BA Venture Partners, backed solely by Bank of America, had an active year in 2005.

The firm invested $140 million in 28 companies last year. Almost a third of those were new investments. The firm also exited from five investments, including three acquisitions, one initial public offering and the filing for another IPO.

"We continued to see improvement in the overall economy and particularly in the sectors we have been watching and investing in during the last few years," said Kate Mitchell, managing director with the Foster City venture firm. "As we look to 2006, we'll be investing in Internet services companies that can build traction in the marketplace using less capital."

Sectors also grabbing the firm's attention include Internet advertising, software as a service, consumer electronics and health care.

BA Ventures expanded its team, bringing on board Rob Herb as a managing director. He was a 20-year veteran of AMD.

Mitchell also credited the firm's associates, usually among the twenty-something crowd, for bringing some hot sectors to the firm's attention.

One associate, for instance, gave the firm's leadership a report on the gaming industry and its attractive demographics. Another associate was a big fan of sending photos via cell phones.

That may have prompted the firm's investment last year in Siimpel, which makes camera components for cellphones.