CMEA Ventures of San Francisco has announced a first close of $70 million towards its CMEA VI, a $250 million fund for the group.
Unlike the most recent funds the firm has raised for either life sciences or information technology, CMEA VI will be a combined fund as CMEA partners will invest in both areas. CMEA Managing Director Gordon Hull says that the focus of the firm’s investing will remain in the early stage area.
The firm’s previous two funds were $180 million for information technology (CMEA IV in 1998) and $163 million for life sciences (CMEA V in 2000). The firm currently has $540 million under management and has made more than 30 exits (either through an IPO or an M&A transaction) over the life of the firm.
Myogen, which launched an IPO last week, is CMEA’s 31st exit. CMEA currently has over 70 active portfolio companies.
Among its best known investments are the public companies Flextronics (Nasdaq: FLEX), Broadcom (Nasdaq: BRCM), i2 (OTC: ITWO) and Symyx (Nasdaq: SMMX). Topping the list of current portfolio companies for CMEA are two drug discovery companies, Myogen and Raven, as well as the RF ID company Alien Technology.
CMEA was formed by Thomas Baruch as one of the five venture affiliates created by New Enterprise Associates in 1989. CMEA has changed its focus over time from investments into chemicals and materials startups to technology and industry startups. CMEA is no longer affiliated with NEA.
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