NEW YORK (AP) — A new report says funding for U.S. startups fell in the first quarter, as venture capitalists raised less capital and spent less money on fewer deals than a year earlier.

The software industry was a notable exception, where both the amount funding and the number of deals increased, according to a study set to be released Friday. The MoneyTree study was conducted by PriceWaterHouseCoopers and the National Venture Capital Association, based on data from Thomson Reuters.