NEW YORK (AP) — A new study shows that funding for business startups declined in 2012, the first time that’s happened in three years, as venture capitalists spent less money on fewer deals.

Capital-intense sectors like clean technology and life sciences were among the hardest hit, according to the MoneyTree study released Friday. It was conducted by PriceWaterHouseCoopers and the National Venture Capital Association, based on data from Thomson Reuters.

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