Early-stage investor Atlas Venture has closed its eighth fund at $283 million (£198 million) and completed the fund’s maiden investment.

Early-stage investor Atlas Venture has closed its eighth fund at $283 million (£198 million) and completed the fund’s maiden investment.

CloudSwitch, a technology start-up currently in “stealth mode”, received $7.4 million from a consortium of investors, with Atlas co-leading the round.

Like previous funds, Atlas Venture VIII will invest in early-stage technology and life sciences start-ups in the US and Europe.

Atlas partner Jean-Francois Formela says now is a good time to fund new companies, adding, ‘We feel fortunate to have a fresh pool of capital to invest at a time when we see steady innovation coupled with a return to capital efficiency.’

Investors in the fund including existing limited partners such as Kisco Management, The Kresge Foundation and Paul Capital, as well as new limited partners, including Franklin Park, Industriens Pensionsforsikring and Meketa Investment Group.

News of the fund’s closing comes as Bruce Booth is promoted to partner in the life sciences group. Booth, who joined Atlas in 2005, has helped form several portfolio companies and sits on the boards of dermatology specialist Ivrea and obesity treatment company Zafgen, as well as being chairman and co-founder of cardiovascular disease specialist Miragen.