I am looking for a list of financial institutions (most likely Venture
Capital firms) with a mandate to invest in software companies
developing technologies that enhances national security.

Early-stage investors would be most useful.

---

Request for Question Clarification by claudietta-ga on 19 Dec 2002 16:58 PST

Dear Karkas,

It might help to narrow this search geographically for now.  I have
access to VC information, but it is not easily searchable by "national
security".  I have retrieved over 500 VC in the world, which focus on
software.  I can perform a detailed search for national security
focus, but it will take a long time to search all 500.  And since VCs
typically have regional focuses, we may as well begin in the region
where you located.

Alternatively, I can give you the complete listing.  Let me know if
this would satisfy your request.

Claudietta

---

Request for Question Clarification by claudietta-ga on 19 Dec 2002 16:59 PST

...let me know if I can give you a complete listing of all VCs
focusing on software.

Claudietta

---

Request for Question Clarification by ragingacademic-ga on 19 Dec 2002 17:02 PST

karkas -

hi.  Wanted to check and see if the following would work for you -
there are well over 700 VCs worldwide, and there are several online
directories - but no free directory will let you search by investment
focus; that's what the data folks make their money on...

Rather than searching "top-down," I've tried to go about this
"bottom-up" - I've compiled a list of national security related
companies, and I can reverse engineer it and look for the companies
that had invested in them.  What I'd like to know is -
1) Is this an acceptable approach in your mind?
2) How many investors are you expecting to see? (or...how many will
you be satisfied with?)

I've been investing in national security stocks for a while, so I am
somewhat familiar with the space to begin with.

thanks,
ragingacademic

---

Clarification of Question by karkas-ga on 20 Dec 2002 07:20 PST

Ragingacademic,

The bottom-up approach should work.
I don't have specific expectation as to the number of investors. But I
would think that there are at least 50 VCs that have invested in
national security software companies, and another 10+ that specialize
exclusively in the sector. I'd like to have both, but the 2nd list is
more interesting.
thanks
karkas

---

Request for Question Clarification by ragingacademic-ga on 20 Dec 2002 13:00 PST

karkas -

Hi again - thanks for your clarification.
In the interest of providing you with the best answer possible, I
wanted to make sure we are aligned as regards your expectations.

I am somewhat familiar with the VC industry, having undertaken some
phd-level research work, and having raised funds a couple of times.  I
don't believe we'll be able to find more than a couple of firms that
invest solely in national security related companies because that
would be a very undiversified approach - and, somewhat surprisingly,
VC is all about minimizing risk.  I also don't think we will find more
than 15-20 firms that have invested in this space because until
September 11th, 2001 not too many individuals thought security of thi
type holds much in the way of investment potential.

Would a response of the described order of magnitude satisfy you?

respectfully,
ragingacademic

Hello:

I have been able to compile a list of capital venture firms that
invest in early stage software companies. Recently, all of the
companies in my list have shown interest and/or invested large amounts
in the companies developing software for national security.

Please note that the following data was compiled by the help of survey
conducted by the PriceWaterHouseCoopers annual survey on Venture
Capital Firms and with the help of Venture Capital Resource Directory
located at www.vfinance.com. You can also get more information by
visiting http://www.pwcmoneytree.com for the recent investments made
by these companies.

Doll Capital Management 
http://http://http://www.dcmvc.com
2420 Sand Hill Road
Suite 200 
Menlo Park, CA 94025

Palomar Ventures 
http://www.palomarventures.com
100 Wilshire Boulevard
Suite 450 
Santa Monica, CA 90401

Solstice Capital 
http://www.solcap.com
15 Broad Street
Floor 3 
Boston, MA 02109-4216

ComVentures 
http://www.comventures.com
305 Lytton Avenue 
Palo Alto, CA 94301

Sigma Partners 
http://www.sigmapartners.com
1600 El Camino Real
Suite 280 
Menlo Park, CA 94025

Venrock Associates 
http://www.venrock.com
30 Rockefeller Plaza
Suite 5508 
New York, NY 10112

3i (US) 
http://www.3i.com
880 Winter Street 
Suite 330 
Waltham, MA 02451

Lightspeed Venture Partners 
http://www.lightspeedvp.com
2200 Sand Hill Road 
Menlo Park, CA 94025

Commons Capital 
198 Hummock Pond Road 
Nantucket, MA 02554

NextGen Capital, LLC 
http://www.nextgencapital.com
12701 Fair Lakes Circle
Suite 690 
Fairfax, VA 22033

