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Xerox Drops $100 Million Into a New AI Venture Deal!
Xerox, a leading printing company in the U.S. and Canada, has announced that it will anchor a new $100 million AI fund from Myriad Venture Partners, a new early-stage venture firm spun out by former Xerox chief strategy officer Chris Fisher. Xerox is also the anchor investor of the fund, which targets $200 million in total.Myriad Venture Partners is based on the success of Xerox Ventures, a corporate venture arm of Xerox that invested in over 40 companies since 2021, generating over $1 billion in returns. Myriad aims to continue the legacy of Xerox Ventures, while expanding its scope and independence. The firm focuses on three sectors that it believes have the most potential and impact: AI, B2B software, and clean tech.
The team behind Myriad Venture Partners consists of three co-founders, Chris Fisher, Tim Chiang, and Dean Mai, who have worked together at Xerox Corp. and Xerox Ventures. The three co-founders bring complementary skills and experience in operations, strategy, and venture investment, as well as a shared vision and passion for innovation.
One of the key advantages of Myriad Venture Partners is its advisory council, which includes corporate partners Xerox and HCLTech, as well as other industry leaders and experts. The advisory council provides access to deal flow, market insights, and go-to-market opportunities for the portfolio companies, as well as feedback and guidance for the fund.
Myriad Venture Partners has already backed 14 companies, including Metalenz, a metal additive manufacturing company, ChatGPT, an AI-powered chatbot platform, and Zappix, a cloud-based customer service solution. The firm plans to invest in 25 to 35 companies in total, with an average check size of $2 million to $5 million, and a focus on seed and Series A stages.
Xerox’s chief transformation and administrative officer, Louie Pastor, said in a statement that the partnership with Myriad will help Xerox find and adopt the best technology solutions for its business and its customers. He also expressed his support and pride for the Myriad team, and his expectation for the partnership to generate returns and create value.
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