Myriad Venture Partners debuts with $100M to fuel AI and clean tech startups

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The rise of artificial intelligence has been well-documented over the last year, and that rise has also prompted increasing interest in opportunities to invest in new AI startups.

Catering to this need, Myriad Venture Partners LLC today launched as a new early-stage venture capital firm focused on artificial intelligence, clean technology and enterprise business-to-business software with an initial $100 million in capital commitments from investors. The fund launches with Xerox Holding Corp. as its anchor investor and seeks to target further investor commitments of $200 million.

Myriad Venture Partners was founded by Chris Fisher, the former senior vice president and chief strategy officer of Xerox and former founder and managing director of Xerox Ventures, together with former Xerox Ventures executives Tim Chiang and Dean Mai. They intend to employ a network of industry partners and portfolio companies to enhance the broader ecosystem. The firm aims to guide relevant companies to its strategic and financial partners, investing in only the highest-quality businesses that meet its criteria for long-term and enduring value creation.

“Through our extensive network of corporate partners, including Xerox and HCL Technologies, our Advisory Council and venture capital co-investor network, we create a mutually-beneficial cycle of value and access that yields real returns for our strategic and financial partners and portfolio companies alike,” Fisher said in a statement.

Myriad’s Advisory Council, featuring corporate partners Xerox and HCL Technologies Ltd., will serve as a proving ground for portfolio startups to foster new business models and go-to-market strategies. The council is claimed to offer a significant advantage to Myriad, co-investors and portfolio companies seeking market validation.

While only officially launching today, Myriad Fund I has already backed 14 AI, cleantech and B2B software companies, including Seurat Technologies Inc., in October. When the round was raised, Xerox and not Myriad was listed as an investor. Other notable investments by the fund include LinkSquares Inc., Anvilogic Inc. and Mojave Software Inc.

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