MENLO PARK, Calif.–(BUSINESS WIRE)–July 24, 2003–Diamondhead Ventures, an early-stage venture firm focused on communications and computing infrastructure technologies spinning out of leadingresearch universities and corporations, announced today the appointment of E. Scott Russell as its third General Partner.
Mr. Russell will play a key role in identifying opportunities for commercializing infrastructure technologies that originate from within these institutions.
Mr. Russell brings over 20 years of venture capital investment and information technology operating experience to Diamondhead Ventures. Mr. Russell was a founding Partner and Managing Director at Mobius Venture Capital, formerly known as SOFTBANK Technology Ventures. At Mobius Venture Capital, he invested in infrastructure software and enterprise applications. Among his most noteworthy investments are Supportsoft (NASDAQ: SPRT), eLoan (NASDAQ: EELN), Buy.com (NASDAQ: BUYX), and Prio, which was sold to InfoSpace (NASDAQ: INSP).
“I am thrilled to be joining Diamondhead Ventures,” said Mr. Russell. “Diamondhead Ventures’ strong relationship with leading research universities and its emphasis on enterprise software attracted me to the firm. I look forward to working closely with Diamondhead Ventures’ early stage portfolio companies.”
“Scott’s experience as a CIO and established network of contacts have been an invaluable asset to the success of Suportsoft,” said Radha Basu, CEO of Supportsoft, Inc. “Not only does Scott have a great track record for opening the doors with prospective customers and partners, but he is an exceptional sounding board for ‘out of the box’ ideas that have helped set us apart from the competition.”
Before becoming a venture capitalist, Mr. Russell was Executive Director of Information Technology at SBC Warburg, a multi-billion dollar financial services firm. Mr. Russell was responsible for purchasing and deploying a wide variety of enterprise software products as well as managing proprietary application development teams. This wealth of hands-on, practical experience has been an essential factor to his success in helping build successful enterprise software companies.
“We are excited to add someone with Scott’s successful operating and venture capital experience to the Diamondhead team,” said Raman Khanna, co-founder and General Partner of Diamondhead Ventures. “Scott has proven at Mobius Venture Capital that he can adeptly select and invest in promising start-up companies, eventually building them into successful public companies. His experience in IT operating roles enables Scott to provide business insights that quickly establish significant credibility with entrepreneurs. Scott is a great fit for Diamondhead Ventures’ investment philosophy: a hands-on, consultative approach to working with entrepreneurs to turn great ideas into great companies.”
Mr. Russell is an active member of Carnegie Mellon University’s School of Computer Science Advisory Board. In 2002, he helped found “Carnegie Mellon West”, a CMU satellite campus based in Silicon Valley. In addition to providing graduate level computer science education, the West Coast campus was established to help CMU more effectively commercialize its research and to increase collaboration with Silicon Valley technology companies.
“Scott brings a tremendous amount of operational experience to investing, which means he really understands the business complexities of building a successful company,” said David Lane, co-founder and General Partner of Diamondhead Ventures. “His blend of investment experience, operating experience, and strong university involvement is a perfect fit for Diamondhead Ventures’ mission of commercializing technologies spinning out of universities and the corporate world.”
About Diamondhead Ventures
Diamondhead Ventures is a $140 million early-stage venture capital fund specializing in bringing to market communications and computing infrastructure technologies spinning out of leading research universities and corporations. Diamondhead Ventures’ investment team averages nearly 30 years’ experience building and investing in successful companies. Diamondhead Ventures’ world-class advisory board and corporate partners (including Sun, Oracle, and Fujitsu) provide the resources and strategic partnerships entrepreneurs need to succeed. For more information, visit www.dhven.com.
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