There has been much concern lately about venture capitalists moving away from financing early-stage biotechnology companies, but a Burrill Report analysis of U.S. private company financings in 2013 finds that during the first three quarters of the year, one quarter of the deals for equity financings, 54 out of 205 deals, were for companies raising series A rounds.

The analysis was based on series A rounds of companies that have a principal focus on drug development, diagnostics, or tools and technology.

These series A financings accounted for $454 million, or about a third of the total $1.27 billion raised by U.S. biotech companies during that period. The numbers in the analysis are not limited to venture capital investment, but include a variety of sources for early-stage financing, such as angel investors and venture philanthropists, and other accredited investors. Though venture capital investment is down in early-stage financing, it’s clear that other types of capital are making their way to early-stage companies.

While the average size of series A deals in 2013 is about $8.4 million, it belies the fact that just 6 companies, or 11 percent, accounted for 40 percent of the funding. As a group, one third of the 54 companies accounted for just a tenth of the total amount raised in series A rounds, averaging about $2.5 million per deal.

The concentration of funding obscure the challenge that companies face raising enough money to get to a point where prove their technology and gain returns for their investors.