LOS ANGELES, Nov. 13 -- ITU Ventures, a venture capital firm for technology businesses emerging from research institutions and universities, announced it is setting up a $40 million fund devoted to emerging California technology. The ITU Ventures California I, L.P. fund (ITUCA) will help technological innovation by working with researchers, administrators and university technology transfer offices, ITU Ventures said, and the resulting development of semiconductor and communications-related technology will fuel innovation and job growth in California. "California's highly sophisticated university research/development programs and preeminence in technology development creates an ideal opportunity for investors to utilize ITU's unique expertise," said Chad Brownstein, ITU's managing partner. "We're thrilled to expand ITU funds to focus on one of the most vibrant growth sectors in the world, where ITU holds a distinct competitive advantage." "The ITUCA fund adds considerable focus and expertise to California's elite researchers," said John Villasenor, professor of electrical engineering and vice chairman of the industrial affiliates program at UCLA and managing director of ITUCA. "The creation of this fund represents a significant opportunity for technology entrepreneurs." ITU has invested in 11 California university start-ups since 2000 at schools including UCLA, UC Berkeley and Caltech. For more information, visit: www.itu.com