the second quarter and one in the first quarter. The quarter saw $1.05 billion raised in venture-backed IPOs, up from $732 million in the third quarter.

“The IPO market has come a long way since this time last year, but it still has room to grow,” NVCA President Mark Heesen said in a prepared statement. “We are certainly encouraged by the optimism in the public markets but what we really want to see is the kind of corporate technology spending that will foster sustained profitability at our venture backed companies. That is what will keep the pipeline strong and help build some momentum for 2004.”

The medical/health industry accounted for most of the venture-backed IPOs in the fourth quarter — 5 offerings totaling $295.8 million. The largest IPO in the fourth quarter was Tessera Technologies Inc., a developer of semiconductor packaging technology, which raised $97.5 million.