IDEALAB CAPITAL PARTNERS DEBUTS AS CLEARSTONE VENTURE PARTNERS, ANNOUNCES NEW INVESTMENTS IN WIRELESS AND ENTERPRISE SOFTWARE COMPANIES, AND ADDS NEW VENTURE PARTNER
April 16, 2001
PASADENA, Calif.--April 16, 2001--idealab Capital Partners, a $450 million venture capital firm investing in early stage software and communications companies, announced today that it is changing its name to Clearstone Venture Partners. It also announced a new Venture Partner, the opening of two offices, and the completion of three new investments.
"The name Clearstone represents our focus on and commitment to building long-term success for technology companies," said William Quigley, a Managing Director at Clearstone. "With over $200 million remaining to invest in our current fund, Clearstone is committed to providing the financing and resources necessary to help develop the next generation of market leaders."
Clearstone's three most recent investments, announced today, include:
- Neomar, Inc., a wireless software company that enables corporations
to securely and reliably deliver corporate data to mobile professionals,
Clearstone also announced that Dr. Leonid Kazovsky has joined the firm as a Venture Partner and will serve on its technical advisory board, while assisting with new investments and working with portfolio companies. Dr. Kazovsky is a Professor of Electrical Engineering at Stanford University and head of the Optical Communication Research Laboratory (OCRL) at Stanford. In addition to authoring or co-authoring some 300 technical and conference papers during his career, Dr. Kazovsky took a one-year leave from Stanford in 1998 to launch Alidian Networks, where he continues to serve on the Board of Directors.
Clearstone also unveiled its new office on Sand Hill Road in Silicon Valley and announced plans to move its southern California office to Los Angeles' Westside. Managing Directors Bill Elkus, Jim Armstrong and William Quigley are based at Clearstone's Los Angeles location, while Managing Director Erik Lassila heads up the Silicon Valley office.
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