Venrock Announcements

Continues 40 Years of Partnering with Entrepreneurs to Build Companies that Shape the Future

Palo Alto, Calif., July 6, 2010 – Venrock, a premiere venture capital firm originally established as the venture arm of the Rockefeller family, today announced the closing of Venrock VI, a $350 million diversified venture capital fund focusing on investments in early stage technology, healthcare and energy companies. Consistently investing at the leading edge of technological innovation across investment sectors and through varying economic cycles, Venrock has delivered outstanding returns since its inception in 1969. In 2010, the firm continues to build on that legacy with multiple liquidity events, including the $325 million acquisition of PGP Corporation by Symantec, as well as three IPOs – Alimera Sciences, AVEO Pharmaceuticals and Ironwood Pharmaceuticals. With the close of Venrock VI, the firm holds approximately $2.2 billion under management.

“The quality of Venrock’s team is illustrated by their continued ability to work with great companies and produce returns in this difficult venture capital environment. It is a testament to the firm’s efforts and success that the fund was oversubscribed, particularly when so many others are struggling to raise capital,” said Geoff Love, Head of Venture Capital Investments at The Wellcome Trust.  “The firm is stronger than ever, and we are pleased to be able to partner with Venrock again, embarking on our second decade alongside them.”

Venrock has always invested across the breadth of innovative technology sectors. The firm was an early leader in healthcare venture capital, as initial investors in biotechnology pioneers Genetics Institute, Centocor, Idec Pharmaceuticals and Gilead Sciences; made early technology investments in market leading companies such as Intel, Apple Computer, 3Com, Check Point Software, DoubleClick and StrataCom; and its early energy portfolio includes investments in companies such as American Superconductor and California Energy. In addition to the firm’s strong performance over the past several decades, Venrock has realized numerous significant exits more recently, including Adify, Adnexus, athenahealth, Ciclon, DATAllegro, Sirna and Vontu. Venrock continues to help build some of tomorrow’s most promising new companies, such as Ironwood Pharmaceuticals, Castlight Health, INRIX, Endeca, Media6Degrees, Imperva and Sapphire Energy.

“We have a focused team of proven investors who remain passionately committed to helping great entrepreneurs create big successes.  Additionally, Venrock partners’ deep expertise in multiple sectors and collaborative investing approach enable us, nearly uniquely, to support companies that bridge these sectors, such as healthcare IT, biofuels, and energy systems and software,” said Bryan Roberts, Partner at Venrock. “With this fund, Venrock builds on over four decades of working with entrepreneurs.  We are proud and grateful to have raised Venrock VI at the size and terms that we sought and we appreciate the continued support of our limited partners.”

About Venrock
Venrock is a premier venture capital firm with offices in Palo Alto, CA; New York, NY; and Cambridge, MA.  Originally established as the venture capital arm of the Rockefeller family, Venrock continues an eight-decade tradition of partnering with entrepreneurs to establish successful, enduring companies.  Having invested $2.5 billion in 442 companies resulting in 124 IPOs and 128 M&As over the past 40 years, Venrock’s investment returns place it among the top tier venture capital firms that have achieved consistently superior performance.  With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Athenahealth, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu.  For more information, please visit Venrock’s website at www.venrock.com.

PALO ALTO, Calif.--(BUSINESS WIRE)--February 16, 2010  Venrock, a premiere venture capital firm originally established as the venture arm of the Rockefeller family, today announced that Bruce Pasternack joined as an operating partner. In his role, Pasternack will support companies in the firm’s energy portfolio and provide alignment with energy policy and administration in Washington

“I am excited to be working with Venrock’s world-class energy team to continue building companies that embody innovation and fuel economic growth for a better future,” said Bruce Pasternack, operating partner, Venrock. “Fostering better collaboration between government and the private sector is key to solving the energy crisis. Venrock’s energy companies will play a critical role in this endeavor.”

Prior to joining Venrock, Pasternack was a venture partner with CMEA Capital. During his career, he spent nearly 30 years at Booz Allen Hamilton, most recently as a senior vice president and managing partner of its San Francisco office. During his tenure there, he led the company’s Organization and Strategic Leadership Practice and its Energy, Chemicals, and Pharmaceuticals Practice.

