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Stephen Watkins
Steve Birnbaum is a Managing Director of Arcturus Capital and serves as the Chairman of the Investment Committee. Mr. Birnbaum has more than thirty years experience as a venture capitalist. He has led or made investments in more than 60 companies and has served as a general partner or equivalent of eight venture funds.

Mr. Birnbaum's venture capital career began in 1969 when he founded Hohenberg & Associates, based in Los Angeles. With $5 million in committed capital, Hohenberg & Associates developed co-investment relationships with the leading California venture capitalists of the time, including Arthur Rock, Eugene Kleiner, Richard Riordan, David Goodman and others.

In 1977 Mr. Birnbaum became a Principal in Xerox Development Corp. which was regarded as the most successful corporate venture capital organization of its time. Virtually all of the 16 technology investments made by Mr. Birnbaum's group at Xerox were successful. Included in these investments were Apple Computer (NASDAQ: AAPL), Paradyne Corp. and Data I/O.
In 1981 Mr. Birnbaum joined Oxford Partners where he headed the Southern California Office. Oxford Partners raised $125 million from institutions including major electronics, computer and telecommunications companies such as IBM, GE, Xerox and AT&T. Oxford Partners was the leading advocate of strategic investing. Over 50 of Oxford's portfolio companies received strategic investments from partners including Intel, Sun Microsystems, Johnson & Johnson, and Sony. Among Mr. Birnbaum's investments at Oxford Partners were Vitesse Semiconductor (NASDAQ: VTSS), Mosel-Vitelic and Micro General.

In 1995, the Principals of Oxford Partners went on to form Oxford Bioscience primarily in the East and Mr. Birnbaum founded Oxcal Venture Fund in Los Angeles. Oxcal was an early stage technology fund that counted among its investments Gene Logic (NASDAQ: GLGC), Genta Pharmaceuticals (NASDAQ: GNTA), and Softcom Microsystems.

Mr. Birnbaum has lectured extensively on venture capital and mergers and acquisitions at Harvard, UCLA, USC, California State Univ. Northridge, and Pepperdine. He received a BS in Engineering from University of California Los Angeles, earning Tau Beta Pi and Phi Eta Sigma awards for academic excellence. He also received a Masters of Business Administration from Harvard Business School.
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