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Panero Takes Post at NEA

11/06/2008 03:11:00 PM Eastern

Chevy Chase, Md. —XM Satellite Radio Co-founder and former CEO Hugh Panero has joined New Enterprise Associates (NEA), a global venture capital firm, as a venture partner.

Panero co-founded XM in 1998 and served as its CEO until August 2007. During his tenure the company acquired more than 9.3 million subscribers and became one of the fastest-growing technologies to date, said NEA.

As a venture capital firm, NEA focuses on helping entrepreneurs create and build major new enterprises that use technology “to improve the way we live, work and play.” 

Panero said, "I look forward to working with the [NEA] team to identify and build truly best-of-breed companies in this rapidly evolving sector."

NEA says it has approximately $8.5 billion in committed capital and has invested in more than 650 companies.

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