Digital Sky Technologies, the Russian investment firm that’s pretty well poured money into Facebook (and also funded Groupon and Zynga), apparently won’t be providing Twitter with any cash in the near future.  A report’s indicated that Kleiner Perkins will instead be the organization leading a new round of funding.

"[S]ources close to the situation" provided Kara Swisher with this information this afternoon, and it makes a certain amount of sense.  Kleiner Perkins’s history is something any company would be glad to be part of, and where DST is concerned, people at Twitter might have been concerned about conflicts of interest with its other social media investments.

Anyway, as for some additional info Swisher was able to gather, she wrote, "The valuation for the new round – which sources said is well above $150 million – will be from $3.5 billion to $4 billion."

That’s rather impressive.  Of course, some people will point to the $6 billion Google supposedly offered Groupon and argue that Twitter should be worth more.  Also, others may complain that Twitter isn’t generating enough revenue to forego the round of funding.

Still, about 15 months ago, Twitter was judged to be worth $1 billion, so a valuation of $3.5 billion or $4.0 billion will represent an impressive increase.