"I have one of the most fun jobs in Ascension Health and there are more than 120,000 employees."

KBS+ Ventures has an unusual model in corporate venturing in advertising, as it invests at the agency level rather than at the holding company level.

The group was started in 2005, is based in Silicon Valley, California, and has $100m of capital.

Moonray also complements the regional venturing units in Europe, India and Asia managed by specific groups after the US team spun out to form Volition Capital in 2010.

He came to the role after heading Scarlet, an acquisition of Belgacom, as chief executive from 2008 to 2010.

He worked at a Nokia corporate venturing unit spun off from the company as BlueRun Ventures between 1998 and 2007 before becoming managing partner at Nokia Growth Partners, which looked at later-stage deals.

The company has done 18 investments, which are strategic for 3M at mostly early stage, investing approximately $3m to $5m as lead or co-investor.