Canaan Announces Strategic, Executive Promotions in U.S., India and Israel

Firm Continues to Invest in Global Technology and Healthcare Innovators with Canaan Fund VIII

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Historically, many of our most successful investments have been made during economic downturns, including Peninsula Pharmaceuticals and Acme Packet

Menlo Park, CA (PRWEB) January 13, 2009

Canaan Partners, a multibillion-dollar global venture capital firm, announced today it has made several strategic, executive promotions in the United States, India and Israel. With the $650 million Canaan VIII fund raised in 2008, the 21-year-old firm continues to invest in innovative and market disrupting technology and healthcare companies across the globe. The promotions announced today are: Alok Mittal named General Partner, Izhar Shay named General Partner, and Warren Lee named Venture Partner.

"Each of these venture professionals have realized great success over the past couple of years and have helped Canaan expand its portfolio of emerging market leaders on both coasts of the U.S. and globally," said Deepak Kamra, General Partner at Canaan.

"Moving forward, we will expand our digital media portfolio from our East Coast offices and we will work hand in hand with our CEOs and entrepreneurs to help them build great companies that can thrive in any economic market," added Eric Young, General Partner at Canaan. "The early success of our efforts in India and Israel has been strong validation of our global strategy as well as the solid team we have on the ground in these regions. We will continue to expand our global presence and portfolio."

With offices and general partners located in India and Israel, Canaan will continue to build on the momentum the firm has established in these regions. Mittal and Shay have led several of Canaan's key, global investments in companies such as Prime Sense, a company based in Israel giving digital devices a three dimensional view of the world; N-trig, the industry's only pure-play, provider of digital input devices with combined pen and touch/multi-touch capabilities based in Israel; BharatMatrimony.com, the world's largest consumer Internet site for matrimonial services based in India; and iYogi, an India-based provider of home and remote access computer support for global home and small business users. In their new roles as General Partners, Mittal and Shay will expand Canaan's presence in India and Israel and focus on identifying and developing emerging companies in the communications and mobility, digital media, enterprise technology and healthcare sectors.

Lee is based out of Canaan's offices in the New York corridor. He has led numerous Canaan investments in digital media front-runners including Tremor Media, the largest pure-play video ad network; Associated Content, a leading publisher of user-generated content; and Peer39, a leader in semantic advertising technology. Lee will focus on expanding Canaan's portfolio of industry-disrupting, digital media investments and he will continue to work directly with his existing investments to help them succeed despite the challenging economic environment.

"Historically, many of our most successful investments have been made during economic downturns, including Peninsula Pharmaceuticals and Acme Packet," said Brent Ahrens, General Partner at Canaan. "We are in a strong financial position and continue to follow an overall investment strategy based on early-stage, longer-term deals which generate the most lucrative returns. With a proven investment team, we are catalyzing the development of companies with novel technologies, proven management teams and solid revenue models with clear paths to profitability."

About Canaan Partners:
Canaan Partners invests in visionary entrepreneurs and provides them the networks, insights and operational guidance required to build high-performance technology and healthcare companies. For 20 years, they have taken an active and committed role in the companies in which they invest, and have completed more than 72 mergers and acquisitions and 53 IPOs. With $3 billion under management and a worldwide footprint, the firm's technology team is committed to catalyzing the growth of innovative companies in the digital media, communications & mobility, enterprise and clean tech industries. Among its successes are Acme Packet, Amicus Therapeutics, Cerexa Inc., CommerceOne, DexCom Inc., DoubleClick, Intralinks, Match.com, SuccessFactors and WebLoyalty. Other Canaan investments include Active Networks, AdvancedBioHealing, BharatMatrimony, BiPar Sciences, Blurb, Chimerix, Inc., N-trig, Prime Sense, ReVision Optics, Inc., Transoma Medical, Inc, Tremor Media and Xirrus. Canaan has offices in California, Connecticut, India and Israel. For more information visit http://www.canaan.com.

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