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Today: May 21, 2024
January 23, 2024
1 min read

Unveiling Myriad Venture Partners: $100M Backed by Xerox for Innovation

TLDR:

– Myriad Venture Partners, a new early-stage venture capital firm focused on AI, clean tech, and B2B software, has launched with $100 million in initial funding backed by Xerox Corporation.
– Myriad aims to connect mature corporations with startups that can transform their businesses in the areas of AI, clean tech, and B2B software.

Myriad Venture Partners has launched with $100 million in funding backed by Xerox Corporation. The new early-stage venture capital firm focuses on artificial intelligence (AI), clean tech, and B2B software. Xerox Corporation, the anchor investor, will be contributing its experience with venture investing to help Myriad succeed. Xerox started its own venture capital arm, Xerox Ventures, three years ago and has been honing its venture investing skills since then. Myriad is led by Chris Fisher, Tim Chiang, and Dean Mai, all formerly of Xerox Ventures. Fisher was previously senior vice president and chief strategy officer at Xerox.

Myriad aims to help connect mature corporations with the startups that can transform their businesses. The firm’s focus areas — AI, clean tech, and B2B software — align with the technology spending priorities Fisher sees in large enterprises. The new $100 million fund already has 14 companies in its portfolio including Seurat Technologies, LinkSquares, Anvilogic, and Mojave. Myriad is targeting $200 million for its first fund.

Xerox views its anchor investment in Myriad as strategic, not just financial. Xerox will participate in Myriad’s Advisory Council along with HCLTech and other large corporations. The council will get early looks at Myriad’s deal pipeline and enable collaborations between Myriad’s portfolio companies and strategic partners.

The Myriad model offers a new way for legacy brands to tap innovation and maintain a competitive edge. With its legacy of workplace technology innovations, Xerox is leaning into new approaches like venture investing to develop the next generation of business solutions. Myriad offers a path to drive both financial returns and strategic impact for Xerox. The new firm’s independent structure can attract top talent and funding, while the close ties to Xerox ensure continued collaboration. The early success of companies like Seurat Technologies underscores the potential.

The launch of Myriad Venture Partners backed by Xerox marks a new phase in corporate venture investing. By blending startup innovation with the scale and reach of established brands, firms like Myriad can reshape industries. For legacy companies, the agility to adapt business models alongside technology is key to remaining competitive. With industry veterans at the helm and patient capital from long-term investors like Xerox, Myriad is positioned to foster the next generation of enterprise solutions.

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