The first half of 2019 witnessed venture-backed exits totaling more than $188.5 billion, which surpasses the full-year total for all prior years, according to the most recent PitchBook-NVCA Venture Monitor quarterly report.

The bulk of these exits came in the second quarter when several of the most valuable “start-ups” in the world went public, including Uber, Pinterest, Slack and Beyond Meat. In fact, the second-quarter total of $138.3 billion is more than any other full year in the past decade and nearly $90 billion more than the next highest quarter.

The report was not entirely glowing: Q2 2019 witnessed $1.7 billion invested into 1,001 early-stage (i.e. angel and seed) deals, which was down 22% and 6%, respectively, from Q1 2019 and 45% and 8%, respectively, from the same quarter last year. While the decline in deal count is unsurprising given recent trends, the report describes the drop in early-stage capital investment below the $2 billion mark as “notable.”

VC-backed companies are staying private for longer and “with gains consequently staying primarily on paper, some LPs (limited partners) tapped out their allocation to venture.” However, with nearly $200 billion flowing back into VC’s coffers, we are hopeful that the dip in venture fundraising is transient. The report supports this prediction, stating that the high-value exits could lead to more investments in start-ups – especially in life sciences and female-owned companies, which continue to trend upward within the venture industry.

For its part, Indiana is also trending in the right direction, bringing in $291 million across 68 deals in the first half of 2019. By comparison, Indiana companies raised $370 million across 93 deals in all of 2018. The first half of this year also included 21 technology or tech-enabled companies in Indiana being involved in mergers and acquisitions, but the financial details of these deals were mostly undisclosed.

Adam H. Berry is vice president of economic development and technology at the Indiana Chamber of Commerce. He joined the organization in 2019.