At first glance, the venture industry appeared to have bounced back in a big way in the second quarter. But founders and funders in the struggling sector shouldn’t get too excited just yet.

Venture organizations invested $55.6 billion in U.S. startups in the just-completed quarter, according to data released late Tuesday from PitchBook and the National Venture Capital Association. That was 47% higher than in the first quarter and represented the highest tally since the second quarter of 2022, when the industry was still in its post-pandemic boom.