Irish technology firms raised €994m in funding in 2017, the latest Irish Venture Capital Association VenturePulse survey shows, up 12% on the previous year.

The survey, which is published in association with William Fry, also found that technology based SMEs raised €177m in the fourth quarter 2017, up from €154m the same time last year.

Sarah-Jane Larkin, director general IVCA, said that growth and expansion funding represented 85% of total funds raised. 

However, she also noted that seed and early stage funding also grew significantly and reached a high of €131m for the year, up from €70.2m in 2016. 

The survey also showed that international investors accounted for 63% of the funding raised by Irish SMEs last year.

The IVCA chairman Peter Sandys said that while 2017 was a record year it is worth noting that the year-on-year growth rate of 12% compares to a 70% growth rate in 2016.

He said there was "no room for complacency".

"With continuing uncertainties over the impact on Ireland of Brexit, lower US corporation tax rates and possible US trade wars it is more important than ever that we continue to build an indigenous knowledge-based economy," he added.