McMurtry has been a Silicon Valley venture capital investor since 1969. He co-founded several venture capital partnerships, including Technology Venture Investors (TVI). TVI-backed companies employ more than 200,000 people and have market capitalization exceeding $270 billion. Before entering the venture capital business, McMurtry spent 12 years in engineering and management positions with GTE-Sylvania.

McMurtry is a founding member of the California Council on Science and Technology. He serves as a trustee of Rice University, Stanford University, and the Carnegie Institution of Washington. He has served as president of both the National Venture Capital Association and the Western Association of Venture Capitalists, and he currently serves on the boards of directors of two companies.

He holds B.A. and B.S.E.E. degrees from Rice University and M.S. and Ph.D. degrees in electrical engineering from Stanford University. He is a fellow of the Institute of Electrical and Electronics Engineers (IEEE).