Early-stage specialist Avalon Ventures has closed its
eighth fund with more than $150 million to continue its focus on biotechnology, wireless communications and Web media applications. The fund is Avalon's largest to date, and the firm is adding a pair of new managing directors to help put the money to use in an expected 20 to 24 deals.
Richard Levandov (right), who joined the firm last year, will continue to expand the firm's East Coast practice, while
Jay Lichter comes on to focus on biotechnology and pharmaceutical startups, joining longtime managing directors Kevin Kinsella and Stephen Tomlin.
Avalon's early-stage focus includes nurturing companies in promising underserved markets, such as its 2005 formation of Anaptys Biosciences Inc. to concentrate on developing monoclonal antibodies. Avalon's modest $3 million bet on validating proprietary development platform technology won a ringing endorsement in November 2007, when the company raised $33.9 million ina Series B round from Frazier Healthcare Ventures, Alloy Ventures Inc., WS Investment Co. and Numenor Ventures LLC.
Other Avalon
investments have included Landmark Graphics Corporation, Synaptics Inc. Athena Neurosciences Inc., Vertex Pharmaceuticals Inc., Onyx Pharmaceuticals Inc. and Amira Pharmaceuticals Inc.
- Clifford CarlsenSee Feb. 20 press release from Avalon Ventures
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