| SAN FRANCISCO
SAN FRANCISCO Aug 1 Venture capital firm Accel
Partners said it has hired a new partner from big-data company
Splunk, underscoring Silicon Valley's growing obsession
with technology that helps businesses collect and analyze
massive amounts of information.
Jake Flomenberg, formerly director of product management at
Splunk, has "a deep technical background, and a good lens into
big data" said Ping Li, a partner who manages Accel's $100
million big-data fund and its investments into companies such as
data-organizing service Cloudera.
At age 28, Flomenberg is also Accel's youngest partner, Li
said, which will allow him to connect with the increasingly
youthful set of entrepreneurs who come knocking on Accel's door.
The hire comes at a time when Facebook, once Accel's
hottest start-up, has fallen on hard times after listing on
Nasdaq in May at $38. It now trades around $21, joining other
high-profile consumer-Internet stocks that trade well under
their IPO prices.
In contrast, many recent public-market entrants from
enterprise-oriented companies have generally performed well,
trading well above their IPO prices. They include names such as
Splunk, business-collaboration service Jive Software,
and data-security service Imperva.
Separately, Accel said Nick Mehta would join the firm as
entrepreneur-in-residence. Mehta, 35, was previously chief
executive of cloud-storage company LiveOffice, acquired by
security- and storage- company Symantec for $115
million earlier this year.
"He's going to be doing a lot of thinking around software as
a service, and the cloud," Li said, meaning software delivered
on a subscription basis, and data and software accessible from
anywhere rather than a specific set of computers.
Sponsoring entrepreneurs-in-residence is a common practice
in Silicon Valley, where venture-capital firms see it as a way
to foster start-ups while tapping into the entrepreneur's
Flomenberg and Mehta will work from Accel's Palo Alto
offices, where 11 Accel partners are based. The firm also has
offices in London, New York, China and India.