Prior to that, Pasternack served in a spectrum of roles for the US government. He was the senior energy policy official in the Executive Branch while at the Federal Energy Administration, the predecessor to the Department of Energy. He also served on the White House Energy Resources Council. Additionally, he was on the staff of the Council on Environmental Quality in the Executive Office of the President of the United States.

Currently, Pasternack serves on the boards of Codexis, Quantum and Symyx, as well as the American Council on Renewable Energy (ACORE). He has also served as President and CEO of Special Olympics International and has co-authored two business books, The Centerless Corporation and Results. Pasternack holds an M.S.E. in systems engineering and operations research from the University of Pennsylvania and a B.E. in mechanical engineering from The Cooper Union, where he serves on the board of trustees.

“Bruce brings enormous intellectual capital and experience in management consulting to Venrock and its portfolio companies,” said Ray Rothrock, partner, Venrock. “In addition, with both increased federal support and regulations impacting the energy industry, Bruce’s first-hand experience in Washington is a real asset.”

Life Sciences Pioneer Honored for Exceptional Service 

Palo Alto, Calif., April 30, 2009 – Venrock, a premiere venture capital firm originally established as the venture arm of the Rockefeller family, today announced that Anthony (Tony) Evnin, Ph.D. has been recognized by the National Venture Capital Association (NVCA) for his achievements in life sciences venture capital. The ceremony recognizing this year's Lifetime Achievement in Venture Capital honorees took place at the NVCA 2009 annual meeting in Boston this week. 

"Tony helped shape the venture model for the life sciences industry and played a crucial role in not only building some of today's most impactful healthcare companies but also mentoring a new generation of venture capitalists," said Ray Rothrock, partner at Venrock and NVCA board member. "What's more, he has helped make Venrock what it is today and continues to build on our legacy of cultivating meaningful companies that shape our future."  

Evnin joined Venrock in 1974 and established the firm's healthcare franchise. He helped build companies such as Centocor, IDEC Pharmaceuticals, Infinity Pharmaceuticals, Genetics Institute and IDEXX Laboratories, and over 29 of his investments have been through an IPO during his tenure with the firm. Venrock holds one of the best performing healthcare portfolios in the industry, which includes five of the largest U.S. biotech companies ever founded. With 39 companies in its current healthcare portfolio, Venrock continues to build some of tomorrow's most promising new companies, such as Anacor, Ikaria and Ironwood.  

Lifetime Achievement in Venture Capital Award

The Lifetime Achievement in Venture Capital Award recognizes NVCA members who have dedicated their professional lives to creating and building successful and highly competitive venture firms as well as portfolio companies that have made a significant contribution to economic growth and innovation in the United States.  This year the NVCA is honoring five venture capitalists who, through their vision and tenacity, helped to create the life sciences industry.  Life sciences companies today represent more than one third of all venture capital investment and have improved and saved the lives of millions of Americans.

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 First Sector-Focused Fund Established for Public and Private Mezzanine

Healthcare Investments

Palo Alto, Calif., March 4, 2009 – Venrock, a premiere venture capital firm originally established as the venture arm of the Rockefeller family, today announced the formation of Venrock Healthcare Capital Partners, a $194 million venture fund dedicated to investments in publicly-held and late-stage private healthcare companies. Venrock holds one of the best known healthcare investment franchises in the industry and with the close of Venrock Healthcare Capital Partners, the firm has approximately $2.2 billion under management.

"In addition to its early stage venture investing activities, Venrock has made several investments in public corporations opportunistically in the past, such as Sirna and World Heart Corporation," said Anders Hove, MD, partner at Venrock. "Our investment approach is uniquely applicable to evaluating publicly-held, small cap healthcare companies as potential investment opportunities and, as venture capitalists, we can provide a valuable outside perspective as strategic advisors." 

Venrock helped pioneer healthcare venture capital in the early 1980s and the firm's historical portfolio includes five of the largest U.S. biotech companies ever founded. In the last several years, Venrock successfully brought XenoPort and athenahealth to the public market and played a substantive role in the acquisitions of Sirna Therapeutics by Merck and Adnexus by Bristol Myers Squibb. With 39 companies in its current healthcare portfolio, Venrock continues to build some of tomorrow's most promising new companies, such as Anacor, Ikaria and Ironwood.

