UK tech venture house MTI is to open an office in America, to be led by senior partner David Ward. The firm is currently considering a location for the office, and is planning to open it in either Boston or the Bay area, having received offers from potential partner companies in both regions. The office should be open by early 2006.
According to MTI, approximately 50% of its investee companies have US operations and the new office will aid the development of business for these companies, as well as strengthening MTI’s networks with US venture capitalists and advisers. The office will enable MTI to further enhance its UK-centric strategy of investing locally and exiting globally but will not be for sourcing deals in the US.
David Ward joined MTI in September 1999 and specialises in materials science, wireless communications and software security. Most recently in March 2005, he oversaw the IPO of Sarantel, having led the investment, the company’s development and float, over a two-year period.