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Something's happening at Lightspeed

Updated 4:53pm

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

We've since heard from a Lightspeed source, who has put us straight with more facts. We removed some of our original reporting -- so sorry about the back and forth today.

First, here's what Om wrote early today:

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.

That all seems accurate. Also, as we said earlier, Chris Schaepe is staying to lead Lightspeed, and the four departures are as follows:

1. Gill Cogan - GP
2. Carl Showalter - GP
3. Isaac Applbaum - Partner
4. Ken Elefant - Associate

Finally, here is the statement that we got from Lightspeed just a second ago, which confirms much of this:

The partners at Lightspeed have engaged in discussions relating to future funds. Barry Eggers, Ravi Mhatre, Peter Nieh and Chris Schaepe, with additional team members, will raise Lightspeed Venture Partners VII, a $400M early stage technology venture capital fund beginning this Fall. Gill Cogan and Carl Showalter, with a new team, will raise a separate fund with a different investment strategy by the end of the year. All of the partners will continue to work together on the existing funds and will maintain their portfolio company responsibilities.

Update, 8/13: More changes on Lightspeed's team: The Web site now shows that two people have just been promoted to general partner: Jake Seid and Eric O'brien. Some may see this as a desperate move, others a prudent move.


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