Ernst & Young's latest venture survey shows that venture capital investments for Q2 showed a slow venture market in Southern California. The survey reports a total of 37 venture deals and $364M in investments for Q2, versus 50 venture deals and $633M in investments for Q1. However, nationally, activity was relatively flat at 509 venture deals versus 492 in Q1, and $5.1B invested versus $5.3B in Q1. The most active venture investors in Southern California were Versant Ventures, with 4 deals; and Shelter Capital, iSherpa Capital, and Innocal all with 3 deals. The most popular segments for deals here were ASICs and connectivity and communications tools.