Echoing a separate report released yesterday, Dow Jones VentureSource just published numbers showing that venture capital investment during the first three months of 2010 was sluggish compared to the end of last year.

In Q1, VCs invested $4.7 billion in 597 deals, according to VentureSource. If you look at both the number of investments and the amount invested throughout 2009, things seem to be recovering slowly after the financial crash at the end of 2008 — until the beginning of this year, when the numbers dropped.

In the report, VentureSource research director Jessica Canning describes the pattern as a “slow recovery” where “investors have more capital on hand but continue to deploy it cautiously.”

The IT industry remains the most popular one for VCs, with $1.5 billion invested in 192 deals, but its share of overall investments is shrinking. And average deal size is down too, to $4.5 million. That’s not just lower than last quarter, but even from the same period in 2009.

More data available here. For comparison, readers can check out the latest MoneyTree report from the National Venture Capital Association and PricewaterhouseCoopers. VentureSource and the MoneyTree report have disagreed occasionally about the trends, but this time it looks like they’re pretty close.