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,
- SummitLogic, Inc., an enterprise application provider that allows Global
2000 companies to increase sales and profitability through demand chain
- Zyoptics, Inc., a next-generation wireless optical networking company.
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.
Founded in 1998, Clearstone Venture Partners (formerly idealab Capital
Partners) is an independent venture capital firm with nearly half a billion
dollars under management. With offices in Los Angeles and Menlo Park,
California, Clearstone invests in early stage technology companies in
the areas of software and communications. The firm's investors include
investment entities of CalPERS, Goldman Sachs, HarbourVest, Horsley Bridge,
JP Morgan, Merrill Lynch, MIT, and The State of Michigan. Clearstone has
a history of leadership in financing and building high-growth technology
companies, having backed leading companies including Aceva Technologies,
GoTo.com, MP3.com, NetZero, PayPal, PeopleSupport, PhaseBridge, and RealNames.
More information about Clearstone Venture Partners can be found at www.clearstonevp.com.