Thursday, October 16, 2014

Canaan Partners Raises $675M Fund

Menlo Park-based venture capital firm Canaan Partners said today that it has raised $675M for its tenth fund, Canaan X. The firm said the new fund brings its total under management to over $4.2 billion. Canaan has backed such companies as Ebates (acquired by Rakuten), Labrys Biologics (acquired by Teva Pharmaceuticals), Civitas Therapeutics (acquired by Acorda Therapeutics), Dermira (IPO), Durata Therapeutics (acquired by Actavis), Skybox Imaging (acquired by Google), Metacloud (Cisco), and PrimseSense (Apple). As part of the new fund, Canaan said it has promoted Time Shannon to General Partner; Hrach Simonian to Venture Partner; and Brendan Dickinson, Julie Papanek and Roseanne Wincek to Principal.