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Sierra Ventures

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Sierra Ventures
Company typePrivate
IndustryVenture Capital
Founded1982; 42 years ago (1982)
FounderPeter Wendell
Headquarters
San Mateo, California
,
United States
Key people
Mark Fernandes (Managing Director), Tim Guleri (Managing Director), Ben Yu (Managing Director)
ServicesEarly stage investment
Websitewww.sierraventures.com

Sierra Ventures is an American venture capital firm based in San Mateo, California. It targets startups in sectors including enterprise tech, artificial intelligence, cybersecurity and healthcare.[1]

Sierra Ventures’ CXO Advisory Board is composed of more than seventy-five Fortune 1000 CIOs, CTOs, CMOs, and CISOs and has advised portfolio companies since 2006.[2][3]

History

[edit]

The firm was founded by Peter Wendell in 1982 in Menlo Park, California.[4][5] Early investments included Healtheon, Intuit, Micromuse, and StrataCom.[4]

The firm is run by managing directors Mark Fernandes, Tim Guleri, and Ben Yu and is based in San Mateo, California.[6] In 2024, the firm added a 4th managing partner, Shashank Saxena.[7]

Investments

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As of 2024, Sierra Ventures had invested over $2 billion.[8][9] The firm focuses on Seed and Series A-stage companies with a typical investment between $1 and $3.5 million for seed and $4 and $8 million for a Series A.[10] [11]

Sierra Ventures’ CXO Advisory Board, a group of Global 1000 Chief Information, Technology, Data, Security, and other technology focused Officers and IT executives, advises on the firm's strategic investment decisions.[2] The board also counsels portfolio companies on how to scale and adapt as necessary.[12]

Sierra Ventures is currently investing out of its thirteenth fund, which is focused on early-stage software startups and closed in 2023 with $265 million. The firm's previous two funds closed at $215 million and $170 million. [13] [14]

Some notable past investments include:

  • Adometry – online advertising attribution company, acquired by Google in 2014.[15]
  • Applitools - AI-based visual test automation software company, acquired in 2023 by Thoma Bravo for $250 million.[16]
  • AuthenTec – mobile security company, acquired in 2012 by Apple for $365 million.[17]
  • Bina Technologies – big data science platform for researchers and clinicians, acquired in 2014 by Roche.[18]
  • Deep Lens - a patient recruitment platform for oncology-focused clinical trials, acquired by Paradigm in 2023 for an undisclosed sum.[19]
  • Frontbridge – electronic messaging and security services provider, acquired in 2005 by Microsoft.[20]
  • Greenplum – database analytics and software developer, acquired in 2010 by Dell EMC.[21]
  • Healtheon – online healthcare resource, merged with WebMD in 1999.[4][22]
  • Intuit – business and financial software company, went public in 1993; now valued at over $55 billion.[23]
  • Intuitive Surgical – surgical robotic developer, went public in 2000;[24] as of July 2019, the company has a market capitalization of over $60 billion.[25]
  • InvenSense – MotionTracking sensor chip provider, acquired by TDK in 2016 for $1.3 billion.[26]
  • Lemonaid Health - virtual care and pharmacy provider, acquired by 23andMe in 2021 for $400 million.[27]
  • MakeMyTrip – India-based online travel company, went public in 2010.[28]
  • Micromuse – provider of network management software, acquired by IBM in 2005 for $865 million.[29]
  • Nexgate – cloud-based social web security, acquired in 2014 by Proofpoint for $35 million.[6]
  • NextInput – provider of micro-electromechanical systems (MEMS)-based sensing solutions for human-machine interface (HMI), acquired in 2021 by Qorvo.[30]
  • OnLink – provider of eCommerce sales and marketing applications, acquired by Siebel Systems in 2000 for approximately $607.5 million.[31]
  • Ooyala – developer of video content workflow management systems, acquired in 2012 by Telstra for $43 million.[32]
  • Quillbot - AI writing platform, acquired by Course Hero in 2021 for an undisclosed amount.[33]
  • Quinta – developer of next-generation data-storage technology, acquired by Seagate Technology in 1997 for $325 million.[34]
  • Redlock – cloud security software developer, acquired in 2018 by Palo Alto Networks for $173 million.[35]
  • Shape Security – fraud prevention platform, acquired by F5 in 2019 for $1 billion.[36]
  • Sourcefire – network security hardware and software developer, acquired in 2013 by Cisco.[37]
  • StrataCom – supplier of Asynchronous Transfer Mode (ATM) and Frame Relay high-speed wide area network (WAN) switching equipment, acquired in 1996 by Cisco for approximately $4 billion.[38]
  • Tempo – AI-enhanced calendar application, acquired in 2015 by Salesforce.[39]
  • Theravance Biopharma – biopharmaceutical company, went public in 2014.[citation needed]
  • Treasure Data – cloud-based data collection, storage and analysis services, acquired in 2018 by ARM for $600 million.[40]
  • Teradata – provider of database and analytics-related software and services, acquired by NCR Corporation in 1991 for $250 million; subsequently spun out by NCR in 2007 and now trades on the NYSE (symbol TDC) with a $3B market cap.[41][42]
  • Terayon – developer of cable modem systems for broadband access, went public in 1998.[43]
  • Ximalaya – Chinese audio platform.[6]
  • Zimperium – enterprise mobile security platform, acquired in 2022 by Liberty Security Capital for $525 million.[44]

