SAN FRANCISCO, Sept. 25 /PRNewswire/ -- Sofinnova Ventures, a
San Francisco venture firm investing in early stage information technology and
life science companies, carried out its first close on Sofinnova Venture
Partners VI, and has over $100M in closed and subscribed commitments. With
this new fund, Eric Buatois, who concentrates on communications investments,
becomes Sofinnova's newest Managing Director. He joined the firm as a
Principal in July 2001.
"We view Sofinnova Ventures as a strong up-and-coming force within the
venture community," said Diane Sterthous, Managing Director of Glenmede Trust
Company, a returning U.S. investor. "This notion was reinforced resoundingly
by a number of our VC contacts. Given Sofinnova Ventures' strong track record
and impressive team-building, they offer a refreshing alternative to some of
the larger more historied firms in the valley."
"VenCap likes Sofinnova Ventures' long track record of successful
early-stage investing. We believe that now is the right time to invest in
early-stage companies, and we like Sofinnova's approach" said
Michelle Ashworth of Vencap International in Oxford, UK.
Returning LPs in the first close include: AGF Private Equity, Credit
Agricole, Glenmede Trust Company, Swiss Life, VenCap International, Venture
Capital Management (Munich) and the GP for a 4% commitment level, whereas new
LPs include Wilshire Private Markets Group, and Credit Suisse Germany.
SVP VI will follow the same investing strategy as their current fund,
SVP V, a $220 million fund raised in 2000. The firm now has five managing
directors and two recently added venture partners and is actively investing in
early stage information technology and life sciences companies.
"Our industry-balanced investment strategy has yielded top-quartile
returns for the last three funds. Our LPs agree with us that now is a good
time to be investing in early-stage companies, as many of tomorrow's successes
are being founded today," commented Sofinnova Ventures Managing Director
Sofinnova Ventures also announced the promotion of Eric Buatois to
Managing Director with the formation of the SVP VI fund. Sofinnova Ventures
Managing Director Robert Carr said, "Eric will be a tremendous asset to the
fund. With his deep technical background, solid judgment and international
contacts, he is already making his mark for the future. Since he has been
with us, he has favorably impacted the quality of our deal flow and made
promising new investments."
Buatois' current investments are in Silicon Valley-based companies
HelloSoft, a provider of DSP solutions for wireless and VOIP networks, and
Salira, a provider of optical access systems, as well as France-based
VoluBill, provider of mobile content and transaction billing mediation
Prior to joining Sofinnova Ventures, Buatois had a 14-year tenure with
Hewlett-Packard, where he had business management, full P&L, and global
strategic responsibilities through leadership roles based in Europe and the
United States. He joined H-P's French operations in 1987 to lead product
strategy for the company's Telecom Systems business unit, which encompassed
global divisions. In 1994, he relocated to Sweden, where he served as
Vice President and Chief Operating Officer of Ericsson Hewlett-Packard
Telecommunication AB, a $200 million global joint venture specializing in
network management systems and billing systems for service providers. He also
served on the Board of EHPT. In 1998, Buatois moved to H-P's U.S.
headquarters, where he became General Manager of H-P's $340 million
Communication Solutions business unit. Prior to H-P, Buatois worked at
Texas Instruments from 1983 through 1987 as both engineer and European Product
Manager for Digital Signal Processors.
About Sofinnova Ventures
Sofinnova Ventures is a trans-Atlantic venture capital firm that is based
in San Francisco, California. Founded in 1976, Sofinnova Ventures is one of
the oldest venture firms. The firm emphasizes a diversified investment
strategy through financing seed and early-stage companies in the
communications, information technology and life science sectors. The firm's
mission is to create value by providing entrepreneurs with the collective
resources, experience and network necessary to build early-stage companies
into profitable businesses. With strong ties to Europe's leading financial,
technology and venture organizations, Sofinnova helps U.S. companies rapidly
enter Europe's growing markets, and European companies to develop a strong
presence in U.S. markets. Historically, Sofinnova has been associated with
leading companies such as Biogen, Collagen, Genentech, Printronix, Tandon and
Tandem Computers. More recently, Sofinnova invested in Actelion, Aviron,
InterMune, Millennium Pharmaceuticals, Phone.com, Premisys, Element 14 and
Tumbleweed Communications. Sofinnova Ventures currently has five Managing
Directors and two Venture Partners, with $450M under management. For more
information, visit www.sofinnova.com.
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SOURCE Sofinnova Ventures