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Although Australia has its share of venture capital firms, Southern Cross Venture Partners is aiming to be the first one that's expressly dedicated to grooming startups for the transition from Australia and New Zealand to the global market. To that end, the firm today is set to announce the opening of a Silicon Valley office from which it will help its portfolio companies build a base of contacts and customers in the U.S.

Founded in mid-2006, Southern Cross closed its first fund at A$170 million ($150 million) last summer, with a roster of Australian limited partners including Macquarie Bank, funds-of-funds and pension funds. The firm aims to invest in startups based in Australia and New Zealand, preferably at the seed or Series A stage, and chooses technology companies that can benefit from exposure to the worldwide market. Southern Cross has made a total of four investments so far.

Co-founding managing director John Scull, a former managing partner with Australian firm Allen & Buckeridge who was stationed in California, pointed to portfolio company XeroCoat to illustrate the growth pattern of Southern Cross's investments. Founded in Brisbane, Australia, XeroCoat sought a cleantech investor that could help it market its materials science technology to the solar market. Scull said Southern Cross was instrumental in bringing in alternative-energy specialist firm Nth Power for XeroCoat's Series B round, and XeroCoat has established a new headquarters in Redwood City, Calif.

Scull said later-round investments will be unlikely, and the firm will avoid life sciences and pharmaceutical deals.
Its other holdings include electronic trading systems developer Mantara, in which Mohr Davidow Ventures has also invested; wireless superconducting filter technology creator MM&D; and mobile social messaging company UIactive. Two managing directors will be based in the firm's new Palo Alto office, while one investment director will split time between Silicon Valley and Sydney. - Paul Bonanos

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