Firm targeting investor commitments of $200m

Xerox backs new AI venture firm

Xerox’s share price was up by 5.07% yesterday
Xerox said it was proud to back the Myriad team

Myriad Venture Partners, an early-stage venture firm focused on AI, clean technology, and B2B software, has launched with $100m (£78.5m) of initial capital commitments from investors, including Xerox as an anchor investor.

Born out of Xerox Ventures, Myriad said it “brings decades of investment, strategy and operational expertise, and a deep corporate and investor network supporting world-class entrepreneurs shaping the future of business solutions”.

The firm is targeting investor commitments of $200m for Fund I. Myriad’s Advisory Council features corporate partners Xerox and HCLTech.

“Enhanced by our strategic network, our returns-driven investment model is poised to significantly impact the early-stage startup landscape. We are dedicated to helping founders pioneer the next generation of business solutions in areas including AI, B2B software and clean tech,” said Chris Fisher, co-founder of Myriad.

“Through our extensive network of corporate partners, including our Advisory Council and venture capital co-investor network, we create a mutually-beneficial cycle of value and access that yields real returns for our strategic and financial partners and portfolio companies alike.”

Founded by Chris Fisher, the former senior vice president and chief strategy officer of Xerox Corporation and former founder and managing partner of Xerox Ventures, together with former Xerox Ventures executives Tim Chiang and Dean Mai, Myriad said it guides relevant companies to its strategic and financial partners, “investing in only the highest-quality businesses that meet its criteria for long-term and enduring value creation”.

Xerox chief transformation and administrative officer Louie Pastor added: “As Xerox advances its reinvention, our partnership with Myriad will help us source best-in-class technology solutions we can integrate into our commercial offerings and utilise to increase the productivity and efficiency of our organisation.

“Xerox is proud to back Chris and the Myriad team, and we look forward to leveraging the Xerox and Myriad partnership to generate returns and create value.”

Myriad’s Fund I has already backed 14 AI, clean tech, and B2B software companies, including Seurat Technologies, which garnered follow-on funding from industry leaders like Nvidia and Honda. Other notable investments include LinkSquares, Anvilogic, and Mojave Energy Systems.

Vishal Sunak, CEO and co-founder of LinkSquares, commented: “Myriad Ventures is our trusted partner, helping to support LinkSquares’ go-to-market strategy and execution.

“The team’s insights and robust partnership ecosystem, particularly with technology and business leaders like Xerox, contribute to the sustained success of our advanced AI technology in revolutionising business processes. We look forward to strengthening our collaboration as we continue to enhance LinkSquares’ legal technology capabilities and offerings.”