January 17, 2013
Correlation Ventures, the venture capital industry’s predictive analytics pioneer, announces 26 new portfolio company additions in 2012, including 10 in the fourth quarter. These new additions bring Correlation Ventures’ portfolio to 39 companies in a diverse set of industries, including medical devices, pharmaceuticals, SaaS, semiconductors, consumer and business services and energy. The firm plans to make approximately 75-100 investments from its $165 million inaugural fund. As of year’s end, Correlation’s portfolio – as measured by capital invested and reserved – was comprised of 43% enterprise IT and technology-enabled business services, 34% life sciences, 19% consumer and 4% energy/cleantech.
Correlation Ventures added three professionals to its team in 2012: Alexa Fischer (Associate, San Diego); Collin West (Associate, Palo Alto); and Moiz Saifee (Principal, Analytics). Among other duties, Alexa and Collin work closely with entrepreneurs and other venture capitalists to help source investment opportunities and ensure a positive experience throughout the investment decision process, while Moiz adds further depth to Correlation's industry-leading predictive analytics team.
During Q4, Correlation demonstrated its commitment to investing in the most promising U.S. startups regardless of location. Correlation made initial investments in Distil, Inc. (Arlington, Va.), Galera Therapeutics (Malvern, Pa.), Mirna Therapeutics (Austin, Texas), Retrofit (Chicago, Ill.), Stray Boots (New York, N.Y.) and Urjanet (Atlanta, Ga.), as well as four companies located in California.
“Correlation Ventures has been a great partner,” said Sanjoy Malik, CEO of Urjanet, a leading provider of power-usage data that helps enterprises manage consumption and evaluate long-term energy investments. “Grotech Ventures led our B Round, and we were looking for a fast and reliable VC to help top off the fundraise. Correlation was exactly as advertised – the firm’s unique, analytics-based approach delivered an investment decision in less than two weeks with no hassle to me or my team. That helped Urjanet finish the fundraising and refocus on our rapidly growing business.”
“We continue to be impressed by the commitment and ingenuity of the many management teams we’ve backed,” said Trevor Kienzle, Managing Director of Correlation Ventures. “We are pleased to offer this unique value proposition of fast, low hassle co-investment decisions to teams that have already chosen at least one new VC for the syndicate. Our unique offering is giving us access to many great opportunities.”
ABOUT CORRELATION VENTURES
Correlation Ventures, a $165 million venture capital fund, leverages world-class analytics to offer entrepreneurs and other venture capitalists a dramatically better option when they are seeking additional co-investment capital to complete a financing round. The firm makes investment decisions in two weeks or less and offers reliability and transparency about reserves and its intentions to follow in future financings. Correlation Ventures invests across all industry segments, U.S. geographies and investment stages – from seed through late stage. Current portfolio companies include Aldea Pharmaceuticals, Bunchball, Crossbar, edo interactive, Framehawk, Getaround, Mirna Therapeutics, MOGL, Retrofit, SAY Media, Telly, Urjanet, and Virsto Software. Correlation Ventures has offices in Palo Alto and San Diego, CA. For more information, visit http://www.correlationvc.com and @correlationvc.