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Print Edition StoriesWednesday, June 17, 2009
CRV backs stealthy local startup Beaumaris with $5.3M
By Mass High Tech staff
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Waltham venture capital firm Charles River Ventures has invested $5.3 million in stealthy telecommunications startup Beaumaris Networks Inc.
A filing with the U.S. Securities and Exchange Commission notes that Charles River Ventures has planned a $6.8 million Series A investment in the company. Beaumaris CEO Conrad Clemson lists on his LinkedIn profile that he has served as an entrepreneur-in-residence with Charles River Ventures prior to taking the helm at the Greater Boston-area startup. Clemson has also held former positions including senior director of engineering at Motorola Inc. and senior vice president of technical operations at Broadbus Technologies.
On its own company LinkedIn profile, Beaumaris lists its current six-member staff as including at least three former Motorola personnel.
The finding was first reported on website Xconomy.
Founded in 1970, Charles River Ventures has approximately $2.1 billion under management. Among the companies in its portfolio are Cedar Point Communications Inc. of New Hampshire and Nantero Inc. of Woburn. CRV has had its share of successful tech industry exits, including the July 2007 IPO of Marlborough-based Netezza Corp. (NYSE: NZ) for $108 million, and the September 2007 sale of Lowell’s Acopia Networks Inc. for $210 million.
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