Wednesday, February 22, 2006

ITU Ventures Raises $120M

ITU Ventures, a venture firm focused on seed and early stage investments in university spinoffs, announced today that it has closed a new fund, ITU Ventures III. The new fund is closing with total commitments of $120M. ITU Venture is active in Colorado and New Mexico, and maintains offices in both states. ITU is an investor in New Mexico-based firms CoMeT Solutions and Surfect Technologies, Colorado-based XAware, along with other firms. ITU Ventures invests in technology businesses emerging from universities, research institutions, and corporations. The fund said that its limited partners are instutitional investors consistenting of university endowments, pension funds, and fund of funds from North America ane Europe. ITU said that it is specifically targeting communication, semiconductor, and software companies with the fund.