Seattle-based venture capital firm Madrona Venture Group has named Babak Parviz as a venture partner.
Parviz, whose new role at Madrona was announced Wednesday, has spent time working on special projects for both Amazon and Google. He is joining Madrona after the firm raised $690 million across two funds in September.
"Babak brings a critical mind and curiosity to all his interactions," Madrona wrote in a post announcing Parviz's hire. "Babak will be working with our portfolio companies, evaluating new companies and bringing his deep understanding of the impact an invention, a new approach and new technology can have on every one of us."
Prior to joining Madrona, Parviz had led Amazon's Grand Challenge, which focuses on ambitious new projects, since 2014. On his LinkedIn page, Parviz notes Grand Challenge focuses on areas like machine learning in biotech and smart eyewear. According to a recent Business Insider report, Grand Challenge is facing serious cuts as Amazon focuses on saving money.
Earlier in his career, Parviz spent time working on a team similar to Grand Challenge at Google, called X. Parviz also led the development of Google Glass during his four years at Google.
Madrona, founded in 1995, has invested in companies such as Amazon, Redfin and Rover. Of the $690 million it raised in September, $430 million went to Madrona Venture Fund 9 and $260 million went to Acceleration Fund 3. Madrona's venture funds are aimed at early-stage startups, while the acceleration funds are designed for Series B or C startups.
The funding in September built on the $505 million Madrona raised across two funds in December 2020. The two funds were the predecessors to Venture Fund 9 and Acceleration Fund 3. The firm also raised a $120 million extension for Venture Fund 7 in December 2021.
In September, the firm opened an office in Palo Alto with Karan Mehandru, former venture capital lead at Steadfast Captial, to head up the Bay Area outpost.
