* Fund size is $50 million
* Existing investments include Zoomingo, Glympse
* Fund will target early-stage companies
SAN FRANCISCO, Dec 6 A group of wireless
executives is banding together to launch a $50 million
venture-capital fund concentrating on some of technology's
buzziest sectors: mobile and the cloud.
Dallas-based Naya Ventures is investing in early-stage
companies, it said Thursday. Its targets of mobile and cloud
services have become a big focus in venture given the global
explosion of smartphones and Internet services that allow
consumers to tap into data on the go.
Although it just announced its first close of fundraising,
Naya began investing last year. Some of the companies it has
backed include Zoomingo, a shopping app, and Glympse, a
Naya is run by Dayakar Puskoor, a former Microsoft
and Motorola executive; Prabakar Reddy, co-founder of
outplacement service RiseSmart; and Gowri Shankar, a former
Many funds are looking specifically at the cloud and mobile.
Kleiner Perkins Caufield & Byers runs a $200 million iFund
dedicated to companies that develop apps and services for mobile
devices, for example.