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$600M Venture Fund Targets Technology, Health Care Sectors

10, 20, and 50 dollar bills (SecretService.gov)

(SecretService.gov)

Canaan Partners, a venture capital company in Menlo Park, California says it has closed contributions to a new fund to finance start-ups in the technology and health care fields. The company says the $600 million fund, the ninth such fund in its series, will support new technology and health care entrepreneurs.

Canaan Partners says two-thirds of the fund will finance new digital media, consumer Internet, enterprise, mobile, and communications companies, while one-third of the fund will be allocated to investments in biopharmaceutical, medical device, and health care infrastructure companies. The investments are expected to include enterprises in the U.S., India, and Israel.

The company says since 2009 its investments in these sectors have returned strong liquidity. Canaan Partners-financed companies in the health care sector that been merged or acquired include Advanced BioHealing acquired by Shire for $750 million in 2011, cancer drug developer BiPar Sciences acquired by Sanofi for $500 million in 2009, and antibiotic developer Calixa Therapeutics acquired by Cubist for $400 million in 2009.

In the technology field, flash storage and SSD processor provider SandForce was acquired by LSI for $370 million in January 2012, Active Network raised $165 million in an initial public offering (IPO) in 2011, and content syndication platform Associated Content was acquired by Yahoo! in 2010. Current international technology investments include BharatMatrimony, Naaptol, and UnitedLex in India, and PrimeSense, LiveU, and N-trig in Israel.

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