"Venrock Healthcare Capital Partners presents a tremendous opportunity for us to leverage our expertise and relationships in building biotech companies within the public realm," said Bryan Roberts, partner at Venrock. "The healthcare sector continues to be an important area for Venrock as we focus on identifying, financing and building tomorrow's industry leaders."

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 Pakman Grows Venrock's Digital Media Presence in New York

Palo Alto, Calif., Oct. 1, 2008 – Venrock, the premier venture capital firm originally established as the venture arm of the Rockefeller family, announced today that David Pakman has joined the firm as a partner and will focus on digital media investments in the New York area. Pakman joins an experienced team that has seen recent momentum with the Mail Room Fund, BlogHer and the acquisition of Adify by Cox Enterprises. The team includes general partners Brian Ascher and David Siminoff, who are based in Palo Alto, and Mike Tyrrell, who runs Venrock's Cambridge operations.

"David Pakman brings a wealth of relevant experience to support our ongoing work in the digital media sector," said David Siminoff, general partner, Venrock.  "Media buying is central to New York and a natural catalyst for the digital media sector. With a truly bi-coastal team, Venrock offers a unique value proposition to entrepreneurs who have a vision for the future of digital media."

Most recently the CEO of eMusic, Pakman helped transform the business into  the second largest digital music retailer in the world that has sold more music than all of its competitors combined (except iTunes). eMusic.com Inc. is wholly owned by Dimensional Associates, Inc., the private equity arm of JDS Capital Management, Inc., where Pakman has also helped to oversee a portfolio of private equity investments. Prior to joining eMusic and Dimensional, Pakman held leadership positions at Myplay, Inc., BeMusic, N2K Entertainment and Apple. Pakman currently serves on the Board of NARM (National Association of Recording Merchandisers) and was formerly a board member of DiMA (Digital Media Association) in Washington, D.C.  

"Venrock has an impressive history of working with entrepreneurs and building companies – something I have always been passionate about in my career," said David Pakman, partner, Venrock.  "The digital evolution of media has just begun and there is an abundance of opportunities related to the creation, consumption, distribution and monetization of media. I look forward to working alongside the team to expand Venrock's reach within the New York community."

About Venrock

Venrock is a premier venture capital firm with offices in Palo Alto, New York, Cambridge, MA, and Israel.  Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of partnering with entrepreneurs to establish successful, enduring companies.  Having invested $2.2 billion in 417 companies resulting in 124 IPOs over the past 39 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance.  With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu.  For more information, please visit Venrock's website at www.venrock.com.

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Palo Alto, Calif., Sept. 16, 2008 – Venrock, the premier venture capital firm originally established as the venture arm of the Rockefeller family, announced today that it has been inducted into the Private Equity Hall of Fame.  The award was presented during Dow Jones' Private Equity Analyst Conference, currently being held in New York, to recognize Venrock's exemplary and enduring contributions to the venture capital industry.

"Venrock is one of the top organizations that has been at the forefront of innovation across the healthcare, energy, media and technology industries," said David G. Barry, Managing Editor of Dow Jones Financial Information Services. "We are proud to welcome the firm into the Hall of Fame to join a growing list of industry pioneers."

Since 1994, the editors of Private Equity Analyst newsletter have selected the Hall of Fame honorees in the three categories: venture capital, buyout and private equity.  Venrock was selected for its role in shaping the venture industry and long-standing tradition of partnering with entrepreneurs to establish successful, enduring companies.  Venrock's entrepreneurs have charted new advancements in cancer and HIV treatments, powered semiconductors and the digital era, secured our information technology infrastructure, pioneered on-line advertising and worked towards generating power through alternative means.

"Throughout our 40 year history, we have strived to help entrepreneurs build companies that make a lasting impact on society and, ultimately, shape the future," said Ray Rothrock, managing general partner, Venrock. "We are honored to receive recognition for our efforts and achievements in the venture capital industry and look forward to continuing our work in the industry for years to come."  

