Wednesday, August 24, 2011

Signal Peak Ventures Buys Assets From Canopy Group

Lindon, Utah-based Signal Peak Ventures, a newly formed venture capital fund management firm, announced Tuesday evening that it has created a new fund focused on early stage investments in the Intermountain region, and also acquired "substantially all" of the venture capital assets of The Canopy Group. Signal Peak said it is backed by limited partners led by StepStone Group. Signal Peak is led by Ron Heinz and Brandon Tidwell, who both had been Managing Directors at Canopy. Financial details of the acquisition wer e not disclosed. Canopy Group was the venture capital firm founded by Ray Noorda, and had investments in more than 100 technology companies. Noorda had passed away in October of 2006. Heinz is the former CEO of Phobos and Helius Corporation, and also had bene at Novell; Tidwell had previously been at Latham & Watkins and Ballard, Spahr, Andrews & Ingersoll before he was at Canopy.