This year is on pace to hit a record high for total US venture capital invested in the past decade—but deal count is set to decline sharply for the second year in a row, according to data from the most recent PitchBook-NVCA Venture Monitor.

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Here's a closer look at capital invested and deal activity in US venture rounds over the last 10 years:

venture capital

The overall trend is a product of more capital being invested into fewer deals. Massive VC financings at high valuations have become the new normal: According to the report, deals with a valuation of $1 billion or more represent less than 1% of the deal count—but they're nearly 22% of the aggregate value so far this year.

There may not be as many transactions this year as there were in 2014, when that number was at a record high, but seven companies in the US have raised VC rounds that total at least $500 million in the first three quarters of 2017:

For much more venture capital data and analysis, check out the 3Q 2017 edition of the PitchBook-NVCA Venture Monitor.

Article by Dana Olsen, PitchBook