Canaan Partners Appoints Former Yahoo! and Symantec Executive, Sharad Sharma, as Entrepreneur-in-Residence
Sharma to Strengthen Firm's Global Presence and Commitment to Cloud Computing
Menlo Park, California (PRWEB) May 27, 2009 -- Canaan Partners, a multibillion-dollar global venture capital firm, today announced it has appointed Sharad Sharma as an Entrepreneur-in-Residence. Mr. Sharma previously led Yahoo! India R&D where he was responsible for product engineering for all emerging markets and for several global products including image search, search monetization and HotJobs. Mr. Sharma has more than 22 years of global experience in the Internet, enterprise software and infrastructure markets and will help strengthen Canaan's global presence and focus on the Cloud Computing market.
"Sharad's ability to bridge U.S. operations with global markets is a great fit for Canaan," said Alok Mittal, General Partner at Canaan. "Cloud Computing is a global phenomenon and Canaan is vey well positioned to be a partner for pioneering companies worldwide. Sharad will help us expand our investments in this space by identifying key trends and attracting innovative entrepreneurs across the globe."
Prior to joining Yahoo!, Mr. Sharma was the India General Manager and VP of Product Operations with Symantec (formerly VERITAS Software) and was responsible for the turnaround of VERITAS operations in India. He was also a co-founder and CEO of Teltier Technologies, a New Jersey based wireless infrastructure start-up that is now part of Cisco. Mr. Sharma has managed product development teams at Lucent Technologies in both the U.S. and India and he established AT&T's and later Lucent's R&D organization in India when offshore product development was just beginning.
"Sharad brings a unique mix of investment, leadership and product experience in both infrastructure technology and global markets to Canaan," said Maha Ibrahim, General Partner at Canaan. "His experience will be a real asset as we continue our growth in India and other global markets. Sharad's insight will also help us build on the momentum we've established in the virtualization and Cloud Computing markets with investments in companies like Virsto."
Canaan continues to make strategic investments in innovative technology and healthcare companies across the globe with its $650 million fund, Canaan VIII. Fund VIII continues Canaan's focus on enterprise software investments, including industry-disruptors in the virtualization and Cloud Computing markets, such as Virsto Software and SOASTA, Inc. Canaan is expanding its commitment to these markets and in addition to holding a recent virtualization industry dinner, the firm will be sponsoring and hosting a cocktail reception at the upcoming Structure 09 event focused on Cloud Computing on June 25, 2009, in San Francisco.
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 www.canaan.com.
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