The HVA/VentureOne Study examines 1,247 private venture capital financings of 479 electronics, semiconductor, software, communications, biotechnology, and medical devices companies that went public between January 1993 and June 1997. The authors identify the pricing drivers and explain the changes in the corporate valuations between various rounds of financing and the initial public offering. For the purpose of analyzing the factors and measuring the implications of these market valuations, the companies are segmented according to stage of development, type of financing round, industry and year of IPO. The Study interprets the data by means of a transactional analysis and a statistical analysis.