April 24, 2013
Correlation Ventures, the venture capital industry’s predictive analytics pioneer, announces eight new portfolio company additions in the first quarter of 2013. Additionally, the venture capital fund announces its first portfolio exit with the VMware acquisition of Virsto Software.
During Q1, Correlation demonstrated its commitment to investing in the most promising U.S. headquartered startups regardless of sector, stage, geography or lead investor. Correlation made initial investments in Gynesonics, Gild, MadeFire, NasoForm and four seed-stage companies. Co-investors in these companies included Abingworth, Accel Partners, Andreessen Horowitz, Aperture Ventures, Baseline Ventures, Crosslink Capital, ff Venture Capital, Floodgate, Globespan Capital Partners, Greylock Partners, Harrison Metal, HBM Partners, InterWest Partners, Maveron, Menlo Ventures, True Ventures, ULU Ventures, and the Westly Group.
The new portfolio company additions bring Correlation Ventures’ portfolio to 47 companies in a diverse set of industries including SaaS, semiconductors, consumer and business services, energy, medical devices, healthcare services and biopharmaceuticals.
“Correlation Ventures joined Baseline Ventures in our latest round, making a very quick decision with minimal distraction to our team," said Sheeroy Desai, CEO of Gild, Inc. "We are growing rapidly, so Correlation's low-hassle process enabled me to spend more time focusing on managing our business rather than on fundraising." Backed by proprietary technology that evaluates developers' actual skill levels, Gild produces tech recruiting solutions that make it easy for hiring teams to identify the skilled developers they need to grow their businesses.
Also in Q1, Correlation Ventures saw its first portfolio exit when VMware, the global leader in virtualization and cloud infrastructure, acquired Correlation's portfolio company, Virsto Software. Virsto develops technology to change the economics of storage in virtualized environments by improving utilization, increasing performance and accelerating VM storage provisioning. Correlation invested in the company's Series B round in July 2011. Co-investors include August Capital, Canaan Partners, InterWest Partners and Southern Cross Ventures.
"We are pleased to have the opportunity to be a part of such innovative companies," said David Coats, Managing Director of Correlation Ventures. "Our mission is to be the dream co-investor for entrepreneurs and lead investors looking to fill out VC-led rounds. Our entire team is focused on making sure we continue to deliver on the promise of being the most rapid, reliable and convenient source of VC co-investment."
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. The fund's current portfolio includes companies such as AirXpanders, Aldea Pharmaceuticals, Bunchball, CareWell Urgent Care, Crossbar, edo interactive, Framehawk, MOGL, Retrofit, RQx Pharmaceuticals, SAY Media, Telly, and Urjanet. Correlation Ventures has offices in Palo Alto and San Diego, CA.