Autonomy's Mike Lynch to head tech start-up fund

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Autonomy founder Mike Lynch is planning to set up a technology investment fund for start-ups.

According to sources close to the situation, the fund will be based in London but invest in new companies around the world, Bloomberg reported, citing people with knowledge of the plans.

Lynch left HP in May, less than a year after Autonomy was acquired by the IT giant for $10.3 billion (£6.7 billion), with Lynch earning £500 million from the sale. According to sources, the entire Autonomy management team and 20 percent of all the British company’s staff had left since the HP takeover.

These include president Sushovan Hussein, chief financial officer (CFO) Steve Chamberlain, chief technology officer (CTO) Pete Menell, chief marketing officer Nicole Eagan, chief operating officer Andy Kanter, and Martina King, head of Lynch’s more recent pet project, the augmented reality platform Aurasma.

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Former Autonomy executives are believed to be involved in Lynch’s new investment fund, and will use their expertise to help start-ups in its portfolio grow, Bloomberg said.

Lynch has previously voiced his support for start-ups, having grown Autonomy from a 10-strong group of entrepreneurs to a FTSE100 company.

Start-ups are where the opportunities lie for young IT people to lead change in the industry, he told Computerworld UK in an interview last year.

He also said that the UK government should encourage start-ups in the UK by giving IT entrepreneurs a capital gains tax break.