Random Ramblings: Rapt & TL Ventures

The Rapt Inc. lawsuit has been settled out-of-court, according to PE Week. No details were disclosed. The case had involved two of three Rapt Inc. founders suing venture backers Accel Partners and Levensohn Venture Partners for fraud and breach of fiduciary duty.

*** A few months ago, I told you that three IT-focused partners had left TL Ventures to go out on their own. Today, they emerged as Guggenheim Venture Partners. Michael Burns, Javier Fernandez and Eric Rothfus will focused on networking, communications and components deals for the new firm, which will operate as an affiliate of Guggenheim Partners. Still no word on what this means for TL Ventures, which is down to just four managing directors (including its CFO).