A friend of mine sent me this list of many of the Bay Area firms that received venture capital financing between January 1 and March 31, 2002. The companies listed in that list are not necessarily start-ups, they could have received funding from other investors previously.
It seems that they're still putting a lot of money into telecomm/networking firms, like Polaris Networks which received $55M and Pluris, a manufacturer of Internet backbone routers ($55M) while Caspian Networks is leading them all with $120M to build the next generation hardware for the heart of the Internet.
Among Semiconductor businesses, Silicon Access, a provider of chipsets for Internet infrastructure, and Barcelona Design, online service provider of analog and mixed-signal circuit design appliations, received $39M and $30M respectively to lead them all.
It seems that the future belongs to the Internet businesses (at least for the next couple of years!). Or is it only bay area specific?!