While the technology downturn has hit Silicon Valley like a ton of bricks, California remains a magnet for venture capital, leaving the state the dominant destination for U.S. private financing, according to a study released on Thursday.

The study by San Francisco-based research firm VentureOne found California reaped the most venture capital financing deals of any U.S. state in the first quarter.

California, historically the premiere market for U.S. venture investing, notched 179 deals, valued at $2.4 billion, in the first quarter. Massachusetts was a distant second with 72 venture deals, totaling $734 million, the study said.

The tally reflected the sharp contraction in venture investing following the billions of dollars lost in dot-com and other technology start-ups over the past two years.