PWC recently released their quarterly Q3'05, definitive report on the state of venture capital in the US. The good news is that the amount of capital invested has now stabilized around $5B and 700+ deals. While the majority of the money and deals went to established companies, 215 companies received capital for the first time. This is great news for California and Massachusetts where the majority of the active ventures firms are. The other great news is the return of Telecom as an area of investment. After a five year nuclear winter, telco startups are booming. In Massachusetts there are several telco equipment/software companies that are growing fast: Airvana, Starent, Airwide for example. These companies are all founded or capitalized by charter members from TiE-Boston. I was the former CEO and now am on the board of Airwide.