The local venture scene is getting a boost, as a VC firm relaunches with a vision of “bringing the Silicon Valley spirit to Dallas.”
Naya Ventures, which has offices in Irving and India, is relaunching as Dallas Venture Partners this week, with plans to focus its investments in new, emerging technology.
“A majority of startups require a 'second act' during their growth stage. With deep technology expertise, industry knowledge and market understanding, DVP will provide this much needed momentum to startups identified through targeted and insightful diligence efforts,” said Dayakar Puskoor, managing director of Dallas Venture Partners, in a prepared statement.
Originally created in 2014, the local VC firm is relaunching with its eyes on cloud infrastructure, AI, machine learning, mobile and other emerging technologies. Prior to the announcement, Dallas Venture Partners said it has in 21 startups with a collective enterprise value of more than $1 billion. Most recently, the firm was one of four investors on a $8 million Series B funding round for Dallas-based health care information management platform Phynd Technologies in 2019, according to Crunchbase.
With its new launch, Dallas Venture Partners plans to make investments between $2 and $10 million in early and growth-stage companies. According to the news site Outlook India, the firm plans to invest up to $500 million in the next 10 years. The launch also comes with the hiring of former Wipro managing director and CEO Abid Neemuchwala as Dallas Venture Partners’ new venture partner.
“Dallas Venture Partners will build on Dayakar's vision of bringing the Silicon Valley spirit to Dallas, and I am excited to begin this journey to play my part in nurturing innovation, mentoring startups and celebrating entrepreneurship,” Neemuchwala said in a prepared statement.
Dallas Venture Partners is led by Puskoor, who is also the co-founder of Naya Ventures. The firm was not immediately available for comment. However, Naya’s website and LinkedIn now both redirect to a page for Dallas Venture Partners.
In a press release, Dallas Venture Partners said the North Texas region has been growing as a hub of innovation and incubation. However, it says it plans to focus on a needed element in the ecosystem – go-to-market acceleration.
“DVP will utilize our time tested philosophy to invest, engage, collaborate, grow and exit to fund the market acceleration and increase the odds of success,” Puskoor said.
