Redpoint Ventures has closed a new, $400M investment fund, socalTECH has learned. Redpoint III is the firm's third fund since its founding in 1999 by partners from IVP and Brentwood Venture Capital. Redpoint is managed by Brad Jones and Greg Martin in Southern California. The firm's most recent exit was Outerbay, which was acquired earlier this month by HP. Redpoint is one of the backers of MVNO Amp'd Mobile. The firm's previous fund, Redpoint II, closed in 2001 with $1.25B in investments. (Redpoint is a sponsor of socalTECH.com).