Despite the challenges in the venture market, including higher interest rates and lower company valuations, Fisher believes mature businesses will be disrupted by more innovative startups. Myriad Venture Partners also leverages an advisory council that includes corporate partners Xerox and HCLTech, which will have access to deal flow and foster the development of new business models. Xerox is also the anchor investor of the new fund, expressing excitement for Myriad's potential for limitless scaling as an independently run firm.
Key takeaways:
- Myriad Venture Partners, formed by former Xerox Corp. executives, has secured $100 million in capital commitments for their first fund, aiming for a total of $200 million.
- The fund, which focuses on early-stage startups in artificial intelligence, clean technology and B2B software, currently backs 14 companies and expects to invest in 25 to 35 companies once the fund closes.
- Despite challenges in the venture market, Myriad believes mature businesses will be disrupted by more innovative startups, particularly in the clean tech and software technology sectors.
- Myriad leverages an advisory council that includes corporate partners Xerox and HCLTech, with Xerox also being the anchor investor of the new fund.