Editor’s note: This story has been updated.

Los Angeles was ranked as one of the top 25 global cities for tech innovation, according to a recent CB Information Services Inc. report.

L.A. lags behind Silicon Valley when it comes to California technology hubs, but Silicon Beach continues to thrive and companies like Elon Musk’s Space Exploration Technologies Corp. and Snap Inc. give the Southland legitimacy. The CB Information Services report found L.A. tech companies ranked third when it came to attracting so-called mega-financing rounds (funding rounds of more than $100 million). Companies in L.A. had 30, $100 million raises since 2014 compared to Silicon Valley’s 158 mega-financing rounds and New York’s 40.

L.A. also ranked fourth in total exit deals with 2,659 since 2012. CB Insights found that L.A. has a relatively stable tech growth rate, a high density of engineer hiring, and high concentration of later stage rounds.

Tech reporter Samson Amore can be reached at mailto:[email protected] or (323) 556-8335. Follow him on Twitter @samsonamore.