Venture capital in the telecom industry may not be what it once was, but the industry is still alive and well. According to data provided by the National Venture Capital Association, the top 10 venture capital deals in the first quarter in the telecom industry were worth a combined $78.7 million. It's interesting to note that many of the companies on the list are involved in wireless services. Here is a countdown of the top 10 VC deals. Slideshow