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Canaan Partners closes fund

Canaan Partners announced Tuesday that it has closed its sixth venture fund and has appointed three new members to its team. Menlo Park, Calif.-based Canaan Partners raised $700 million for its Canaan Equity III fund, which will invest in early stage communications, software and services companies, and Internet infrastructure companies. The fund will also invest in medical and health care technologies. Tom Mawhinney, chief operating officer of software maker North Systems, and Dr. Andrew Firlik, a former Canaan venture associate and practicing physician, became new principals with the firm. Mark Mangiola, former chief executive of DSL company @Home Solutions, was named a venture partner. Investors in Canaan's latest fund included Bank of Boston, First Union, General Motors Pension, Harbourvest, Robert Wood Johnson Foundation, and other organizations.

Dawn Kawamoto Former Staff writer, CNET News
Dawn Kawamoto covered enterprise security and financial news relating to technology for CNET News.
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Dawn Kawamoto
Canaan Partners announced Tuesday that it has closed its sixth venture fund and has appointed three new members to its team. Menlo Park, Calif.-based raised $700 million for its Canaan Equity III fund, which will invest in early stage communications, software and services companies, and Internet infrastructure companies. The fund will also invest in medical and health care technologies. Tom Mawhinney, chief operating officer of software maker North Systems, and Dr. Andrew Firlik, a former Canaan venture associate and practicing physician, became new principals with the firm. Mark Mangiola, former chief executive of DSL company @Home Solutions, was named a venture partner. Investors in Canaan's latest fund included Bank of Boston, First Union, General Motors Pension, Harbourvest, Robert Wood Johnson Foundation, and other organizations.