Gill Cogan, a founding partner at LightSpeed Ventures, one of the biggest investors in communications and pure technology space, might actually be leaving the firm, according to Silicon Valley sources. I have heard that Carl Showalter, another general partner is also leaving the firm. Showalter did not return the calls, so I am going to assume its a rumor for now. LightSpeed has in the past the past has invested in companies like Ciena and Brocade, is one of the more established funds in the valley. They are pretty low profile and just love the pure geeky telecom plays. LightSpeed is also in the process of raising another fund, their eight right now.

LightSpeed just issued a statement: “The partners at Lightspeed have engaged in discussions relating to future funds. Barry Eggers, Ravi Mhatre, Peter Nieh and Chris Schaepe, with additional team members, will raise Lightspeed Venture Partners VII, a $400M early stage technology venture capital fund beginning this Fall. Gill Cogan and Carl Showalter, with a new team, will raise a separate fund with a different investment strategy by the end of the year. All of the partners will continue to work together on the existing funds and will maintain their portfolio company responsibilities.”