Brings total capital under management to $625 Million
SAN FRANCISCO, Feb. 15, 2001 -- Granite Ventures, LLC, a leading early-stage technology venture capital firms, announced today that it has closed Granite Ventures, L.P., a $150 million venture capital fund, bringing the firm's total capital under management to approximately $625 million.
The new fund will invest primarily in early-stage companies focused on software, communications and the Internet industries.
"We believe the current environment is an excellent one in which to continue our practice of focused, early-stage investing," said Standish O'Grady, senior managing director of Granite Ventures (www.granitevc.com).
The new fund will invest in select companies on both a stand-alone basis or in conjunction with the successful corporate venture capital funds that Granite manages in partnerships with Adobe Systems Incorporated and Texas Instruments Incorporated. Granite leverages its relationships with these leading technology companies as well as the extensive networks of its investment professionals to provide quality deal flow and ongoing value to portfolio companies.
O'Grady added that Granite, formerly H&Q Venture Associates, LLC, has avoided pitfalls of the recent dot-com frenzy and subsequent collapse, and has instead focused on companies with differentiated technology, proven management teams, and innovative products and services expected to build long-term economic value.
That direction will continue with Granite Ventures, L.P., said O'Grady, who will manage the fund with the firm's other managing directors: Rupen Dolasia, Gene Eidenberg, Tom Furlong, Christopher Hollenbeck, Sam Kingsland, and Eric Zimits.Granite Ventures, LLC, formerly H&Q Venture Associates, LLC, is a leading early-stage technology venture capital firm with approximately $625 million in capital under management. Granite Ventures was formed in July 1998 as an independent venture capital firm spun out of Hambrecht & Quist, now J.P. Morgan H&Q.
Granite Ventures manages general venture capital funds and corporate funds in partnerships with technology industry leaders Adobe Systems Incorporated and Texas Instruments Incorporated. Granite Ventures has invested in more than 60 companies, including such industry leaders as AvantGo (NASDAQ:AVGO), Digimarc (NASDAQ:DMRC), DigitalThink (NASDAQ:DTHK) ESPS (NASDAQ:ESPS), InfoGear (acquired by Cisco Systems - NASDAQ:CSCO), InterNAP (NASDAQ:INAP), NetBoost (acquired by Intel - NASDAQ:INTC), Nexabit Networks (acquired by Lucent - NYSE:LU), Siebel Systems (NASDAQ:SEBL), Sierra Wireless (NASDAQ:SWIR), SnapTrack (acquired by Qualcomm - NASDAQ:QCOM), Tumbleweed Communications (NASDAQ:TMWD), Vignette (NASDAQ:VIGN) and Virage (NASDAQ:VRGE), among others. For more information on Granite Ventures, please call 415-591-7700 or visit the firm's Web site at http://www.granitevc.com.