Venture capitalists have invested most heavily in computer technology, medical and telecommunications industries in the US -- areas that rely heavily on photonics technology. That's the finding of a brief issued by the National Science Foundation and prepared by its Science Resources Studies division. The report tracked the 10-year period from 1987 to 1996. During the same period, venture capitalists in Europe focused on firms that made industrial machinery, high-fashion clothing and consumer goods. In 1996, venture capital investments reached $9.4 billion in the US and $8.6 billion in Europe.