Canaan promotes two to general partner

Alok Mittal and Izhar Shay will augment the firm’s presence in India and Israel respectively. Both will continue to focus on the technology sector.

US-based Canaan Partners has promoted Alok Mittal and Izhar Shay to general partners.

As general partners, Mittal and Shay will “expand Canaan’s presence in India and Israel and focus on identifying and developing emerging companies in the communications and mobility, digital media, enterprise technology and healthcare sectors”, the firm said.

Mittal joined Canaan in 2006 to spearhead its India operations. He was instrumental in the firm’s investments in BharatMatrimony, an internet site for matrimonial services; iYogi, a tech support provider; and Cellcast, a participation content company.

Before Canaan, Mittal was an entrepreneur and private investor as well as a founding member of Indian Angel Network. Prior to that, he headed the technology practice at Baring Private Equity Partners India.

Shay has headed Canaan’s Israel operations since 2005. He led the firm’s investment in LiveU, a wireless telecommunications company; EnStorage, an energy storage system company and N-trig, a digital input devices provider.

Previously, Shay was chairman and chief executive of V-Secure Technologies, a network intrusion prevention solutions provider. Before that, he was chief executive and co-founder of Business Layers, a provisioning solutions provider. Prior to that, he was vice president of business development at investment firm The BRM Group.

Warren Lee, based in Canaan’s New York offices, has also been named venture partner. He will focus on expanding the firm’s portfolio of digital media investments and will continue to work directly with existing investments.

Established in 1987, Canaan manages assets of about $3 billion across eight funds.