Music veteran leaves Elevation(2)

Les Bider has left his position as ‘executive-in-residence’ at upstart private equity firm Elevation Partners to become chief strategist at Los Angeles-based venture firm ITU.

Los Angeles-based venture capital firm ITU Partners has added to its team with the appointment of music industry veteran Les Bider to the position of chief strategist.

Bider comes to ITU after less than one year as the “executive-in-residence” at Elevation Partners, the Menlo Park-based private equity firm of which Irish rock star and U2 lead singer Bono is a managing partner and co-founder. At Elevation, Bider’s role was to evaluate investments, primarily those in the music industry.

Bider was formerly the chairman and chief executive officer of Warner/Chappel Music, the global music publishing division of Warner Music Group. He helped facilitate the creation of the division, which formed when Warner Bros. Music merged with Chappell and Intersong Music Group in 1987. Prior to that, he was the Warner Bros. Music’s chief operating officer and helped the company’s global expansion.

Bider’s relationship with ITU began when he became an advisor at the firm and then became a board member of mobile media company g8wave, an ITU portfolio company.

Founded by managing partners Jonah Schnel and Chad Brownstein, ITU Ventures invests in technology-related businesses, particularly those in the semiconductor, communications and software sectors. Its portfolio companies include CyberDefender Corpration, a provider of warnings and defenses of Internet attacks, and Quellan, a developer of circuits for high-speed communications. The firm agreed to a $3.5 million financing of Chip Estimate Corporation, a provider of architectural  planning solutions from the technical and economic perspectives, in October.