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A major overhaul is currently underway at Ethereum development studio ConsenSys, the company revealed in a press release dated May 06.
The startup said that it is integrating its ConsenSys Ventures, Tachyon accelerator, and the ConsenSys Labs incubator under one investment arm.
“To continue to scale our investment activities, we need to consolidate systems and operations to improve our efficiency and portfolio management, while providing the best possible experience for founders in every phase of the company building lifecycle,” ConsenSys founder Joseph Lubin said.
“As the market matures and grows, we are redesigning our investment activities to reflect our learnings and established best practices.”
The announcement follows recent reports that suggest that ConsenSys is seeking to raise $200 million.
As part of this restructuring, Kavita Gupta, who was hired to lead the venture capital arm – ConsenSys Ventures – when it was formed in September 2017, has stepped down, The Block reported. Gupta said that she will continue to be associated with ConsenSys in an advisory role and has stepped down to teach at Stanford University for the next two years.
“I will remain at ConsenSys as an advisor to various projects and will continue to help existing portfolio companies at Ventures and Tachyon to help them scale to the next level,” she said.
“I’m also making myself available to brainstorm great ideas with anyone in the mesh [and] will be open to connecting them to others in her network. I truly believe in the mission and vision of Joe [Lubin] and will always be open to help expand that.”
CoinDesk reported that all of ConsenSys’ investment sectors will now operate under the guidance of Shawn Cheng, the managing partner of ConsenSys Labs. Explaining how talent moves across the company as part of the restructuring, Cheng said.
“We’ve been playing air-traffic control. We’ve kind of been talking about this for maybe six months now.”
ConsenSys has invested in 21 companies so far this year, which includes investments in Truffle Blockchain Group, ErisX, Genomes.io, and others.
