Ross Fubini has quietly stepped down as a venture partner with Canaan Partners, in order to launch a new shop called XYZ Ventures (no, that isn't a placeholder name). He recently filed an SEC doc that suggests a top goal of $70 million, but word is that he's really targeting $50 million for a fund that will focus on "big seed" and Series A rounds for fintech and enterprise tech startups.

Prior to joining Canaan in 2012, Fubini was a partner with Kapor Capital. Before that he co-founded Cubetree, which was bought by SuccessFactors. He's also been a longtime advisor to Palantir. No comment from Fubini, natch.