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Myriad Venture Partners, a new early-stage venture capital firm, has launched with an initial $100 million in funding. Xerox Corporation is the main investor, bringing its venture investing experience to help Myriad succeed. Louie Pastor, Xerox’s chief transformation and administrative officer, explained that this investment is part of an ongoing journey for Xerox, which started its venture capital arm, Xerox Ventures, three years ago.
The leadership of Myriad includes Chris Fisher, Tim Chiang, and Dean Mai, all from Xerox Ventures. Fisher, previously senior vice president and chief strategy officer at Xerox, noted that mature businesses must innovate or risk being disrupted by startups. Myriad aims to bridge mature corporations with innovative startups, focusing on AI, clean tech, and B2B software, which align with the technology priorities in large enterprises.
Myriad’s $100 million fund already includes investments in 14 companies such as Seurat Technologies, LinkSquares, Anvilogic, and Mojave, with a target of reaching $200 million for its first fund. Xerox sees its investment in Myriad as a strategic move rather than a purely financial one, aiming to create both commercial and strategic benefits. Xerox will be part of Myriad’s Advisory Council, facilitating collaboration between Myriad’s portfolio companies and strategic partners.
The advisory council offers Xerox valuable insights into emerging technologies and helps streamline its own operations. Myriad’s approach combines the innovative ideas of startups with the scale of established corporations, providing a new model for legacy companies to stay competitive.
Xerox is leveraging its venture investments to support AI and other cutting-edge areas through Myriad, complementing its strengths in workplace technology. This partnership creates pathways for financial returns and strategic impact. The success of companies like Seurat Technologies, which has attracted investments from Nvidia and Honda, highlights the potential of this model. Myriad’s robust industry network and Xerox’s client relationships provide startups with unique opportunities to grow.
Both Xerox and Myriad see significant potential in this partnership. Fisher expressed excitement about the opportunities for investment and growth, while Pastor highlighted the benefits for Myriad and Xerox, including enhanced deal flow, raising additional capital, and improving business processes within Xerox.
The launch of Myriad Venture Partners, backed by Xerox, represents a new era in corporate venture investing. By combining startup innovation with the resources of established brands, Myriad aims to reshape industries. For legacy companies, adapting business models alongside technological advancements is crucial for staying competitive. With experienced leaders and long-term investors like Xerox, Myriad is well-positioned to drive the next generation of enterprise solutions.