Is a tech money bubble forming? Are skyrocketing tech valuations headed for a correction? Outsized investment and valuation numbers may be pointing in that direction.

According to new figures released by the National Venture Capital Association (NVCA) and Thomson Reuters, U.S. venture capital firms reaped a $29.8 billion bonanza from 254 funds in 2014, a 69 percent upturn from 2013 to approach levels both in dollars and percentage gains not seen since 2007.

After nose-diving to $13.2 billion in 2010 from 2006’s $31.1 billion in fundraising, VC investments have steadily increased, albeit slowly, until 2014’s spike. As measured by number of funds, 2014 was the most active year for U.S. venture capital fundraising since 2001, when 324 funds were raised, the NVCA said.

“2014 was a strong fundraising year for the industry, both in the number of funds raised as well as the amount of capital commitments received,” said Bobby Franklin, NVCA president and chief executive.

“It’s good to see that fundraising levels are finally starting to catch up with the overall level of investment we’ve witnessed in the last few quarters,” he said. “As a result of the strong exit market for venture-backed companies over the last couple of years, more money is being distributed back to investors who have chosen to redeploy that capital to the venture ecosystem.”

In Q4, U.S. venture capital firms raised $5.6 billion from 75 funds, a 14 percent increase compared to the number of funds raised from the prior quarter but a 9 percent dip in terms of dollars, the NVCA said.

In California’s Silicon Valley, venture capital firms raised some $20 billion in 2014 or more than twice the amount in 2013 and the largest since 2009, according to PitchBook data reported by the San Jose Mercury News. PitchBook’s figures showed the median venture capital deal in tech’s heartland rose to $15.6 million from $8.5 million in 2011 for startups, and to $207.6 million from $131.3 million in 2011 for established entities.

The new figures follow an NVCA report last week indicating that venture-backed companies went public in 2014 at a rate not seen since 2000. With 27 venture-backed IPOs raising some $4.4 billion in Q4 2014, the period marked the seventh consecutive quarter to see 20 or more venture-backed IPOs, levels not seen since Q4 2000, the NVCA said.

“The U.S. economy is the engine that is powering the world, and in that subsector, if you want big growth, it’s the tech and startup industry,” Randy Hawks, Claremont Creek Ventures managing director, told the Mercury News. “If you’re a money manager sitting in Dubai, where are you going to invest? You’re going to invest in the U.S. economy and specifically in the tech sector.”