Despite high hopes and big-name investors, many start-ups fall short of the IPO or acquisition finish line and eventually die.
To learn a little bit more about start-up mortality, CB Insights, a venture capital and angel investment database, examined tech companies that died between 2010 and 2013 and published the results in a new report.
CB Insights noted that start-up death is very hard to identify.
"Many startups are essentially dead but limp along for years in zombie-like fashion. So although on life support, these walking dead startups are not included in this analysis since they're not officially deceased," according to the report.
These companies, most of which are in the Internet sector, lasted an average of 20 months after their last funding round before biting the dust. "Acquir-hiring" takes considerably less time—an average of 14 to 15 months after the last round.
More than half wind down before raising even $1 million. Big-dollar deals skew the average raised, which stands at $11.3 million. The median amount raised comes in at $1.3 million.
—By CNBC's Katie Little. Follow her on Twitter @KatieLittle