Myriad Venture Partners Launches with $100 Million Focused on AI, Clean Tech, and B2B Software
Myriad Venture Partners, an early-stage venture capital firm, has officially launched with an initial funding of $100 million, targeting investments in artificial intelligence (AI), clean technology, and B2B software. Xerox Corporation is the anchor investor, contributing decades of venture investing experience to support Myriad’s growth.
“This is not just a one-time investment for us; it marks the continuation of a journey we've embarked on over several years,” stated Louie Pastor, Xerox’s Chief Transformation and Administrative Officer, in a media interview. Xerox launched its own venture capital arm, Xerox Ventures, three years ago, refining its approach to venture investing ever since.
Navigating the Innovator’s Dilemma
Myriad is led by Chris Fisher, Tim Chiang, and Dean Mai, all experienced professionals from Xerox Ventures. Fisher, previously Senior Vice President and Chief Strategy Officer at Xerox, emphasized the critical need for corporations to innovate to avoid disruption from startups. “In the B2B landscape, established companies face the innovator’s dilemma—mature businesses must innovate or risk being outpaced,” he explained.
Connecting Corporations with Innovative Startups
Myriad aims to bridge the gap between established corporations and transformative startups, focusing on AI, clean tech, and B2B software—areas that align with technology spending trends in major enterprises. The firm has already built a portfolio of 14 companies, including Seurat Technologies, LinkSquares, Anvilogic, and Mojave, with a goal to raise a total of $200 million for its inaugural fund.
Pastor views Xerox’s investment in Myriad as a strategic move beyond financial returns. “We want to create a self-reinforcing mechanism of commercial benefits, in addition to investment returns,” he explained.
Strategic Collaboration for Emerging Technologies
Xerox will actively participate in Myriad’s Advisory Council alongside HCLTech and other prominent corporations. This council will provide early access to Myriad’s deal pipeline and foster collaborations between Myriad’s portfolio companies and strategic partners. For Xerox, it serves as a critical source of insights into emerging technologies.
Pastor highlighted the need for internal efficiency, particularly in achieving a unified customer relationship management (CRM) system across global sales teams.
A Hybrid Model for Innovative Growth
The Myriad model presents a new avenue for legacy brands to attain innovation and sustain competitive advantage. “It’s about innovation within our business model as much as it is within our technology,” Pastor noted.
By leveraging its history of workplace technology innovations, Xerox embraces venture investing to cultivate future business solutions. Supporting AI and other advanced sectors through Myriad enhances Xerox’s existing strengths.
“Our goal is not only to achieve financial returns but also to drive adoption of new solutions, elevating our profile with clients,” Pastor said.
Empowering Startups for Strategic Outcomes
Myriad aims to deliver both financial returns and strategic advantages for Xerox. Its independent structure is poised to attract top talent and investment, while maintaining strong ties with Xerox for ongoing collaboration.
The early successes of companies like Seurat Technologies, which has secured investments from Nvidia and Honda, highlight the potential for growth. Myriad's extensive industry network and Xerox's established client relationships provide startups with critical benefits.
Unlocking New Opportunities
Both Xerox and Myriad are optimistic about their partnership. “We see this as a fantastic opportunity to invest,” said Fisher.
Pastor expressed his enthusiasm, noting the credibility this partnership brings to both Myriad and Xerox. “This enhances our deal flow and will ultimately contribute to our clients' success. The opportunity to reinvent our approaches through Myriad ignites excitement, as it positions us well for future growth,” he remarked.
The launch of Myriad Venture Partners, backed by Xerox, signifies a milestone in corporate venture investing. By integrating startup innovation with the scale of established brands, firms like Myriad have the potential to revolutionize industries. For legacy companies, adapting business models alongside technological advancements is crucial for competitiveness. With seasoned industry leaders and long-term investor support from Xerox, Myriad is well-equipped to nurture the next wave of enterprise solutions.
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