Sofinnova Ventures Holds First Closing on SVP VI and Promotes Buatois To Managing Director
With SVP VI, Sofinnova Ventures Will Continue Its Successful Long-Time
Strategy of Investing in a Diversified Collection of High Growth
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 Alain Azan. 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 products. 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. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X68776540
SOURCE Sofinnova Ventures
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