Myriad Venture Partners, an exciting new early-stage venture capital firm, has officially launched with a staggering $100 million in initial funding. The firm aims to focus on three key areas: artificial intelligence (AI), clean tech, and B2B software. This milestone has been made possible through the anchor investor, Xerox Corporation, which is bringing its extensive experience in venture investing to support Myriad’s success.
“This is really not a one-off transaction for us. This is a journey we’ve been on for a number of years,” said Louie Pastor, Xerox’s chief transformation and administrative officer, in an interview with VentureBeat. Xerox established its own venture capital arm, Xerox Ventures, three years ago, and it has been refining its venture investing skills ever since. Leading the charge at Myriad are Chris Fisher, Tim Chiang, and Dean Mai, all of whom were formerly with Xerox Ventures, with Fisher previously holding the positions of senior vice president and chief strategy officer at Xerox.
Driving Innovation and Transformation
One of the key objectives for Myriad is to bridge the gap between mature corporations and innovative startups. Fisher explains, “When you think about corporations and B2B, whether it’s sales or operating a corporation, they’re always faced with this concept of an innovator’s dilemma. Essentially, mature businesses either need to innovate, or they get disrupted by innovative startups.” Myriad aims to connect these mature corporations with startups that can transform their businesses.
The firm’s focus areas of AI, clean tech, and B2B software align with the technology spending priorities seen in large enterprises. In fact, the new $100 million fund already has 14 companies in its portfolio, including Seurat Technologies, LinkSquares, Anvilogic, and Mojave. Myriad has set an ambitious target of reaching $200 million for its first fund.
A Strategic Partnership
Xerox views its anchor investment in Myriad as more than just a financial endeavor. Pastor explains, “We’re looking to create a sort of self-reinforcing mechanism of commercial and strategic benefits, in addition to investment returns.” As part of this strategic approach, Xerox will participate in Myriad’s Advisory Council, alongside HCLTech and other large corporations. This council will provide insights into Myriad’s deal pipeline and facilitate collaborations between Myriad’s portfolio companies and strategic partners.
For Xerox, the advisory council represents a valuable source of knowledge about emerging technologies and startups. Pastor highlights the importance of leveraging the latest technologies internally to improve business operations. He states, “I can give you an example of the idea that we need to ensure we get to a single CRM instance globally with our sales force.” By joining hands with Myriad, Xerox is embracing innovation and aligning itself with the next generation of business solutions.
Establishing a Path for Success
Myriad’s unique model offers legacy brands the chance to tap into innovation and maintain a competitive edge. As Pastor notes, “It’s innovation within our business model, as much as it’s innovation within our technology.” Building on Xerox’s legacy of workplace technology innovations, the firm is exploring new approaches like venture investing to drive the development of cutting-edge solutions.
With its independent structure, Myriad can attract top talent and funding, while its close ties to Xerox ensure continued collaboration. The early success stories of companies like Seurat Technologies, which have secured investments from industry giants like Nvidia and Honda, underscore the potential of Myriad’s network.
Both Xerox and Myriad are excited about the possibilities that lie ahead. Fisher expresses his enthusiasm, stating, “We’re really excited about it. We think it’s a great opportunity and time to invest.” Pastor, on the other hand, points out the various avenues for growth and impact that this partnership presents, saying, “I’m so excited… when I think about the ways in which Myriad can help our reinvention of what we’re doing at Xerox internally, to make it easier to do business with us, within Xerox, with Xerox, and then ultimately to grow our share of wallet with clients.”
The launch of Myriad Venture Partners, backed by the strength of Xerox, marks a new era in corporate venture investing. By combining the innovation of startups with the scale and reach of established brands, firms like Myriad have the power to reshape industries. The ability to adapt business models in line with technology is crucial for legacy companies to remain competitive. With a team of industry veterans at the helm and patient capital from long-term investors like Xerox, Myriad is well-positioned to foster the next generation of enterprise solutions.
