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

The rise of artificial intelligence has been well-documented during the last yr, and that rise has also prompted increasing interest in opportunities to speculate in latest AI startups.

Catering to this need, Myriad Enterprise Partners LLC today launched as a brand new early-stage enterprise 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 focus on further investor commitments of $200 million.

Myriad Enterprise Partners was founded by Chris Fisher, the previous senior vice chairman and chief strategy officer of Xerox and former founder and managing director of Xerox Ventures, along with former Xerox Ventures executives Tim Chiang and Dean Mai. They intend to employ a network of industry partners and portfolio corporations to reinforce the broader ecosystem. The firm goals to guide relevant corporations to its strategic and financial partners, investing in just 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 enterprise 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 corporations alike,” Fisher said in an announcement.

Myriad’s Advisory Council, featuring corporate partners Xerox and HCL Technologies Ltd., will function a proving ground for portfolio startups to foster latest business models and go-to-market strategies. The council is claimed to supply a major advantage to Myriad, co-investors and portfolio corporations searching for market validation.

While only officially launching today, Myriad Fund I has already backed 14 AI, cleantech and B2B software corporations, including Seurat Technologies Inc., in October. When the round was raised, Xerox and never Myriad was listed as an investor. Other notable investments by the fund include LinkSquares Inc., Anvilogic Inc. and Mojave Software Inc.

Photo: Rawpixel