Deals

Mayfield adds veteran entrepreneur, Ursheet Parikh, as newest partner

Above: Ursheet Parikh, Mayfield Fund's newest partner.

Image Credit: Mayfield Fund

The Mayfield Fund, one of the oldest venture capital firms in Silicon Valley, announced the addition of Ursheet Parikh as its latest partner.

Parikh’s most recent success as an entrepreneur is StorSimple, a company focused on delivering software to help companies manage hybrid storage, including both cloud-based and data center-based repositories, which he founded in 2009. In October, 2012, Microsoft announced it would be acquiring StorSimple for an undisclosed sum. The deal closed in November.

“The deal has been very successful for for Microsoft — one of their most successful enterprise deals,” Parikh told me in a phone interview earlier this week.

It must have been: Microsoft executive Satya Nadella actually lent a quote to Mayfield’s press release, even though Parikh had only been at the company a few months.

“StorSimple has been a very successful acquisition for Microsoft and we are pleased with the momentum we are seeing in the market,” said Nadella, in a canned quote. “We thank Ursheet for his contributions and wish him the best in his future endeavors.”

Parikh is only the sixth investment partner on the Mayfield team. His focus will be enterprise technologies, including the cloud, networking, and storage.

“Just as we saw with the Internet, there is a second wave coming with the cloud,” Parikh said. The first wave included enabling technologies, such as infrastructure providers like StorSimple. The second wave, Parikh said, will focus on enabling corporations to drive top-line revenues through things like marketing automation tools.

He also sees a lot of opportunity in software-defined data centers and in hybrid cloud solutions.

Mayfield is already a very enterprise-focused firm, with 70-75 percent of its investments being enterprise startups, according to managing director Navin Chaddha.

With this hire, “We are doubling or tripling on our belief that enterprise IT is a good space to be in,” Chaddha said.

Mayfield closed its fourteenth fund, Mayfield XIV, with a $365 million warchest in July 2012. The firm has just started making its first investments from that fund, Chaddha said.

Parikh will be based in Silicon Valley.

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