Early-stage startups engaged on synthetic intelligence, clear expertise and B2B software program now have one other chunk of capital to go after.

After working collectively at Xerox Corp.’s company enterprise capital agency Xerox Ventures, Chris Fisher, Tim Chiang and Dean Mai kind Myriad Enterprise Companions.

They secured $100 million in capital commitments for his or her first fund, which targets $200 million in whole, Fisher advised TechCrunch. Fisher is the previous senior vp and chief technique officer of Xerox and former founder and managing associate of Xerox Ventures, a agency began in 2021.

“We’ve had an eclectic profession, which lends itself very well to issues just like the Parsons principle, which might be the place our title got here from — our ecosystem,” Fisher stated. “The three of us have complementary abilities throughout lots of totally different areas between operations technique and enterprise funding.”

Myriad’s Fund I presently backs 14 corporations, together with steel additive manufacturing firm Seurat Applied sciences, LinkSquares, Anvilogic and Mojave. Fisher expects to spend money on 25 to 35 corporations as soon as the fund closes.

At a time when the enterprise market faces important challenges, together with greater rates of interest and depressed firm valuations, Fisher believes mature companies will both get disrupted by extra revolutionary startups. Clear tech continues to be a scorching space. And prior to now decade, the transition to software program expertise accelerated. This implies anybody wanting to remain on the high of the stack should proceed to speed up, he stated.

That is one thing he’s already seeing occurring at corporations by means of R&D, growth and spending throughout AI software program, together with ChatGPT.

“There’s lots of crossover as a result of these organizations have to work higher for themselves, together with their staff’ and prospects’ experiences,” Fisher stated. “All of them need extra environment friendly and price efficient interplay companies, decrease price and price to fairness. Even after we take into consideration durations, we’re nicely positioned to take part on this evolution.”

Myriad additionally leverages an advisory council that features company companions Xerox and HCLTech. The council can have entry to deal move and fosters the event of recent enterprise fashions and go-to-market methods.

In the meantime, Xerox can also be the anchor investor of the brand new fund.

“We see an actual alternative for Myriad to succeed,” stated Louie Pastor, Xerox’s chief transformation and administrative officer, in an interview. “With Xerox Ventures as an inner agency, the flexibility to scale wasn’t there. Now with an independently run agency, the flexibility to scale is limitless. We’re very enthusiastic about what Myriad can do because it scales and brings on different companions, and likewise what meaning for Xerox as an LP and member of the advisory council.”