Technology Partners starts new $300M fund

Palo Alto venture capital firm Technology Partners said today that it formed a new $300 million investment fund.

The company said its Fund VIII will invest equally in cleantech and life sciences, financing seed, early-stage and later stage opportunities.

Technology Partners announced that initial investments have already been completed in Tesla Motors, NFocus Neuromedical, SpectraGenics and a stealth solar company.

Ira Ehrenpreis, general partner at the firm, is leading the fund's investments in cleantech.

"Cleantech remains one of the most revolutionary and transformative areas within the venture asset class as we begin to see innovative technologies tackle the world’s critical energy and water problems," said Ehrenpreis.

In May, Technology Partners co-led a $45 Million Series D investment round in Tesla, a maker of high-performance electric roadsters (see Ira Ehrenpreis joins Tesla's board, co-leads new $45 round).

The firm's cleantech investments primarily focus on energy technology, water technology and advanced materials.

Notable previous investments include Imperium Renewables, a Seattle biofuel company, which has now filed for an initial public offering (see Imperium Renewables lands $214 million).

The new fund's life science investments focus on neuroscience and lifestyle therapies.

In addition to returning investors from prior funds, Technology Partners said Fund VIII added several new institutional investors from the U.S. and Europe.

Technology Partners currently manages more than $750 million of investment capital.

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