While nobody is going to claim that the roof is on fire, tech IPOs certainly turned the heat up a degree or two during the third quarter, creating some welcome optimism.

According to the latest report from Renaissance Capital, there were 10 tech IPOs in the U.S. during the three months ending in September. That compares to four in the previous quarter, and just one lousy stinkin’ IPO a year ago. The Q3 IPOs raised $1.9 billion, much better than the $400 million in Q2.

That hit parade was led by Japan’s Line, which bagged $1.1 billion in its IPO, and Nutanix, which raised $238 million. Renaissance notes that Nutanix actually raised 42 percent more than it originally expected with its IPO.

This is also happy news for long-suffering venture capitalists who had been pumping up valuations of startups, even as exits have proved elusive. Renaissance said seven of the 10 tech IPOs this quarter were backed by venture capital, which is back to the 7.2 per quarter average seen since 2010.

But before VCs start turning cartwheels of joy, Renaissance points out that three of those seven VC-backed tech IPOs had offering prices lower than their last round of fundraising. That’s a sign that many valuations may be too high, possibly creating a big dilemma as companies consider an IPO.

Finally, because we’d like to leave you on an upbeat note, Renaissance reminds us that there is a big logjam of tech IPO filings and that “there are signs that the dam will begin to break open in the next 12 months.”