I can't say that I'm surprised that Austin based VC's are more risk averse than SF counterparts. Austin based startups are higher risk for several reasons. This is the city with a start ups desperately searching for veteran engineers when their CTO is 3 years out of school...

The "startup" of Austin is typically one that adds less value to their vertical than their SF counterparts, has less talented technical staff, and has very poor non-technical talent. ...But people are complaining that Austin based VC's are giving Austin based startups less love. I think some of these startups need to re-evaluate what they're doing and stop blaming VC's for not instantly falling in love with their flavor-of-the-week startup.