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Lightspeed breaking up?

lightspeed.gifWe heard yesterday the same whispers that Om has: That some partners at Silicon Valley venture capital firm LightSpeed Venture Partners are leaving to start their own gig.

We'd put out calls yesterday to Christopher Shaepe, who our source told us in charge of the fund formation, and to Gill Cogan -- but nothing back. We were told the new fund will focus on late-stage investing.

(Update: This just in. A fourth guy has joined the breakaways - and source thinks it is associate, Ken Elefant)

Here's Om:

Gill Cogan, a founding partner at LightSpeed Ventures, one of the biggest investors in communications and pure technology space, might actually be leaving the firm, according to Silicon Valley sources. I have heard that Carl Showalter, another general partner is also leaving the firm. Showalter did not return the calls, so I am going to assume its a rumor for now. LightSpeed has in the past the past has invested in companies like Ciena and Brocade, is one of the more established funds in the valley. They are pretty low profile and just love the pure geeky telecom plays. LightSpeed is also in the process of raising another fund, their eight right now.


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