The funding picture continues to crawl back from the brink, part of an economic recovery that remains slow and plodding.  The latest comes from Dow Jones VentureSource, which pegged first-quarter funding levels in the US at $4.7 billion, up 11.9 percent from the same period in 2009.  That was culled from a total of 597 deals, up from 522 previously.

That "uptick" was characterized as a "slow recovery" by Jessica Canning, global research director for Dow Jones.  "As the liquidity and fundraising environments thaw, investors have more capital on hand but continue to deploy it cautiously," Canning relayed.

The numbers are a broad look, though music-specific funding levels are also showing signs of life.  Broader level liquidity is good for everyone, though the question is whether investors will scrutinize their music-related bets more closely moving forward.  Most music-related investments returned donuts last decade, thanks to a raft of erroneous assumptions related to licensing and consumer behaviors.  

Still, plenty were willing to play last quarter, across a wide swath of musical sectors, a trend that could signal a fresh round of musical risk-taking.  But across-the-board, Dow Jones VentureWire editor Scott Austin pointed to a still-skinny environment.  "With investors' capital reserves low, the competition is intense not only for entrepreneurs looking to raise financing but also for venture capitalists trying to break into the best companies," Austin relayed.