Relative to six years ago, most categories of software are still at least 50% higher in round counts, even if they are coming of their highs. This is an interesting trend because venture capitalists raised roughly equivalent amounts of money in 2014, 2015 and 2016. Despite this increasing amount of capital on investor’s balance sheet, 2016 was a slower year by round count. And this data implies that fewer earlier stage companies raised, which means there will be fewer Series Bs in 2017 and fewer Series Cs in 2018.