Clear Ventures, a Palo Alto, CA-based technology venture capital firm, closed its $120m first fund.
Supported by institutional pension funds, educational endowments, charitable foundations and iconic technology industry executives with more than $80 billion in assets under management, Clear originally targeted an $80m raise then increased to $120m to accommodate demand.
Founded by partners Rajeev Madhavan (1) and Chris Rust (2), the firm focuses on business technology and services, often running in the cloud, consumed on mobile and using data analytics as a strategic asset.
Clear has launched with an active portfolio that includes Cyphort, Falcon Computing, Paysa, Reflektion, Robin Systems, Swift Navigation and Vera Security.
(1) Rajeev Madhavan was a co-founder of LogicVision (IPO), Ambit (acquired by Cadence), and Magma Design Automation (IPO), served as Magma’s Chief Executive Officer through its IPO and entire tenure as a public company, during which time Magma made seminal contributions to the creation of the modern smartphone.
(2) Chris Rust was a co-founder of broadband Internet pioneer Roadrunner, now known as Time Warner Cable Internet. He is a former partner at Sequoia Capital and USVP.