This is excellent data that shows a clear trend of increasing competition for Venture Capital.
The trend could be driven by many factors but apparently a decreasing pool of money is not the main driver. Increased competition is suggested as a cause.
However, this does beg the question: Why is there only a "relatively constant" inflow of capital? Either it's because the quality of the applicant start-up has gone down OR the VC funds are not getting access to capital at a rate that is in-step with the market.
The first option seems improbable to me which would suggest that this would be a good time to invest in VC funds.
Despite the noisy data, it's reasonable to conclude the financing market has become more competitive, driven by an increase in the total number of startups raising seed capital and a relatively constant inflow of capital into venture capital.