In IPOs, a company is valued at less than it has been estimated to be worth in its private funding round before going public. Considering the basic fact, the survey has excluded IPOs from the focus of the survey. The survey has also excluded companies that are sold for less than they have been valued at private survey or those exiting businesses, reports Silicon Valley Business Journal.

Software hasn't been one of the top two most highly valued industries since the first quarter of 2010. During last quarter, it has been third and behind internet/digital media and hardware. The survey opines a positive feature subject to exhibition of diversification among investors.

Internet and software have occupied the pioneer position in 1999 and 2000. But the interesting hardware things are being developed with the Internet of Things, drones, robots and virtual reality. Kramar, the author of the survey, finds some healthiness in the Silicon Valley industries.

Kramer believes, the trend line may continue to tilt towards south a bit more. His prediction is based on the fact that number of funding has been dropped. On going public market correction in tech stocks, appear as his other point of argument.