* Paul Allen to open tech-focused office in Palo Alto
* To look at early stage software, Internet, tech companies
* Latest move in Allen’s 30-year tech investment career
By Bill Rigby
SEATTLE, April 1 (Reuters) – Paul Allen, the billionaire
co-founder of Microsoft Corp , is opening an office in
Silicon Valley to make new investments in emerging technology
and internet companies.
The Palo Alto office, set to open in the next few weeks,
will operate under the name of Vulcan Capital, the investment
arm of Allen’s Seattle-based Vulcan Inc, which manages his
personal fortune, valued at about $15 billion.
Allen, 60, co-founded the world’s largest software company
with Bill Gates in 1975, but left in 1983 after a bout with
cancer. The riches he amassed through his large stake in the
company, plus successful investments in sports and real estate,
have made him the world’s 53rd richest person, according to
Forbes magazine.
A pioneer in the early development of PC software and
Microsoft’s technical leader for its first eight years, Allen
has been a prolific tech investor since the mid 1980s, starting
several companies and founding a tech incubator called Interval
Research.
He has put money into hundreds of enterprises in the past 30
years, including large stakes in AOL, Ticketmaster, film
studio DreamWorks SKG and cable firm Charter Communications
. His record has been checkered, making money on AOL and
DreamWorks SKG, but losing billions of dollars on the bankruptcy
of Charter.
Newer tech investments include online real-estate agent
Redfin, shopping adviser Decide.com and smartphone audio
software maker Audience Inc.
The new office in Palo Alto will focus on emerging internet,
software and technology companies, including middle and
late-stage venture capital and pre-IPO deals, Paul Ghaffari,
Vulcan Capital’s chief investment officer, told Reuters.
“We are going to expand our footprint in broad tech
investments, we’d like to get more resources, people on the
ground there (Silicon Valley),” said Ghaffari. “We have a real
appetite to put new ideas in the portfolio.”
The leader of Palo Alto office is expected to be announced
in the next few days.
The arrival of Allen’s empire in Silicon Valley may not be
immediately popular with the biggest local companies.
The now-defunct Interval Research filed a lawsuit in 2010
against Valley stalwarts Apple Inc, Google Inc
, Facebook Inc and others, claiming they stole
its inventions, 300 of which are patented. The case is
proceeding slowly in the courts.
