Little known factoid: Every time a penny drops onto a start-up, a venture capitalist gets his wings.

Well, OK, not so much, but it’s one way to look at it.

An example of that, though, is this video interview I did with serial Silicon Valley entrepreneur Satish Dharmaraj, who has been on the ground floor of a number of tech start-ups–such as Zimbra, which sold to Yahoo (YHOO) for $350 million in late 2007–and has now made his first investment as a new VC.

It’s in virtualization company VMOps, which was founded last year. VMOps, according to its Web site, “develops software that allows companies to launch an elastic computing cloud and offer it as a service to end-users.”

Dharmaraj left Yahoo early this year.

But he decided not to start another company, instead opting to take a spot as a partner at Redpoint Ventures. There, he is focusing on business software, the enterprise arena and infrastructure.

It’s an interesting move for an entrepreneur like him since way too few VCs have started companies and because it will be interesting to see how a more experienced operator like Dharmaraj does.

Here’s the interview, where we talk about all that and more: