The Charles Stark Draper Laboratory has closed its corporate venturing unit three years after it stopped making new investments.
Alain Hanover, former managing director and head of Draper’s Navigator Technology Ventures, said: "I closed down Navigator."
He added: "After running Draper Lab’s investment portfolio for eight years, I’d like to connect with any commercial funds that want to expand into New England, especially with the base of research here in the Boston area."
Draper was unavailable to comment but on its website confirmed it was "no longer funding new investments".
Rana Gupta, Hanover’s former colleague, left in 2008 to be chief executive of Navigator portfolio company HistoRx.
Navigator had agreed a handful of other disclosed deals since being formed by its non-profit research parent in September 2000 with $15m.
Data manager Netezza (subsequently bought by computer group IBM) paid a reported $3.1m for Tizor Systems in February 2009, after more than $23.3m of investment from a consortium including Navigator.
Other Navigator portfolio companies included Food Quality Sensor International and Sionex.