Solstice Capital 
http://www.solcap.com
15 Broad Street
Floor 3 
Boston, MA 02109-4216

G-51 Capital, LLC 
http://www.g51.com
804 Las Cimas Parkway
Suite 140 B 
Austin, TX 78746

Tech Coast Angels 
http://www.techcoastangels.com
23011 Moulton Parkway
Suite F-2 
Laguna Hills, CA 92653

PA Early Stage 
http://www.paearlystage.com
435 Devon Park Drive
Bldg. 500, Suite 510 
Wayne, PA 19087

Newbury Ventures 
http://www.newburyven.com
Four Orinda Way
Suite 150A 
Orinda, CA 94563

Sofinnova Ventures 
http://www.sofinnova.com
140 Geary Street
10th Floor 
San Francisco, CA 94108

Mohr Davidow Ventures 
http://www.mdv.com
2775 Sand Hill Road
Suite 240 
Menlo Park, CA 94025

Redpoint Ventures 
http://www.redpoint.com
3000 Sand Hill Road 
Building 2, Suite 290 
Menlo Park, CA 94025

Hummer Winblad Venture Partners 
http://www.humwin.com
Two South Park
2nd Floor 
San Francisco, CA 94107

Benchmark Capital 
http://www.benchmark.com
2480 Sand Hill Road
Suite 200 
Menlo Park, CA 94025

Sierra Ventures 
http://www.sierraventures.com
3000 Sand Hill Road
Building Four, Suite 210 
Menlo Park, CA 94025

Apax Partners, Inc. 
http://www.apax.com 
445 Park Avenue
11th Floor 
New York, NY 10022

Sevin Rosen Funds 
http://www.srfunds.com
Two Galleria Tower
13455 Noel Road, Suite 1670 
Dallas, TX 75240

NeoCarta Ventures, Inc 
http://www.neocarta.com
45 Fairfield St.
4th Floor 
Boston, MA 02116

WestBridge Capital Partners 
http://www.wbcp.com
World Trade Centre
19/5, Centre 1 Cuffe Parade 
Mumbai, ZF 400005

ArrowPath Venture Capital 
http://www.arrowpathvc.com
1550 El Camino Real
Suite 100 
Menlo Park, CA 94025

Angels' Forum & The Halo Fund 
http://www.angelsforum.com
P.O. Box 1605 
Los Altos, CA 94023-1605

Charlotte Angel Partners 
http://www.capnc.com
5615 Laurium Road 
Charlotte, NC 28226


Research Triangle Ventures 
http://www.rtventures.com
3110 Edwards Mill Road 
Suite 220 
Raleigh, NC 27612

Warburg Pincus, LLC 
http://www.warburgpincus.com
466 Lexington Avenue
10th Floor 
New York, NY 10017

BaseCamp Ventures 
http://www.basecampventures.com
1000 Briggs Road 
Mount Laurel, NJ 08054-4101

Edison Venture Fund 
http://www.edisonventure.com
1009 Lenox Drive #4 
Lawrenceville, NJ 08648


Highland Capital Partners 
http://www.hcp.com
92 Hayden Avenue 
Lexington, MA 02421

Bain Capital 
http://www.baincap.com
111 Huntington Avenue 
Boston, MA 02199

GrandBanks Capital 
http://www.grandbankscapital.com
Langley Place 
10 Langley Road, Suite 403 
Newton, MA 02459

Dalewood Associates 
http://www.earlybirdcapital.com
Dalewood Associates
One State Street Plaza 
New York, NY 10004

WaldenVC 
http://www.waldenvc.com
750 Battery Street
Seventh Floor 
San Francisco, CA 94111

Frazier & Company 
http://www.frazierco.com
601 Union Street
Suite 3300 
Seattle, WA 98101

Ignition Partners 
http://www.ignitionpartners.com
11400 SE Sixth Street
Suite 100 
Bellevue, WA 98004

Gateway Associates, L.P. 
http://www.gatewayventures.com
8000 Maryland Avenue
Suite 1190 
St. Louis, MO 63105

Highland Capital Partners 
http://www.hcp.com
92 Hayden Avenue 
Lexington, MA 02421


Gefinor Ventures
http://www.gefinorventures.com
701 Brazos Street
Suite 500 
Austin, TX 78701

In-Q-Tel, Inc 
http://www.in-q-tel.com
1000 Wilson Blvd
29th Floor 
Arlington, VA 22209

Hope that the above list will help you. Please clarify if you have
further questions. I will be obliged to answer them. Thank You.

Sincerely,
leader-ga

great, thanks