Menlo Park, CA | Venture Capital
Khosla Ventures has sued Dinesh Ramanathan, the former CEO of failed Khosla portfolio company Avogy (aka NexGen Power Systems), alleging Ramanathan acted improperly when he formed a new company that purchased Avogy's intellectual property for $200,000 in the wake of the startup's collapse, per an Axios report. Khosla alleges that Avogy had a better offer for the IP from another Khosla portfolio company, Soraa. Soraa reportedly filed its own lawsuit against Ramanathan in June. Avogy, which manufactured vertical power semiconductor devices, had raised $40 million at a $84 million valuation in 2014 but struggled in the following years before putting its assets up for sale in 2016.