Marking the first ‘outside’ capital that angel investor Ron Conway has brought into his SV Angel fund, which was separated from the Steve Anderson-led investment vehicle Baseline Ventures last year, a new $10 million fund is being raised from outside investors.

The news of the funding, which was first reported by TechCrunch, has recently been confirmed in an email by Conway – the “Godfather of Silicon Valley,” as he is referred to in a book penned by Gary Rivlin.

For a majority of market watchers, Conway is apparently the most important angel investor in technology – more so as he is a prolific backer of web startups. He takes the lead in noticing most new startups before others; and an investment by his firm is considered to be a notable milestone for any start-up.

Ever since Conway split off the SV Angel fund from Baseline Ventures, he has been reiterating that the key focus of SV Angel would be real-time startups – new companies in an arena which he expects to touch at least $1 billion in three years.

Raising the $10 million fund will not be a difficult task for Conway, who has invested in hundreds of startups over the last two decades. Along with being one of the first investors in Google, Conway has practically invested in almost every start-up worth a note – including Facebook, Twitter, and Digg.