BOSTON--(BUSINESS WIRE)--Polaris Venture Partners today announced that it is opening a permanent office in Palo Alto, Calif., expanding the firm’s presence in, and commitment to, one of the world’s preeminent centers for technology and life sciences advancement. The firm plans to open the facility, located at 151 Lytton Street in the University Avenue area of the city, in early November.
“Palo Alto is the gravity center of Silicon Valley and home to the largest community of technology innovators in the world,” said Dave Barrett, General Partner at Polaris Venture Partners. “It’s important for us to be blocks away from many of the next generation of entrepreneurs, some of this generation’s companies, as well as Stanford University. It’s our aim to be an incredibly active participant in this important ecosystem.”
“Polaris’ current portfolio includes 28 California-based companies,” said Brian Chee, General Partner at Polaris Venture Partners. “In addition to the technology community, the new location provides tremendous access to leaders in the life sciences throughout northern and southern California. Supporting the development of innovative biotechnology, medical technology and healthcare services is an important part of our mission.”
Polaris General Partner Brian Chee and Principal Ryan Spoon will be based in the Palo Alto location. Several other General Partners – Jason Trevisan, Peter Flint, Amir Nashat and Dave Barrett among them – already spend significant time working in the San Francisco and Silicon Valley markets and will work out of the facility when on the West Coast. The firm also plans to add several additional investors over the next several years.
Polaris is also continuing its commitment to its “open source” entrepreneurial community initiative—Dogpatch Labs. Dogpatch, San Francisco will move from its existing home on San Francisco’s Pier 38 to the new Lytton Street address. The Dogpatch community, which will be adjacent to the Polaris Palo Alto office, will have its own design and functional identity, providing a strong creative platform.
The Palo Alto Dogpatch Lab joins the other Dogpatch communities based in two other important U.S. technology hubs; Kendall Square in Cambridge, Mass. and Union Square in New York, N.Y., as well as another in Dublin, Ireland, which was separately announced earlier today. These communities provide technology entrepreneurs with access to experienced mentors, free space, connectivity, and collaboration that encourage a constant atmosphere of innovation and successful company formation.
"Dogpatch Labs was an important, dynamic component of early stage entrepreneurship in San Francisco," said Ryan Spoon. “We are excited about building an equally vibrant community atmosphere in downtown Palo Alto."
Over the last two years, there have been over 500 residents and 300 companies in the Dogpatch Labs network. More than 100 Dogpatch Labs companies have received funding, with financing ranging from $100 thousand to $10 million. Over $140 million has been invested in Dogpatch Labs companies, and 13 companies have moved to acquisition.
About Polaris Venture Partners
Polaris Venture Partners, founded in 1996, identifies and invests in exceptional entrepreneurs and operating companies with innovative and disruptive ideas. Our investment focus includes technology, life sciences, and growth equity. We have $3.5 billion under management and current investments in over 100 companies. The cornerstone of our investment philosophy is diversification. We invest in seed and early-stage companies, as well as in high growth middle-market businesses. As the lead or co-lead investor in virtually all of our portfolio companies, we take an active, long-term role in helping them develop into successful, market-leading companies.
Past Polaris-backed successes include: Adnexus (acquired by BMS), Advanced Inhalation Research (acquired by Alkermes), Akamai Technologies (AKAM), Allaire (ALLR, acquired by Adobe), Alnylam Pharmaceuticals (ALNY), Asthmatx (acquired by Boston Scientific), Glycofi (acquired by Merck), Ironwood (IRWD), LogMeIn (LOGM), Momenta Pharmaceuticals (MNTA), Powersoft (PWRS, acquired by Sybase), Solidworks, and TechTarget (TTGT). Current notable investments include: Adimab, Art.com, AscendHealth, e-Rewards, Focus Financial, JibJab, LegalZoom, LivingProof, MarkMonitor, ShoeDazzle, turntable.fm, and Quantcast. For more on the firm, its mission and its portfolio companies: www.polarisventures.com.
About Dogpatch Labs
Dogpatch Labs was developed by Polaris Venture Partners to provide creative space for entrepreneurs to connect and to share experience and ideas that help them establish startup companies. Dogpatch Labs, which has locations in Cambridge, Mass., New York, N.Y., and Palo Alto, Calif. (formerly San Francisco), provides desk space, bandwidth, and mentorship to aspiring entrepreneurs. For more information, visit http://dogpatchlabs.com/.
Editor’s note: Images available upon request