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Steve Goldby and Ken Song Bring Industry and Clinical Expertise

Menlo Park, Calif., September 12, 2007 – Venrock, a premier venture capital firm founded by the Rockefeller family, today announced that Steve Goldby and Ken Song, MD have joined as partner and vice president, respectively, to identify and build innovative energy and healthcare companies. Goldby and Song will be based out of Venrock's Menlo Park office.

"Venrock's team is unmatched in the industry. Their longstanding franchise in healthcare and strong focus on innovation in energy makes Venrock a draw for entrepreneurs and venture capitalists alike," said Goldby, partner at Venrock. "I look forward to working alongside the team, leveraging my experience in energy and healthcare, to help build enduring companies."

Goldby has spent more than 30 years building successful life science, materials and software companies. After nine years as CEO of Venrock-backed materials science company Symyx Technologies, Goldby became executive chairman in June of 2007. Prior to Symyx, he was chief executive officer of MDL Information Systems, a leading scientific information company, before its sale to Reed Elsevier. Goldby also held various management positions at Alza Corporation (acquired by Johnson & Johnson) and was president of Dynapol, a specialty chemical company. He currently serves on the board of directors of Intermolecular, Inc. and Sunesis Pharmaceuticals, a Venrock company.

"The energy sector holds great promise for venture investing," said Ray Rothrock, managing general partner at Venrock. "We are focused on 'new electrons,' technologies and techniques that efficiently harness and store energy and electricity, and Steve's experience working with Symyx will be invaluable to us as we work with entrepreneurs to develop alternative sources of power."

Song brings more than 10 years of biomedical research experience from the MIT Whitehead Institute, UCSF, and Fred Hutchinson Cancer Center.  His research spans from basic science to clinical trial and pharmacoenomic areas, resulting in 20 publications. In addition, Song has been trained as both an internist and gastroenterologist and retains an appointment as Clinical Instructor of Medicine at the University of Washington. Previously, he worked as a consultant with McKinsey & Company, focused on strategic growth and new businesses for biotechnology companies.

"We are thrilled to have two such accomplished professionals join the team," said Bryan Roberts, Ph.D, managing general partner at Venrock. "Having the right team is essential as we continue to build on our history, seeking out the most novel healthcare companies to generate great returns for shareholders and improve patients' lives." 

Venrock helped pioneer healthcare venture capital in the early 1980s and holds one of the best historical portfolios in the industry. Venrock was behind five of the largest biotech companies in the world, including Centocor, Gilead and IDEC, and during the past year successfully brought Trubion to the public market and played a substantive role in the acquisition of Sirna Therapeutics by Merck. With 35 companies in its current healthcare portfolio, Venrock continues to build some of tomorrow's most promising new companies, such as Anacor, athenahealth, Ikaria and Microbia.

Laurance Rockefeller started investing in the energy sector in the 1930s and was dedicated to the preservation and conservation of natural resources. Venrock continued to build on this heritage with its investment in California Energy in 1980 and today, Venrock's energy portfolio includes Transonic Combustion and Boston Power, companies that are helping drive a substantial change in the energy source of modern society.

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Menlo Park, Calif., May 16, 2007 – Venrock, the premier venture capital firm originally established by the Rockefeller family, today announced David Beisel and Ilya Levtov have joined as vice presidents to grow Venrock's media initiative. Beisel will be based in Venrock's Cambridge office, while Levtov will work at the Menlo Park office.

"The mobile and Internet space has a lot of momentum and Boston is home to an abundance of innovative start-ups," said David Beisel, vice president, Venrock. "Given Venrock's history and success as a diversified platform, as well as its expanding team, we are well positioned to take advantage of this trend, identifying and building promising new companies."

Beisel joins Venrock from Masthead Venture Partners where he was a principal, focused on the firm's media investments. Beisel started his career as an entrepreneur, having co-founded Sombasa Media, an email marketing company. Sombasa Media was sold to About.com in 2000, which was later acquired by Primedia, where Beisel served as vice president of marketing. Beisel also held consulting positions at the Parthenon Group and worked in product management at Adobe Systems. Earlier in his career, Beisel founded the Web Innovator's Group in 2005. Recognizing the absence of a formal network for Boston-based Internet and mobile professionals, he established a forum for entrepreneurs from self-funded and early-stage startups to exchange ideas, present new services and regularly collaborate at meetings and special events. Beisel earned an A.B. in Economics, magna cum laude and Phi Beta Kappa, from Duke University and an M.B.A. from the Stanford Graduate School of Business.

