U.S. venture-capital investing in 2005 climbed to its highest level since 2001, with $22.13 billion invested in 2,239 deals. This is a 2% increase compared with 2004 in capital invested, while deal-flow was flat, according to the quarterly venture-capital report by Ernst & Young LLP and VentureOne, a unit of Dow Jones Newswires. Though the energy segment has captured a small portion of total venture-capital investing so far, environmental and regulatory changes may be sparking increased interest, according to Stephen Harmston, director of global research for VentureOne. Energy deals doubled to 24 in 2005 and capital invested increased 135% to $194.2 million, he reports. "Overall, the year's positive outcome-coupled with a dynamic acquisition market for venture-backed companies of late-indicates that venture-capital investors remain committed to funding entrepreneurial innovation in all its forms."