From westchestercbj.com

Venture capitalists invested $4.6 billion in 674 companies in the first quarter of 2005, according to the MoneyTree Survey by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association. First-time fundings inched up near a two-year high of $1.2 billion in 197 companies on the strength of relatively more mature companies receiving their first round of venture capital. And, life sciences investing abated for the first time in two years. Mark Heesen, president of the National Venture Capital Association, said: "Venture investment was indeed down this quarter, but it still fell within the $4 billion to $6 billion range that we consider to be at a rational, investable, performance-driven equilibrium."