I just read through all the (often less content filled) news, which piled up during my vacation. August has been less crowded with VC investments - to use a more polite term. Ventureblog has a rather sophisticated explanation for this. But even in US people are out for holidays for some weeks and an investment is a long process with several communication lines. Even simple LOI's can take several rounds to reach a mutual agreement. In August this simply takes much longer. So the conventional wisdom still holds true, don't expect to get a deal done in summer.