Atlanta-based TechOperators, a new early stage VC targeting cloud computing and SaaS as well as Internet services, security, infrastructure and mobile, is launching its first venture fund and claims it didn’t have too many problems raising the $20 million-$30 million.

The four managing partners, all ex-CEOs who sold their companies mostly to big boys, include Tom Noonan who sold Internet Security Systems to IBM, David Gould who sold Witness Systems to Verint Systems, Said Mohammadioun, who sold Samna to Lotus and Glenn McGonnigle, who sold VistaScape Security Systems to Siemens.

They’re reportedly looking for firms already doing $1 million in revenue that need $2 million-$3 million to leverage their recurring-revenue business.