SAN FRANCISCO May 28 Canvas Venture Fund, an
early-stage investment firm spun out of established venture
player Morgenthaler Ventures, has landed its first general
partner from outside the Morgenthaler fold.
Paul Hsiao has left behemoth New Enterprise Associates to
join the new firm, Canvas said on Wednesday. At NEA, Hsiao
worked on enterprise software companies such as Boingo Wireless
Inc, digital publisher Say Media and commercial online
Morgenthaler spun Canvas off last year to focus on
early-stage software companies. Its inaugural fund, which has
$175 million in cash, invested in such holdings as
wealth-management company FutureAdvisor, customer-engagement
monitor Totango and doctor-patient relationship tool HealthLoop.
Canvas Venture's existing general partners are Rebecca Lynn,
Gary Little and Gary Morgenthaler, who remain partners at
Morgenthaler. NEA often co-invests with Morgenthaler.
(Reporting by Sarah McBride; Editing by Jan Paschal)