References

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  1. ^ Vartabedian, Marc (November 7, 2018). "Sierra Ventures Raises $265 Million to Continue 'Right-Sized Fund' Approach". The Wall Street Journal. Retrieved September 12, 2023.
  2. ^ a b High, Peter (22 July 2019). "As Sierra Ventures Announces 12th Fund, MD Mark Fernandes Offers A Look Inside The Firm". Forbes. Retrieved 27 July 2019.
  3. ^ "Sierra Ventures Raises $265M Fund XIII". FinSMEs. Retrieved 2024-05-01.
  4. ^ a b c Young, Susan (1 October 2001). "New Economy Notables: Peter C. Wendell". HBS Alumni. Retrieved 15 July 2019.
  5. ^ Clark, Meaghan (3 November 2013). "21 Stanford professors who could be your biggest startup investor". The Stanford Daily. Retrieved 15 July 2019.
  6. ^ a b c Loizos, Connie (7 January 2016). "Sierra Ventures Closes 11th Fund With $170 Million". TechCrunch. Retrieved 31 July 2019.
  7. ^ Breymeyer, Natalie. "Monthly people move spotlight: Shashank Saxena named managing partner at Sierra Ventures". Axios. Retrieved 2024-05-10.
  8. ^ Cite error: The named reference VB was invoked but never defined (see the help page).
  9. ^ Yu, Ben (31 March 2019). "The convergence of 5G and AI: A venture capitalist's view". VentureBeat. Retrieved 15 July 2019.
  10. ^ "Investing in Early-Stage Excellence". Sierra Ventures. Retrieved 2024-05-01.
  11. ^ "Company Overview of Sierra Ventures". Bloomberg. Retrieved 15 July 2019.
  12. ^ Gage, Deborah (23 August 2013). "Sierra Ventures' New Partner Taps Tough Startup Experience". The Wall Street Journal. Retrieved 15 July 2019.
  13. ^ "Sierra Ventures Raises $265 Million to Continue 'Right-Sized Fund' Approach". WSJ.
  14. ^ |title=Sierra Ventures seeks $175 mln for 12th flagship fund |url=https://www.pehub.com/vc-journal/sierra-ventures-seeks-175-mln-for-12th-flagship-fund/ |accessdate=15 July 2017 |publisher=Venture Capital Journal |date=21 March 2019}}
  15. ^ Shields, Mike (6 May 2014). "Google to Acquire Online Attribution Firm Adometry". The Wall Street Journal. Retrieved 30 July 2019.
  16. ^ Shulman, Sophie (March 30, 2021). "Thoma Bravo acquires Applitools for $250 million". Calcalist. Tel Aviv. Retrieved April 26, 2024.
  17. ^ Rusli, Evyln M. (27 July 2012). "Apple to Acquire AuthenTec for $365 Million". The New York Times. Retrieved 27 July 2019.
  18. ^ McCormick, Jason (23 December 2014). "Big Data's Bina acquired by Big Pharma's Roche". Silicon Valley Business Journal. Retrieved 31 July 2019.
  19. ^ Landi, Heather (January 30, 2023). "Tech startup Paradigm lands $203M to get more patients into clinical research, accelerate drug trials". fiercehealthcare.com. Fierce Healthcare. Retrieved April 26, 2024.
  20. ^ Fried, Ina (31 August 2005). "Microsoft completes FrontBridge acquisition". CNET. Retrieved 27 July 2019.
  21. ^ Malik, Om (6 July 2010). "Big Data = Big Money: EMC Buys Greenplum". Gigaom. Retrieved 31 July 2019.
