The love affair between venture capitalists and Austin information technology companies is cooling, but other sectors are filling the void.

The portion of the capital collected by local IT companies decreased from 89 percent of the total in 2003 to 55 percent last year. It’s not so much that investors are cold on IT. It’s more a function of the next generation of IT firms not needing venture capitalists as much.

Makers of Web-based tools, cloud computing solutions and open-source software simply don’t need loads of capital to pay for expensive development tools, racks of servers or even office space.

So where are venture capitalists turning? Several places, but mainly tried-and-true business sectors such as health care and financial services.