Advent Venture Partners raises $10.3m for technology

Advent Venture Partners has raised almost $10.3m in a first-round fundraising of a technology business to support the company’s development in Europe, the US and Asia.

Advent Venture Partners, a UK venture capital firm, has led a $10.25 million ($13.3 million) first-round fundraising for OpenCloud, a supplier of next generation application servers to the telecoms industry.  No. 8 Ventures, a New Zealand venture capital firm, and Motorola Ventures, the strategic equity investment arm of Motorola, a mobile phone company, are investing alongside Advent, according to a spokeswoman.

The funding will support OpenCloud’s sales, marketing, delivery and product development in Europe, the US and Asia, a statement said.

Last week Advent invested in Conatus Pharmaceuticals, a pharmaceutical company engaged developing liver disease therapeutics.  A first close was held on the financing of a $27.5 million placement, led by Aberdare Ventures, an investor in healthcare technology companies.
Advent Ventures has more than £500 million (€743 million; $966 million) under management from institutional investors across Europe and the US.