  22. ^ Slud, Martha (20 May 1999). "Healtheon, WebMD to merge". CNN Money. Retrieved 21 July 2019.
  23. ^ "Intuit Inc. History". Funding Universe. Retrieved 21 July 2019.
  24. ^ Doe. "Intuitive Surgical Inc (ISRG) IPO". Nasdaq. Retrieved 30 July 2019.
  25. ^ "Intuitive Surgical Inc". Bloomberg. Retrieved 30 July 2019.
  26. ^ Fenner, Robert (21 December 2016). "TDK Agrees to Buy InvenSense for About $1.3 Billion in Cash". Bloomberg News. Retrieved 27 July 2019.
  27. ^ Nadeem, Dania (October 22, 2021). "23andMe to buy telehealth firm Lemonaid for $400 mln". Reuters. Bengaluru. Retrieved May 3, 2024.
  28. ^ Cowan, Lynn (12 August 2010). "MakeMyTrip, Up 89%, Has Best IPO Since 2007". The Wall Street Journal. Retrieved 31 July 2019.
  29. ^ "IBM to Acquire Micromuse Inc". IBM. 21 December 2005. Archived from the original on December 24, 2005. Retrieved 21 July 2019.
  30. ^ "Qorvo acquires MEMS-based sensor solution provider NextInput". semiconductor-today.com. Semiconductor Today. May 7, 2021. Retrieved April 26, 2024.
  31. ^ Spangler, Todd (11 December 2013). "Internet-Video Startup Ooyala Reels In $43 Mil from Australia's Telstra". Variety. Retrieved 27 July 2019.
  32. ^ "Course Hero Acquires Iconic Study Platforms CliffsNotes and Quillbot". iblnews.org. IBL News. August 20, 2021. Retrieved May 3, 2024.
  33. ^ "Seagate Technology to Acquire Rest of Quinta Seagate". The New York Times. 3 July 1997. Retrieved 31 July 2019.
  34. ^ Krause, Reinhardt (3 October 2018). "Palo Alto Networks Acquires Redlock To Boost Cloud Security". Investor's Business Daily. Retrieved 21 July 2019.
  35. ^ Miller, Ron (December 30, 2019). "F5 acquires Shape Security for $1B". TechCrunch. San Francisco. Retrieved May 3, 2024.
  36. ^ de la Merced, Michael J. (23 July 2013). "Cisco to Buy Sourcefire, a Cybersecurity Company, for $2.7 Billion". The New York Times. Retrieved 30 July 2019.
  37. ^ De La Merced, Michael J. (23 July 2013). "Cisco to Buy Sourcefire, a Cybersecurity Company, for $2.7 Billion". The New York Times. Retrieved 21 July 2019.
  38. ^ Kim, Eugene (29 May 2015). "Salesforce jumps on the artificial intelligence bandwagon with a surprise acquisition". Business Insider. Retrieved 31 July 2019.
  39. ^ Turner, Giles; Lanxon, Nate (29 July 2019). "SoftBank-Owned ARM Is Said to Agree to Buy Treasure Data". Bloomberg News. Retrieved 21 July 2019.
  40. ^ "NCR Completes Teradata Spin Off" (Press release). NCR. October 1, 2007. Archived from the original on October 18, 2007.
  41. ^ "Teradata Corp". MarketWatch. Retrieved 6 September 2019.
  42. ^ "Terayon Communication Systems (TERN) IPO". Nasdaq. Retrieved 27 July 2019.
  43. ^ Miller, Ron (March 29, 2022). "Liberty Strategic Capital nabs majority stake in mobile security startup Zimperium for $525M". TechCrunch. San Francisco. Retrieved April 26, 2024.
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