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Eric Paley Joins IDG Ventures Boston as a Senior Advisor.

Former CEO and Co-Founder of Brontes Technologies (now division of 3M) Teams with Firm to Help Identify Investment Opportunities

BOSTON -- IDG Ventures Boston, an early-stage venture capital firm focused on investing in information, consumer, and healthcare technology companies, today announced that Eric Paley, former CEO and a co-founder of Brontes Technologies, has joined the firm as a Senior Advisor. IDG Ventures Boston was one of the initial investors in Brontes Technologies, which was acquired in late 2006 by 3M.

Working exclusively with IDG Ventures Boston as a Senior Advisor, Paley will work with the firm's general partners to broaden investment activities in the areas of information technology and medical devices. Paley will continue to serve as General Manager of Brontes Technologies at 3M in conjunction with his new role with the firm.

"Eric is one of the most talented entrepreneurs I worked with in my career," said Jeff Bussgang, general partner, IDG Ventures Boston. "From identifying the original market opportunity to writing the business plan, securing financing and overseeing the company's acquisition, Eric successfully took Brontes from pure science and built it into a valuable company. He will be very helpful as a mentor and guide to entrepreneurs in our network. We are thrilled to have him join the IDG Ventures Boston team."

Prior to the acquisition of Brontes Technologies by 3M, Paley served as CEO of Brontes since its inception. He led the company in defining its market strategy, licensing technology from MIT, building the management team, raising financing and negotiating the 3M acquisition. As General Manager at 3M, Paley continues to lead the product and market development of the division. Before Brontes, Paley was the CEO and a co-founder of Abstract Edge Web Solutions, an Internet-based marketing firm focused on grassroots marketing solutions for Global 10,000 corporations and national non-profit organizations. Previously, Paley was a strategy consultant with Monitor Group in New York City focusing on manufacturing and technology companies. Paley has also consulted numerous start-ups in product definition and market development. Paley graduated with a Bachelor of Arts, Magna Cum Laude, from Dartmouth College and a MBA with High Distinction, as a Baker Scholar, from Harvard Business School.

"The relationship between an entrepreneur and investor plays a critical role in the ultimate success of a company," said Paley. "From helping us work through our business plan to providing guidance as we grew Brontes, the IDG Ventures team showed me the value that investors can offer to an early stage company. I look forward to helping them continue their efforts in identifying new and exciting entrepreneurs and companies to work with."

About IDG Ventures Boston

IDG Ventures Boston is an early-stage venture capital firm that enables entrepreneurs to grow innovative, global companies. With $280 million under management, the firm is focused on investing in consumer, healthcare, and information technology companies and is led by a team with more than half a century of combined experience in venture capital. IDG Ventures Boston is affiliated with the IDG Ventures network of funds, a global $1+ billion network of independently managed funds spanning Asia and North America.
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Publication:Business Wire
Date:May 22, 2007
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