Canvas Venture Fund, a new early-stage venture capital firm which spun out of Morgenthaler Ventures last year, has hired Paul Hsiao. He will join as the fourth general partner alongside Rebecca Lynn, Gary Little and Gary Morgenthaler.
Hsiao was previously a partner at New Enterprise Associates (NEA), where he helped to develop software companies including Houzz, Gaikai, Boingo, Elance-oDesk, SayMedia, and 42Floors.
In his new role at Canvas, Hsiao will focus on new companies in mobile software, proprietary data graphs and large peer networks in industries such as education, real estate and gaming.
Canvas has already raised its first fund which closed on $175 million last year, and has made four investments including: FutureAdvisor, HealthLoop, Totango, and an undisclosed enterprise software company.
NEA will also see the departure of Patrick Chung, who is reportedly moving on to focus full time on the Experiment Fund (X Fund) a joint effort between NEA and Harvard University. NEA is currently investing from its fourteenth fund which closed on $2.6 billion in July 2012, according to Private Equity International’s research and analytics division. The fund invests in the software and systems, education, consumer technology, digital media, biopharmaceuticals, healthcare services, and medical devices sectors.