Unimpressive New Mexico

I’ve always been impressed with the technical talent New Mexico boasts with its national labs and the high number of PhDs per capita.

The Business Journal wrote a story last month about VC funds targeting the region. It points out the following:

* Psilos Group, which has more than $275 million under management, is raising a third fund with a $250 million target. Psilos opened offices in Santa Fe last July and led a $17.5 million round of investment in Albuquerque start-up VeraLight Inc.

* Utah-based vSpring Capital, with four investments in New Mexico, is raising a new $200 million fund that will double its capital under management. A first close is expected this month. [Alex’s Note: It’s actually a $250M fund]

* Denver-based Altira Group, with investments in two New Mexico businesses, has raised another $100 million fund, effectively doubling its capital.

* Santa Fe-based Mesa Capital Partners, with $5.2 million under management and investments in five local companies, is quintupling its capital with a new $20 million fund.

* The Verge Fund closed in October on a $5.5 million “companion fund” to Verge I, bringing its total capital to $21.5 million.

* Flywheel Ventures is raising a “gap fund” for seed and early stage investments with a likely first close this month.

But I can’t think of any New Mexican company that has really made a dent in market, am I missing something?