Earlier quoted context omitted.
Agreed. Bruce Schneier allocated a chapter in his last book, .A hacker's mind': "Venture capital itself is not a hack. The hack is when unprofitable companies use VC funding to ignore the dynamics of the market economy. We don’t want some central planner to decide which businesses should remain operational and which should close down. But this is exactly what happens when venture capital firms become involved. The in…
That's more or less the opposite of communism.
This doesn't mean there's no place for VC funding, there's lots of legitimate uses for it (i.e. handling mismatched cost/revenue flows from expansion where there are a lot of upfront costs and cash flows come over the following years). Just that it's usually more profitable to be a monopolist/oligopolist and so that has been where the money has been flowing, at great detriment to society.