The new fund called Myriad Venture Partners has received backing from IT corporation Xerox, which will be an anchor investor for the fund.
The former investment director of Xerox Ventures, Tim Chiang, has officially launched a $100m venture capital fund.
Chiang will also be a partner of the new fund, dubbed Myriad Venture Partners. Ex-Xerox Ventures team members Chris Fisher and Dean Mai also helped launch the new fund.
Myriad Venture Partners has received support from US-based IT corporation Xerox, which will also be an anchor investor for the fund. The unit plans to raise $200m.
The firm will invest in innovations in AI, cleantech and B2B software and has backed 14 companies so far such as Anvilogic, Mojave and Linksqaures.
Before launching the VC, Chiang led investments at Xerox’s CVC in industry 4.0 and cleantech.
Chiang was also the investment manager for three years at GC Ventures America, the corporate venture capital firm of Thailand-based petrochemical company PTT Global Chemicals.
“I’m looking forward to leveraging our powerful network of corporate partners and top-tier VCs to build dynamic partnerships that will catalyze the future of business solutions,” said Chiang in a statement on LinkedIn.