Updated after jump Amp’d Mobile may be a career killer for some people, but not for Jon Auerbach, the venture capitalist who led the doomed deal for Highland Capital Partners. peHUB has learned that Auerbach last week quit Highland, for a new gig accross town at Charles River Ventures.
Neither Auerbach nor CRV is yet commenting on the move, with Highland only confirming that Auerbach has left (it also named two new partners today, but those promotions were unrelated).
Auerbach joined Highland as a principal in 2000, after spending a decade covering business and technology for The Wall Street Journal. He was promoted to partner in 2004, and focused on communications deals like Amp’d, Optasite, Quattro Wireless, Starent Networks (Nasdaq: STAR) and Tatara Systems.
Auerbach has now given up all of his Highland-related boardseats, and will begin at CRV with a clean-slate.
Update: CRV is now confirming the news, and plans to issue a press release later today (it was originally scheduled for next week). Bruce Sachs of CRV says Auerbach will help expand the firm’s wireless practice on the East Coast, and argues that one bad deal (Amp’d) did not diminish his overall portfolio of work.
“The venture business is about hit-rate, not about batting a thousand,” Sachs explains. “Jon explained to us the issues with Amp’d, and it wasn’t a major issue for us. We all lose 1x our mioney on deals, but what’s important is how many times you can make 2x or 3x or more.”
As an aside, Sachs first met Auerbach as an interview subject, when the former was running Stratus Computer and the latter was still with the WSJ.