Most recently, Levtov helped build the business development team at Spot Runner, an Internet-based advertising startup. Prior to Spot Runner, he worked at Audible Magic Corporation, a provider of digital fingerprinting technology. Earlier in his career, he was an investment banker at Goldman Sachs focused on corporate finance and mergers and acquisitions. Born in Russia and raised in England, Ilya received his B.A. in English Literature from Columbia University with joint-studies in Cello Performance at the Juilliard School and an M.B.A. from Stanford Graduate School of Business.

"The media and entertainment industries are significant drivers of the exchange of ideas and expressions in our society," said Ilya Levtov, vice president, Venrock. "Helping develop companies that reduce friction and add power to these exchanges using innovative technologies is an extremely exciting prospect. I am thrilled to be joining a firm with such rich history and being part of a team that has an immediate impact on Venrock's new direction in media."

"As former entrepreneurs and investors, David and Ilya are unique assets to Venrock," said Ray Rothrock, managing general partner at Venrock. "There are early signs that the media industry will embrace the technology sector and we will be focused on entrepreneurs that are at the center of this intersection."

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Venrock Raises $600 Million for Global Venture Investing
Venrock Continues Rockefeller Family Tradition of Investing in Entrepreneurs,
Across a Diversified Global Landscape

Menlo Park, Calif., April 25, 2007 – Venrock today announced the formation of Venrock V and will invest $600 million in entrepreneurs with breakthrough ideas in technology, healthcare, media and energy. Drawing on the investing practices of its Rockefeller family founders, Venrock has delivered consistently superior performance since its inception in 1969. With the close of Venrock V, the firm holds approximately $2 billion under management.

"With nearly 40 years in the venture business, Venrock is focused on the visionaries who want to build companies that shape the future," said Tony Sun, managing general partner, Venrock. "This fund continues our heritage in funding early-stage ventures across technology and healthcare, with an expanded emphasis on media, energy and international ventures." 

Venrock has invested in entrepreneurs charting new advancements in cancer and HIV treatments, powering semiconductors and the digital era, securing the nation's information technology infrastructure, pioneering on-line advertising, and generating power through alternative means.  Venrock V has already funded its first company, Storm Exchange, Inc., a financial technology company that is helping corporations maximize shareholder value by reducing the financial impact of unplanned weather on earnings. 

"Venrock has always focused on people. We partner with entrepreneurs, sharing expertise and counsel and working hard throughout a company's development, and this has allowed us to consistently create significant, enduring companies," said Bryan Roberts, managing general partner, Venrock. "As a pioneer in healthcare venture capital, we will continue to seek out the most innovative and energetic teams commercializing the best biotech, healthcare IT and medical device ideas in the world."  

Siminoff Joins Media Investment Ventures

Venrock today also announced its expanded leadership team with the addition of David Siminoff, 42, who joins as general partner focused on media ventures. There are early signs that the media world will ultimately embrace the technology world and Siminoff's entrepreneurial, operational and investment knowledge and experience makes him an asset to the entrepreneur.  

Siminoff founded and later sold EastNet, a syndicate barter company, enabling television stations in Eastern Europe to trade American TV programs for advertising time from major brands. He spent nearly a decade in investment research analysis and portfolio management at Capital Research, making early investments in Yahoo!, AOL, Amazon and eBay. He later funded and co-founded 4INFO, a leading mobile search service, and most recently, he served as chairman, president and CEO of Spark Networks, a provider of on-line personal services and the parent company to JDate. Siminoff earned his B.A. with honors and M.B.A. from Stanford University and an M.F.A from the USC Film School.  

"These are extraordinary times for venture investing across a spectrum of emerging markets on an international scale as well as new technology sectors and there is no shortage of entrepreneurs with good ideas," said Ray Rothrock, managing general partner, Venrock. "Venrock has a history of recognizing big trends where we can apply capital and strategy to build meaningful companies, create jobs and produce outstanding investment returns. We see this now in the media and energy sectors, where new market dynamics have created a perfect storm and novel companies can offer a substantial, long-term impact."  

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