California tech startups on the hunt for venture capital now have a source to pitch other than in Silicon Valley. And those pitching technology that's been proven through university research will have an inside track. 

Anzu Partners says it has closed a new $128.4 million fund that invests in new industrial technologies and opened an office in San Diego headed by managing partner David Michael.

"We don't fund science projects," said Michael. "We are looking for companies where the technology has already been well developed, typically through university research, and where the company needs help in productization and commercialization."

The focus on Southern California is intentional.

"We think there are a lot of vibrant companies being developed in San Diego and Southern California," said Michael. "And there is great talent coming out of places like UC San Diego."

Anzu focuses on startup technology companies in manufacturing, monitoring, measurement, modeling and materials, said Michael. That includes 3-D printing/additive manufacturing, sensors, advanced materials/nanomaterials, biometrics and biologics, artificial intelligence and machine learning. It typically invests $3 million to $6 million per deal.

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