Are we in a new Internet bubble? And will it burst, like the last one?

More to the point, when will it burst?

It is not exactly happy days here again in the venture capital world.

Sure in 2010 the number of deals rose by 6 percent, to 2,799 over 2009 and the amount of capital invested in those transactions climbed 11 percent to $26.2 billion, according to Dow Jones VentureSource.

Venture capital companies have doled out cash to a plethora of start-ups in the past couple of weeks, even as they raised much less in new funding this quarter. Unless investors start opening their wallets and adding to VC coffers, this bounty cannot continue for long.

Companies in the technology and pharmaceuticals industries were the recipients of big investments from the VC community over the last two weeks, with numerous start-ups receiving funding.