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Exclusive: DARPA alums form VC firm

June 27, 2013: 2:39 PM ET

lightbulbNew VC effort will focus on capital-efficient energy companies.

FORTUNE -- A new breed of energy-focused private equity funds is beginning to emerge, focused on capital-efficient companies rather than the fortune-burning manufacturing plays of yesteryear. In other words, no more solar panel or biofuel investments that look more like project finance than traditional venture capital.

The latest one I've heard about is being formed by Doug Kirkpatrick, who has spent the past three years as a partner with VantagePoint Venture Partners. His new platform is called InnerProduct Partners, and currently is seeking commitments for its debut fund.

Kirkpatrick spent eight years as a chief scientist with the Defense Advanced Research Projects Agency (DARPA) before joining VantagePoint, and is being joined on InnerProduct by a number of former colleagues. Among them is Pete Haaland, a former DARPA project manager who later was an office director with Intelligence Advanced Research Projects Activity (IARPA).

Kirkpatrick did not respond to requests for comment.

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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