Revolution's Steve Case, who lived though a bubble in his time running AOL, said he's seeing a correction on valuations for pre-IPO companies. On the venture side, "investors are starting to get a little more sober, a little bit more cautious," he said.
But he's confident the best companies will still be able to raise money, and he's actually planning to accelerate his fund's pace of investment.
"From a deal-flow perspective, from an opportunity perspective, it's definitely not slowing down," said NEA partner Rick Yang, though he did acknowledge what he called a "reversion to the mean."
"Valuations have come down a bit…as a big (venture capitalist), I think it's both good and bad, because when we're looking at new opportunities it means we can get a little bit more ownership at a cheaper price. But on the flip side our portfolio companies are experiencing the same thing when they go out to fundraise," Yang said.
Josh Elman, partner at VC firm Greylock, sees plenty of reasons to be optimistic, pointing to GM's recent $1 billion acquisition in the self-driving car space. "So that leaves me more inspired ... We're still creating the future and some of it is going to be right."