Battelle Ventures adds $70M from sole LP

Battelle Ventures is expected to announce today that it has expanded by $70 million, bringing to $220 million the total under management by the firm, which is now nearing the end of its fourth year in operation.

The Princeton, N.J.-based firm raised the added dollars from sole limited partner Battelle Memorial Institute, the Columbus, Ohio-based research organization that manages five national laboratories.

“When the fund was established, we had projected 20 to 25 investments during the life of the fund. We now expect to invest in at least 30,” says Battelle Ventures General Partner Mort Collins, who launched the fund in 2003.

Battelle Ventures invests in early and late stage tech companies with a focus on life sciences, homeland security and energy. The firm says it has 13 active portfolio companies. In March 2006, the fund’s first investment had a successful early exit when security screening solutions provider SafeView was acquired by L-3 Communications for an undisclosed amount.